Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 18
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 2
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
34 T U X Y & Z
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Ten, (Southwestern Medical TIF District),
submitted by the Southwestern Medical 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 to the chief executive officer of each taxing
unit, as well as the State Comptroller. The City Council approved Ordinance No. 25965
on April 27, 2005, establishing Tax Increment Financing Reinvestment Zone Number
Ten, (the Southwestern Medical District). On January 11, 2006, the City Council
authorized the Project Plan and Reinvestment Zone Financing Plan for this District by
Ordinance No. 26204, as amended.
The Southwestern Medical District’s assessed 2011 tax value was $109,792,101, an
increase of $42,381,047 over the base year value. This property value change
represents 62.9% increase from base value. The 2011 tax value decreased
$15,809,502 (12.6%) from the 2010 tax value.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 27, 2005, the City Council authorized the establishment of Tax Increment
Financing Reinvestment Zone Number Ten, the Southwestern Medical TIF District by
Ordinance No. 25965.