Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 11
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 1, 3
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
44 V Y Z 45 S W 54D 55A
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Three, (Oak Cliff Gateway TIF District),
submitted by the Oak Cliff Gateway TIF District's Board of Directors, and authorizing the
City Manager to submit the annual report to the Chief Executive Officer of each taxing
jurisdiction that levies taxes on real property in the District, and to the State Comptroller,
as required by state law - Financing: No cost consideration to the City
BACKGROUND
State law (the Tax Increment Financing Act, Chapter 311 of the Tax Code) requires that
the governing body of a city shall submit an annual report on the status of each
reinvestment zone it has created to the Chief Executive Officer of each taxing unit that
levies taxes on real property in the zone, as well as to the State Comptroller. The City
Council approved Ordinance No. 21466 on November 11, 1992, establishing Tax
Increment Financing Reinvestment Zone Number Three, (Oak Cliff Gateway TIF
District), as amended. On February 12, 1997, the City Council authorized the Project
Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 23724,
as amended.
The TIF District’s assessed 2011 tax value is $95,327,598, an increase of $55,229,975
(137%) over the adjusted base year value (1992) and a decrease of $3,644,895 (3.7%)
from the previous year’s (2010) final total assessed value.
With the participation of the City, Dallas County, Dallas Independent School District,
Dallas County Hospital District and the Dallas County Community College District, this
increase will result in the collection of approximately $1,289,379 total in incremental
revenue for the Oak Cliff Gateway TIF District for the 2011 tax year.