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Home My WebLink About26-08832024 – 2025 ANNUAL REPORT 1 Tax Increment Reinvestment Zone Number One 2024 - 2025 ANNUAL REPORT Reporting Period: Oct. 1, 2024, to Sep. 30, 2025 Exhibit A 2024 – 2025 ANNUAL REPORT 2 Table of Contents Map......................................................................................................................... 3 Mission Statement ......................................................................................................... 4 District Accomplishments ............................................................................................. 4 Development Within the District Project Descriptions: Private Investment……………………………………………………..5 Project Description: Public Investment………………………………………………………..6 Summary of TIRZ Board Activity…………………………………………………………..6 Downtown Reinvestment Grant Program……………………………………………….6/7 Summary of Expenses ................................................................................................. 8 Value and Increment Summary .................................................................................. 8 Certified and Supplement Summary……………………………………………………….8 Appendix A: TIRZ One Balance Sheet………………………………………………...9 2024 – 2025 ANNUAL REPORT 3 Tax Increment Reinvestment Zone Number One DISTRICT MAP 2024 – 2025 ANNUAL REPORT 4 Mission Statement The Mission of the Downtown Tax Increment Reinvestment Zone Number One (Downtown TIRZ 1) is to provide a source of funding for public infrastructure improvements to encourage and accelerate necessary development and redevelopment within the Downtown TIRZ 1 District Area. Downtown TIRZ 1 took effect on January 1, 2011, with an initial termination date of December 31, 2039, or when the budget of $24.8 million has been collected. TIRZ 1A took effect on January 1, 2025, and the life of both Downtown TIRZ 1 and 1A was extended to December 31, 2040, or when the budget of $ 50,233,426 has been collected. The City of Denton is the sole participating jurisdiction. The City’s participation is as follows: Year Participation 1-5 100% 6-10 95% 11 - 20 90% 21 -30 85% District Accomplishments This report represents October 1, 2024, through September 30, 2025 (FY 2024-25). During FY 2024-25, $796,685 was collected after the end of the supplemental period determined by the City of Denton. An additional $212,180 in interest brings the total contribution in FY 2023-24 to $1,008,865. Downtown saw increased investment with the Downtown TIRZ 1 area in FY 2024-2025. Identified below are private/public partnership projects supported by the Downtown TIRZ 1 and public investment projects that will support future development within the district. On December 4, 2024, the TIRZ Board approved the Amended Project and Financing Plan to amend the TIRZ boundaries and extend the term. On December 17, 2024, City Council approved the expansion of the Downtown TIRZ 1 boundary. 2024 – 2025 ANNUAL REPORT 5 Development Within the District Project Descriptions: Private/Public Investment Project Name Location Project Status Total Investment TIRZ Investment Little d Property 104-106 W. Oak Fire Reimbursed 2025 $115,000 $50,000 Green Eggs and Ham 116 W. Oak Façade/Building Rehab Reimbursed 2025 $138,529 $50,000 Eagle Surveying 212 W. Sycamore Façade/Building Rehab Reimbursed 2025 $1,465,727 $50,000 The Plot Twist 227 W. Oak Utility Upgrades, Interior/Code Improvements, and Signage Reimbursed 2025 $49,605 $27,148.96 Fine Arts Theater of Denton, LLC 113-115 N. Elm Capital Incentive In Progress $9,119,622 $1,076,366.00 Fine Arts Theater of Denton, LLC 113-115 N. Elm Operating Incentive In Progress $9,119,622 $544,503.00 Fine Arts Theater of Denton, LLC 113-115 N. Elm Fire Suppression In Progress $118,447.13 $50,000 West Oak Coffee Bar 114 W. Oak Fire Suppression In Progress $171,751.16 $50,000 West Oak Coffee Bar 114.Oak Façade/Building Rehab, Impact Fees, Utility Upgrades, Interior Code Improvements In Progress $362,132 $50,000 Brakefield’s Pool Service 520 S. Elm Façade (paint only) and Sign In Progress $32,833.65 $10,000 Mister Red, LLC 122 N. Locust Façade/Building Rehab, Impact Fees, Utility Upgrades In Progress $102,137.27 $50,000 McKarroll Partners, LLC 325 W. McKinney Façade/Building Rehab & Utility Upgrades In Progress $542,247 $50,000 2024 – 2025 ANNUAL REPORT 6 Project Descriptions: Public Investment Project Location Status Investment Oak & Austin St. Crosswalk improvement Oak and Austin Streets Complete* $100,000 *Not Funded by the TIRZ Summary of Downtown TIRZ 1 Board Activity Board Member list and attendance Members serve a two-year term, which begins in October and ends in September each year, depending on their current position. FY 2024 – 2025 Activity of the Downtown TIRZ 1 Board The TIRZ 1 Board recommended two items for City Council approval: •Approved the 2023 – 2024 Downtown Tax Increment Reinvestment Zone Number One Annual Report •Approved a Downtown Reinvestment Grant application for the following project: o 227 W. Oak St., Utility Upgrades, Interior/Code Improvements, and Signage, in an amount not to exceed $35,000 Downtown Reinvestment Grant Program In FY 2024-25, the Grant Program’s beginning budget was $200,000, funded by TIRZ 1. Four projects reached completion, creating expenditures of $177,148.96. 2024 – 2025 ANNUAL REPORT 7 Grant Project Activity Completed Grant Projects •A Downtown Reinvestment Grant for Façade/Building Rehab and Interior/Code Improvements in the amount of $50,000 was paid to the property located at 212 W. Sycamore St. for Eagle Surveying, LLC. •A Downtown Reinvestment Grant for Fire Suppression in the amount of $50,000 was paid to the property located at 104-106 W. Oak St. for Little d Property, LLC. •A Downtown Reinvestment Grant for Façade/Building Rehab in the amount of $50,000 was paid to the property of 116 W. Oak St. for Green Eggs and Ham, LLC. •A Downtown Reinvestment Grant for Utility Upgrades, Interior/Code Improvements and Signage in the amount of $27,148.96 was paid to the property located at 227 W. Oak St. for The Plot Twist, LLC. Approved Grant Project in progress at the end of FY 2024-2025. •113 – 115 N. Elm St., $1,620.869, Fine Arts Theater of Denton LLC. Pending reimbursement. (Approved FY 2023-2024) Approved Grant Projects in progress for FY 2025-2026. •113-115 N. Elm St., $50,000, Fine Arts Theater of Denton LLC. (Fire Suppression) Pending reimbursement. (Approved FY 2025-2026) •114 W. Oak St., $50,000, West Oak Coffee Bar GP, LLC. (Façade/Building Rehab, Impact Fees, Utility Upgrades, Interior/Code Improvements) Pending reimbursement. (Approved FY 2025-2026) •114 W. Oak St., $50,000, West Oak Coffee Bar GP, LLC. (Fire Suppression) Pending reimbursement. (Approved FY 2025-2026) •520 S. Elm St., $10,000, Brakefield’s Pool Service, LLC. (Façade, Paint Only & Sign) Pending reimbursement. (Approved FY 2025-2026) 122 N. Locust St., $50,000, Mister Red, LLC. (Façade/Building Rehab, Impact Fees, & Utility Upgrades) Pending reimbursement. (Approved FY 2025-2026) •325 W. McKinney St., $50,000, McKarroll Partners, LLC. (Façade/Building Rehab and Utility Upgrades) Pending Reimbursement. (Approved FY 2025-2026 2024 – 2025 ANNUAL REPORT 8 Expense Summary During FY 2024-25, expenses for Downtown TIRZ 1 totaled $207,147.96. Value and Increment Summary According to Denton Central Appraisal District Certified figures, the FY 2024-2025 total appraised valuation of taxable and real property Downtown TIRZ 1 and 1A was $230,565,487 and $144,238,543. For the original Downtown TIRZ 1 boundary, this represents a $30,636,532 decrease from the previous supplement tax value of $261,202,019. Since its inception, the final value for FY 2024-2025, with supplements of the Downtown TIRZ 1 has increased by an estimated $151,208,633. Certified and Supplement Summary TIRZ 1A Certified Tax Value 2024-2025: $144,238,543 2024 – 2025 ANNUAL REPORT 9 Appendix A: TIRZ One Balance Sheet City of Denton Tax Increment Financing Reinvestment Zone (TIRZ 1) REPORT CREATED BY: City of Denton, Office of Economic Development 401 N. Elm Denton, TX 76201 940.349.7776 www.cityofdenton.com