Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 17
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 9, 13
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
26 T and U
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Nine, (Vickery Meadow TIF District), submitted
by the Vickery Meadow 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 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 the State Comptroller of Texas. The
City Council approved Ordinance No. 25964 on April 27, 2005, establishing Tax
Increment Financing Reinvestment Zone Number Nine (Vickery Meadow TIF District).
On December 14, 2005, the City Council authorized the Project Plan and Reinvestment
Zone Financing Plan for this District by Ordinance No. 26181.
The Vickery Meadow TIF District’s assessed 2011 taxable value was $342,386,650.
This represents an increase of 112.31% ($181,116,330) from the 2005 base year value.
The District’s taxable value increased 8.2% ($25,975,200) from the previous year’s
2010 value. With the participation of the City and Dallas County, the district’s increase in
value will result in the collection of $1,396,959 in incremental revenue for the Vickery
Meadow TIF District fro the 2011 tax year.