Agenda - City of Dallas

Oak Cliff Gateway TIF District
FY 2011 Annual Report
City of Dallas, Texas
Oak Cliff Area Gateway Tax Increment Financing District
Reinvestment Zone Number Three
As of September 30, 2011
Chapter 311.016 of V.C.T.A. requires the follow ing information
as part of the annual report on the status of the TIF District.
Information is contained in detail on the attached
financial statements.
1. Amount and source of revenue in the tax increment fund established for the zone:
$3,058 Interest Income
$1,514,057 Ad Valorem Taxes (Collected in FY'2010-11 based on 2010 Certified Tax Roll)
$1,517,115 Total Revenue
2. Amount and purpose of expenditures from the fund:
$52,465 Administrative Expense
$106,359 Interest Expense
$0 Non-Capital outlay
$0 Capital outlay *
$158,824 Total Expenditures
* There w ere no capital outlay during the current fiscal year.
3. a. Amount of Principal and Interest due-on outstanding indebtedness as of September 30, 2011 is as follows:
Balance Due (Since Inception)
Payments/Adjustments To Date
Accrued Accrue d Ne t Bal.
Project Description Principal Interest Total Due Principal Interest Total Paid Due
Jefferson at Kessler Heights $1,500,000 $676,404 $2,176,404 $1,500,000 $676,404 $2,176,404 $0
Lake Cliff Tow er Redevelopment $3,950,086 $862,205 $4,812,291 $3,950,086 $862,205 $4,812,291 $0
Bishop Colorado Retail Plaza $350,000 $0 $350,000 $350,000 $0 $350,000 $0
Totals $5,800,086 $1,538,609 $7,338,695 $5,800,086 $1,538,609 $7,338,695 $0
b. All developer obligations w ere fully reimbursed during fiscal year 2010-11. The Zone has no developer obligations outstanding at September 30, 2011.
c. The Zone entered into a development agreement w ith Lang Partners, LLC for the Zang Triangle development
in an amount not to exceed $7,250,000 w ith anticipated completion by June 30, 2012 and reimbursement to begin thereafter.
4. Tax increment base and current captured appraised value retained by the zone:
Taxable Base Year Est. Captured
Taxing Jurisdiction Value 2011 1992 Value Value 2011**
City of Dallas $95,327,598 $40,097,623 $55,229,975
Dallas Independent School District $95,856,630 $40,097,623 $55,759,007
Dallas County $95,292,598 $40,097,623 $55,194,975
Dallas County Hospital District $95,292,598 $40,097,623 $55,194,975
Dallas County Community College Dist. $134,206,993 $81,633,018 $52,573,975
** Based on preliminary Taxable Values. Final values w ill be determined on February 01, 2012.
5. Captured appraised value by the municipality and other taxing units, the total amount of the
tax increment received, and any additional information necessary to demonstrate compliance
with the tax increment financing plan adopted by the governing body of the municipality:
A. Estimated tax increment shared by the municipality and other participating taxing jurisdictions:
Amount of
Assessment Estimated 2011
Taxing Jurisdiction Per $100 Increment
City of Dallas 0.79700 $440,183
Dallas Independent School District 0.92010 $513,039
Dallas County 0.24310 $134,179
Dallas County Hospital District 0.27100 $149,578
Dallas County Community College District 0.09967 $52,400
Total for all Jurisdictions $2.33087 $1,289,379
B. The total estimated amount of tax increment to be billed for the 2011 tax year is $1,289,379. For the 2010 tax year, the Zone collected
increment in the amount of $1,514,057
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