Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 14
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 14
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
45 Q R
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Six, (Farmers Market TIF District), submitted by
the Farmers Market 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 to the chief executive officer of each taxing
unit, as well as the State Comptroller. The City Council approved Ordinance No. 23521
on May 27, 1998, establishing Tax Increment Financing Reinvestment Zone Number
Six, (the Farmers Market TIF District). On August 25, 1999, the City Council authorized
the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance
No. 24001, as amended.
The Farmers Market TIF District’s assessed 2011 tax value was $101,531,538, an
increase of $73,824,687 over the base year value (1998). This property value change
represents 266.4% increase from the 1998 base value. The 2011 tax value decreased
$2,280,930 (-2.2%) over the 2010 tax value.