HomeMy WebLinkAbout21-078RESOLUTION NO. 21-078
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, APPROVING THE
2019/2020 TAX INCREMENT REINVESTMENT ZONE NUMBER TWO (WESTPARK
Tnkz) ANNUAL REPORT; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the City of Denton recognizes the importance of its role in local economic
development initiatives and programs; and
WHEREAS, the City has established Tax Increment Reinvestment Zone Number Two
(Westpark TIRZ) and established a Board of Directors for the District to promote development
or redevelopment in the Industrial area pursuant to Ordinance No. 2012-366, authorized by the
City Council on December 18, 2012, as provided by the Tax Increment Financing Act, Chapter
311 of the Texas Tax Code, as amended; and
WHEREAS, on February 5, 2013, the City Council adopted Ordinance 2013-033
accepting an Agreement with Denton County to participate in TIRZ Number Two; and
WHEREAS, the Tax Increment Financing Act specifies that the governing body of a city
shall submit an annual report on the financial status of the district to the Chief Executive Officer
of each taxing unit that levies taxes on real property in a reinvestment zone, and a copy of the
report shall be forwarded to the State Comptroller; and
WHEREAS, on January 13, 202 1, the Westpark TIRZ District Board reviewed and
recommended approval of the 2019/2020 Annual Report for Tax Increment Reinvestment Zone
Number two to the City Council; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. That the 2019/2020 Annual Report for Tax Increment Reinvestment Zone
Number Two (Westpark TIRZ), City of Denton, Texas, a copy of which is attached here to as
Exhibit A, is hereby accepted.
SECTION 2. That the City Manager or his designee is hereby authorized to submit the
2019/2020 Annual Report for Tax Increment Reinvestment Zone Number Two to the Chief
Executive Officer of each taxing jurisdiction that levies tax on real property in the District; and
to the State Comptroller, as required by state law.
SECTION 3. This resolution shall take effect immediately from and after its passage in
accordance with the provisions of the Charter of the City of Denton, and it is accordingly so
resolved.
The motion to approve this resolution was made by --She\
by HAL N\) aN\ S , the resolution was
and seconded
)roved by the
following vote n - a
Nay Abstain Absent
Mayor Gerard Hudspeth:
Birdia Johnson. District 1 :
Connie Baker. District 2:
Jesse Davis. District 3 :
John Ryan, District 4: /
Deb Armintor, At Large Place 5 : /
Paul Meltzer, At Large Place 6: /
PASSED AND APPROVED this the 23 CC!
,/
,/
day of kbc,JK<.-y _, 2021.
GERARD HUDSPETH, MAYOR
ATTEST:
ROSA RIOS, CITY SECRETARY bull III IIII
a? _db/
APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
B IIIrr : d:1tJC/ Z
Exhibit A
Tax Increment Reinvestment Zone Number Two
(Westpark TIRZ)
2019/2020 Annual Report
City of Denton
Economic Development Department
215 E. McKinney Street
Denton, Texas 76201
940-349-7776
www.dentonedp.com
October 1, 2019 to September 30, 2020
Table of Contents
Nlal) ...................................................................................................................................... 1
Mission Statement ........................___.._.._.._...._.._.-......-....-....--.......................-......... 2
Background and Purpose....................................................................................................2
Participating Jurisdictions ..................................................................................................... 3
District History and Accomplishments...............................................................................3
Summary of TIRZ Board Meetings....................................................................................4
Budget and Project Status .......__.__.__.._...._.......----.--....-..................--..-.............- 6
Project Definitions ................................................................................................................ 6
Revenues............................................................................................................................... 7
Expenditures ......................................................................................................................... 8
2019/2020 Work Program................................................................................................... 9
Appendices ............_.....____.._._..._.__._..._._..._..._.__._-................-.-.....-.....-....-.... 12
Appendix A: TIRZ Two Balance Sheet ............................................................................... 13
Tax Increment Reinvestment Zone Number Two 2018/20 19 Annual Report Page ii
Tax Increment Reinvestment Zone Number Two 2018/2019 Annual Report Page iii
Tax Increment Reinvestment Zone Number Two
JIM CHRtSTAL
AIRPdRT me
This map is a graphic representation prepar eM
[>nton and is intended for use only as a reference. Data
depk:ted b not guaranteed for acalracy arxi may te subject
to revision at any time without notification. A Regbtered
Surveyor for the State of Texas was ncH consulted_ For
Survey level accuraw. $upewisial and certifiation of the
produced data by a Registered Professional Land SUIveyor
for On State of Texas woukl ned to be performed
TIRZ Bcu rxlary
Property Description
Go/wnment
Real Acreage Rangeland
a 412.5825 1,HO 2.475 3.300
Feet
Cl3mmercial Vacant Lot
R,,IF„,„h,„,, TiFm)Iq
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 1
Mission Statement
The mission of the Tax Increment Reinvestment Zone (TIRZ) Number Two is to provide a source
of funding for public infrastructure improvements to encourage and accelerate necessary
development within the largest industrially zoned area within the City.
Background and Purpose
Tax increment financing originated as a tool for governments to publicly finance needed
improvements and enhance infrastructure within a defined area in order to stimulate private
development and redevelopment. A TIRZ is a defined area where public infrastructure
improvements are deemed necessary to promote development. The costs of the improvements to
the area are repaid by the contribution of future tax revenues. Specifically, each taxing entity may
choose to dedicate all, a portion, or none of the tax revenue that is attributable to the increase in
property values. The additional tax revenue that is received from the affected properties is referred
to as the tax increment. An ad valorem valuation base is established the first year, and the revenue
from the increased valuation from subsequent years is allocated into a TTRZ fund to support
development projects.
On December 17, 2012, the City Council adopted Ordinance No. 2012-366 designating and
describing the boundaries of Tax Increment Reinvestment Zone Number Two (Westpark TIRZ)
for an industrial district of Denton, Texas; establishing the duration of the Zone; establishing a Tax
Increment Fund; and establishing a Board of Directors for the Tax Increment Reinvestment Zone.
The City’s second TIRZ consists of approximately 800 acres and is located north of Airport Road.
This industrial area (Westpark) lacks the public infrastructure necessary to encourage
development.
The Westpark TIRZ took effect on January 1, 2013, and will terminate on December 3 1, 2036, or
the date when all project costs are paid and any debt is retired, whichever comes first. It is estimated
that the TIRZ would generate approximately $ 14.3 million over a 25-year period for infrastructure
improvements. The City and Denton County will contribute $10 million and $4.2 million into the
TIRZ fund, respectively. According to the Finance Plan, the City would retain $43.9 million and
the County would retain $18.8 million of real and business personal property revenue over the life
of the TIRZ.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 2
Participating Jurisdictions
JurisdictionsTable 1: TIRZ Two Participati
2019/20 Tax Rate
S/$ 100 ValueYearsJurisdiction
EIMlERE[BIllamt
11-25 0.71975##
0.2249851-10
0,3 12867##11-25
*Inception rate was 0.68975 for the City and .282867 for the County
++Denotes estimate
Percent of Tax
Rate
40
40
40
40
The TIRZ board is comprised of fourteen members. The City Council is responsible for appointing
twelve members and designating the board Chair. The governing body of Denton County, which
levies taxes on real property in the Westpark TIRZ, appoints one board member. Westray Group
L.P, the developer, also appoints a single board representative.
District History and Accomplishments
This is the eighth year of the Westpark TIRZ. The report period includes October 1, 2019 through
September 30, 2020 (FY 2019-20). During FY 2019-20, $281,041 was collected for the City’s
portion based on the last supplemental valuation of the calendar year from the Denton Central
Appraisal District (DCAD). The City’s and County’s contribution in the TIRZ fund for FY 2019-
20 was $281,041 and $107,227, respectively. An additional 87,709 in interest was earned for the
period, bringing the total FY 2019-20 contribution to $395,977.
The Denton City Council adopted an ordinance accepting an agreement with Denton County to
participate in the Westpark TIRZ and authorizing the City Manager to execute the agreement on
February 5, 2013. On February 12, 2013, the board for the Westpark TIRZ was appointed by City
Council. Economic Development staff coordinated with multiple City departments, the developer,
and legal counsel to develop a reimbursement/developer agreement with the developer. The
agreement was approved by the Denton City Council on May 13, 2014, through Ordinance No.
2014- 142
On August 23, 2016, the Denton City Council approved the addition of a seat to the Economic
Development Partnership (EDP) Board for the Texas Woman’s University President and
Chancellor. The adoption of Ordinance No. 2016-249 brought the EDP Board membership to
twelve total.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 3
On November 8, 20 16, the following changes were made to the Westpark TIRZ board Ordinance
Nos. 2012-366, 2014-039 and 2015-370, through Ordinance 2016-354, to establish a TIRZ
Number Two board composition that incorporates the current EDP Board:
The Board of Directors shall consist of fourteen (14) members, twelve (12) of whom shall be
appointed by the City Council of the City. All members appointed to the board shall meet the
eligibility requirements set forth in the Act. Board membership shall consist of the following:
• The twelve members of the Economic Development Partnership Board;
• One member shall be appointed by the governing body of Denton County; and
• One member shall be appointed by the “Developer,” Rayzor Investments, LLP.
On April 16, 2019, Denton City Council adopted Ordinance 19-635 revising the Bylaws of the
Westpark TTRZ to ensure that the Bylaws were in accordance with the adopted TIRZ and EDP
ordinances and to clarifiy the amendment to the Bylaws process.
On March 3, 2020, Denton City Council adopted two ordinances. Ordinance 20-440 revised the
Bylaws of the Westpark TIRZ to address developer terms and appointment of the chair. Ordinance
20-441 amended Ordinance No. 2012-366, as amended by ordinances 2014-039, 2014-274, 2015-
370, and 2016-354 relating to the Westpark TIRZ, to amend the number of terms the developer
representative may serve on the board of directors.
The terms of the board members shall be two-year terms; the twelve (12) members appointed by
City Council will serve terms concurrent with their EDP terms. A board member may serve no
more than three consecutive terms, except the Developer appointee may serve unlimited terms but
must be re-nominated upon expiration of each term. The City Council shall designate a member
of the board to serve as chairman of the board of directors, and the board shall elect from its
members a vice chairman and other officers as it sees fit.
Summary of TIRZ Two Board Meetings
The Westpark TIRZ Board recommended approval of the 2018/2019 Annual Report on February
12, 2020. The Board also recommended changes to the TIRZ Bylaws to allow the developer
appointee to serve unlimited terms, but requires the appointee to be re-nominated upon the
expiration of each term. The Bylaws also included language to comply with Texas Tax Code
311.009(f) regarding appointment of the chairperson by the governing body. The Board
recommended an amendment to Ordinance No. 2012-366 of TIRZ Number Two to allow the
developer representative to serve unlimited terms on the Board of Directors.
Tax Increment Reinvestment Zone Number Two 20 19/2020 Annual Report Page 4
The Board member attendance is presented below.
Table 2: Board Member Attendance
Member Company/Affiliation Present 2/12/20
Alex Payne
Tony Clark
Denton County
Independent Bank
City of Denton Council Member
Eames Law Group
La Azteca
City of Denton Council Member
Peterbilt
John E. Baines PC CPAs
Medical City Denton
Minor and Jeter, P.C.
First State Bank
Texas Woman’s University
University of North Texas
Rayzor Investments
X
X
X
X
X
X
X
X
X
X
X
Keely Briggs
Bob Eames
Jimmy Mejia
Jesse Davis
Chris Davis
John Baines
Steve Edgar
Jill Jester
Marty Rivers
Carine Feyten/Jason Tomlinson+
Neal Smatresk/Pamela Padilla +
Selwyn Rayzor X
Ex-Officio IWember Company/Affiliation Present 2/12/20
Todd Hileman
Erica Pangburn
Jamie Wilson
*Indicates Proxy
City Manager of Denton
Denton Chamber of Commerce
Denton Independent School District
The following members were confIrmed by City Council to the Westpark TIRZ Board on May 19,
2020: John Baines, Bob Eames, Jill Jester, Chris Davis, and Council Members Keely Briggs and
Jesse Davis. Selwyn Rayzor and Alex Payne, were appointed by the Developer and Denton
County, respectively.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 5
During FY 2019-20, the TIRZ Board received reports and took action on the following items:
1. Recommended approval of the 2018/2019 Annual Report for Tax Increment
Reinvestment Zone Number Two to City Council.
2. Recommend approval regarding changes to the Bylaws of Tax Increment Reinvestment
Zone Number Two (Westpark TIRZ).
3 . Recommend approval regarding an amendment to the Creation Ordinance of TIRZ
Number Two
a. Approved the minutes of the February 13, 2019 meeting.
Budget and Project Status
The Westpark TIRZ district has established in its Project and Finance Plans a budget for public
improvement expenditures necessary to support public infrastructure and private investment in the
district. Table 3, which follows, provides the TIRZ projects and estimated costs.
Table 3: TIRZ Projects Costs
PROJECT
Street ImpqMB
Utilities and Drainage
Industrial Projects
TOTAL
ESTIMATED COST, SM
$8,000,000
$5,000,000
$ 1 ,275,430
$ 14,275,430
Project Definitions
Street Improvements: includes the construction and reconstruction of paving improvements
capable of handling heavy truck traffic and that provide common turning radius for semi trailers
and may consist of, but are not limited to, primary and secondary major arterial thoroughfares and
collector streets that will provide improved access within the industrial park, to State highways,
and Interstate 35 .
Utilities and Drainage: includes the extension of water and wastewater lines along the right-of-
way of the streets within the District. Water and wastewater lines will be built to adequately
accommodate the District at build-out and its anticipated industrial users.
A number of properties in the district are situated in the floodplain. Adequate stormwater drainage
will be built to accommodate the maximum use of the land and comply with the drainage standards
in the Denton Development Code.
Industrial Projects: may include grants, loans and services for public and private development.
Eligible TIRZ project costs are not limited to public uses and may also include projects that
stimulate economic development. Chapter 380 of the Local Government Code grants
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 6
municipalities in Texas the authority to offer grants and loans of public funds to stimulate
economic development.
Revenues
According to Denton Central Appraisal District (DCAD) supplemental valuation figures, the FY
2019-20 total appraised valuation of taxable real property in the Westpark TIRZ was
$118,993,662. This is a $118,993,662 increase from the 2012 base value of $119,458. The
valuation and contribution into the TIRZ fund is illustrated in the tables below.
Certified and SuTable 4: Ci 'lemental TIRZ Two Valuation Summa
Certified Supplemental Incremental AdjustedTar Year TIRZ Tax TIRZ Tax Increase Contribution Incremental
Value Value+(Decrease)Value
Annual
TIRZ Ad
Valorem
Revenue
2013
2014
2015
2016
119,458
566,436
120,538
2,401,349
63, 108,366
68,549,662
175,546,028
119,458
555,807
120,538
2,401,349
63, 108,366
72, 165,650
119,113,120
N/A
436,349
1 ,080
2,281,891
62,988,908
72,046, 1 92
118,993,662
N/A
400/,
400/o
40%
40%
40%
40%
N/A
174,540
432
912,756
25, 195,563
28,8 18,477
47,597,4652019
Totals
Table 5: County Certified and Su llemental TIRZ Two Valuation Summa
Annual
TIRZ Ad
Valorem
Revenue
Tax Year Certified
Tax Value
Supplemental
Tax Value*
Incremental
Increase
(Decrease)
Contribution
Adjusted
Incremental
Value
2013
2014
2015
2016
2017
2018
2019
119,458
566,436
120,538
2,401 ,349
63,108,366
68,549,662
175,546,028
119,458
241 , 101
120,538
2,401 ,349
63, 108,366
72, 165,650
119,113,120
N/A
121 ,643
1 ,080
2,281,891
62,988,908
72,046, 192
118,993,662
N/A
40%
400/,
40%
400/,
40%
N/A
48,657
912,756
25,195,563
28,8 18,477
47,597,465
2,267
59,918
65,007
107,227
5234,552Totals
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 7
2013 119,458 119,458 N/A
2014 555,807 436,349566,436
2015 120,538 1 ,080120,538
2,281 ,89120162,401 ,3492,401 ,349
62,988,908201763,108,366 63,108,366
72,046, 19272, 165,65068,549,6622018
119,113,120175,546,028 118,993,6622019
Total City and County Contributions
N/AN/A N/A
1,336174,540400/,
400/,432 4
912,756 8,50540%
40%25,195,563 220,629
40%28,818,477 243,819
388,26847,597,46540%
862,561
N/A
7
10 14
81 8,586
2,534 223,163
8,885 252,704
395,9777,709
881,78719,225
+ Tax Year 2014 - City uses Supplement +18 dated 12/23/14 cmd County uses Supplement +20 dated 1/30/2015
## Tax Year 2016 includes interest earned through 12/3 1
Total Fund Balance at 9/30/20 is $487,062
The 800-acre Westpark TIRZ is adjacent to the Denton Airport Business Park. Currently, a portion
of the land within the TIRZ boundary has an agricultural exemption. While the net taxable value,
after the agricultural exemption, is $175,546,028 the market value of the district is $191,329,289.
Once the property is sold and developed, the exemption will be removed and the valuation will
more accurately reflect the market value of the land.
Expenditures
TIRZ expenditures in FY 2019-20 amounted to $195,734. This is the second year of the agreement for
WinCo Foods. Under the Chapter 380 Agreemenl WinG:o Foods will pay 100% of the property taxes
owed to the City and County and will receive a grant equal to 40% of the contribution of the City and
County into the Tax Increment Fund (land and improvements) from the distribution center. Both entities
participate in the Westpark TIRZ at a rate of 40%. Business personal property (equipment) is not
included in the TIRZ contribution.
WinCo will receive 40% of the ad valorem tax contribution (land and improvements) into the Tax
Increment Fund from the City and Denton County, 60% of the City’s portion of the ad valorem by
the project (excluding land, inventory, vehicles and supplies) until the construction costs for Phase
I public improvements have been reimbursed.
The Agreement thresholds require a minimum valuation of 850 million in real property
improvements and business personal property value. Since WinCo Foods met their threshold
requirements, they received ad valorem grant payments equal to:
• 40% of the ad valorem tax contribution (land and improvements) into the Tax Increment
Fund from the City and Denton County in the amount of $195,734, and
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 8
• 60% of the eligible amount of the real and personal property ad valorem taxes paid to the
City (excluding land, inventory, vehicles and supplies) in the amount of $270,401.
2019/2020 Work Program
The First Amendment to the Reimbursement Agreement was made in order to accommodate
WinCo Foods, a company that acquired approximately 77 acres in the Westpark Tax Increment
Reinvestment Zone Number Two.
WinCo Foods agreed to execute Phase I of the Reimbursement Agreement and was awarded an
economic incentive to reimburse the improvements. The 800,000 square foot distribution facility
is located on the west side of Western Boulevard, north of Airport Road. WinCo Foods is a regional
retailer with multiple distribution facilities across the United States. The project received a
Certificate of Occupancy in January 2017 and will eventually create 165 jobs with an annual
payroll of around $7.2 million.
The terms of the grant agreement end when full reimbursement has occurred, and include the
following forms of reimbursement: up to Sl million for water lines, utilizing the City’s Water
Development Plan Line Fund; up to §865,000 in reimbursement for the sewer lines, utilizing the
City’s Wastewater Development Plan Line Fund; 100% of the Sales and Use Tax for construction
materials, fhrniture, fixtures, and equipment for the construction of the project; 100% of the tax
increment collected in the Westpark TIRZ fund associated directly with the project, until full
reimbursement occurs. The contribution includes the City’s 40% contribution to the TIRZ fund
annually. The City’s remaining 60% of ad valorem revenue will also be utilized until full
reimbursement occurs. It is anticipated that full reimbursement will occur in approximately eight
to ten years. The fIrst year after full reimbursement, the second term of the grant agreement shall
commence, and will include the following: a 60% rebate of the City’s ad valorem revenue for a
period of four years.
Reimbursements for the utility Development Plan Line Fund and sales and use tax grant for
construction have been processed. WinCo foods received a Certificate of Occupancy (CO) on
January 18, 2017. According to the incentive Agreement, the ad valorem and TIRZ grants will
commence the first year following receipt by grantee of a CO for the facility, so the TIRZ Two
grant initiated in 2018.
On February 2, 2018, United States Cold Storage (USCS) closed on a 40-acre site on Jim Christal
Road east of Western Boulevard in the Westpark Tax Increment Reinvestment Zone (TIRZ).
USCS plans to offer storage, re-pack, and case pick, distribution and transportation solutions for
production facilities in the United States and Mexico. Preliminary plans provide for rail service,
export services to Mexico, cooler and freezer storage, and on-site customer offices.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 9
USCS received a Certificate of Occupancy on April 14, 2020. The company invested
approximately $34 million in the project, which will create $33.2 million in new ad valorem value,
for the 2019 tax year, in Denton. The estimated electric demand is 1.5 megawatts annually, which
will make USCS a Top 25 customer for DME. The company plans to create 67 new jobs by Year
3 of operations with an average salary of $36,074.
USCS received a grant of a 50% cost share of the sales and use taxes (up to $70,000) for the
construction of their new distribution facility on a 40-acre site in the Westpark TIRZ. Staff
estimates that the grant will initiate in 2021.
The location of this project necessitated Phase II of the Westpark TIRZ improvements, which
generally consisted of water and wastewater line extensions and improvements, drainage
improvements, and road reconstruction, all along Jim Christal Road and West Oak Street.
In 2019, Tyson Sales and Distribution received an abatement of 25% of their business personal
property only (which does not go into the TIRZ) for 6 years. The Company provides refrigerated
warehousing and distribution services to the Tyson Foods, Inc. companies. Tyson had $38 billion
in sales in FY 2017 and employs 122,000. The company will construct 350,000+ square foot
highly automated refrigerated distribution center next to USCS. The facility will contain
automated storage and retrieval systems, including stacker cranes, gantry robots for layer picking,
pallet conveyors and transfer cars, and a monorail. It is expected to ship 700 million pounds of
product annually from the facility. The facility will have about a 2 megawatt annual electric
demand which will add another Top 25 customers for DME. It will employ 100 on a full-time
basis with hourly wages ranging from $20 to $45. The grantee is required to create 95 jobs with
an average hourly wage of $23.58. A $25.5 million business personal property valuation threshold
is required in year one. The business personal property valuation thresholds are tiered based on
the Denton Central Appraisal District’s depreciation schedule. This project has been put on hold
as the company reexamines and prioritizes their expansions. They do not have plans to sell the
property
Three projects, which will total close to three million square feet, are currently underway in the
zone. The Retreat at Denton II, a multi-family development, has been constructed. The project
includes 193 units on 21.9 acres in the southern section of the zone. This project has accelerated a
portion of the Phase III improvements along Precision Drive.
Ironwood Realty Partners and Scarmell Properties have partnered on an industrial project, Denton
Crossing @ 1-35, which will house approximately 1.2 million square feet of industrial speculative
space along Western Boulevard. There will be a total of four buildings upon completion. There
are concept plans for building 1 and 2. Buildings 3 and 4 are currently under construction and will
comprise up to 398,000 and 127,000 square feet of warehouse space, respectively.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 10
Exeter has completed a building comprising 649,000 square feet, where W. Oak Street and Jim
Christal meet, that will be the newest distribution center for Lowe’s Home Improvement.
Hunt Southwest is developing 23-acre site on S. Western Boulevard at Jim Christal Road at the I-
35 Convergence. It is planned to have 250,000 square feet of warehouse space with a proposed
build-to-suit on seven of the acres, for a 227,420 square foot building.
In the planning stages is Westpark Industrial. A 16-acre parcel on S. Western Boulevard, south of
the Tyson plat, that will be divided into two sites that will each have speculative buildings at just
over 100,000 square feet each.
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 11
Appendix A:
TIRZ Two (Westpark)
Balance Sheet
Tax Increment Reinvestment Zone Number Two 2019/2020 Annual Report Page 12
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE (TIRZ) NUMBER TWO WESTPARK
ACTUAL REVENUE
WINEiFib-rI
Incremental Adjusted
Increase Incremental
(Decrease) Contribution VaEue
Annual TIRZ
Ad Valorem
Tax Rate RevenueTax Year
Supplemental
Tax Value'
2013
2014
2015
2016
2017
2018
2019
Totals
$ 119,458
555,807
120,538
2,401 ,349
63.108,366
72,165,650
119.113.120
N/A
436,349
1 ,080
2.281.891
62,988,908
72,046, 192
118,993,662
N/A N/A
40% 1 74,910
400/, 432
40 cyo 912,756
40c70 25, 195,563
40% 28,818,477
40% 47.597.465
N/A
0.68975cYo 1 ,204
0.68975t70 3
0.683:Y% 6,237
0.637856c% 1 60,711
0.620477c% 1 78,812
0.590454c% 281.04 1
$ 628.008
Eenton-FourTty
Tax Year
Supplemental
Tax Value’
Incremental Adjusted
Increase Incremental
(Decrease) Contribution Value
Annual TIRZ
Ad Valorem
Tax Rate Revenue
2013
2014
2015
2016
2017
2018
2019
Totals
$ 119,458
241 ,101
120,538
2,401 ,349
63, 108,366
72.165,650
119,113.120
N/A
121 ,643
1.080
2,281 ,891
62,988,908
72,046.192
118,993,662
N/A N/A
40th 48,657
40% 432
40% 912,756
40% 25, 195,563
40c70 28,818,477
40% 47,597,465
N/A
0.27220c70 1 320.262000/o 1
0.24841 Yo 2,267
0.23781 Yo 59,918
0.22557<yo 65,007
O.22528cYo 1 07,227
$ 234.552
Interest
Income"'
Total Total Fund
Revenue Expenditures Balanc8" 1
2013
2014
2015
2016
2017
2018
2019
Totals
$ 119,458 N/A
555.807 436,349
120,538 1 ,080
2,401 ,349 2,281 ,891
63.108.366 62,988,908
72.165,650 72,046.192
119,113,120 118,993,662
N/A N/A N/A
40% 1 74,910 0.961950% 1 ,336
40% 432 0.951750c70 4
40% 912,756 0.931749c% 8,505
40c% 25, 1 95,563 0.875668c70 220,629
40% 28,818,477 0.846051 % 243,819
40% 47.597.465 0.815732c70 388.268
$ 862,561
N/A
7
10
81
2 ,534
8.885
7.709
$ 19,225
N/A
1.343
14
8,586
223, 163
252 ,704
395.977
881 ,787
N/A N/A
1 ,343
14
8,586
223,16353,713
200.243
487,062
198,991
195.734
394.725 $
' Tax Year 2014 - City uses Supplement #18 dated 12/23/14 and County uses Supplement #20 dated 1/30/2015
"Fund Balance as of September 30, 2020 is $487,062