Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 19
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 2, 14
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
45 A B E F K L P Q
________________________________________________________________
A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Eleven, (Downtown Connection TIF District),
submitted by the Downtown Connection 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,. The City
Council approved Ordinance No. 26020 on June 8, 2005, establishing Tax Increment
Financing Reinvestment Zone Number Eleven, (Downtown Connection TIF District). On
August 29, 2005, the City Council authorized the Project Plan and Reinvestment Zone
Financing Plan for this District by Ordinance No. 26096, as amended.
The Downtown Connection TIF District's assessed tax value in 2011 was
$1,556,764,047. This represents an increase of 176.14% ($991,846,730) over the
adjusted 2005 base year value ($564,917,317). The District’s taxable value increased
1.15% ($17,716,147) from the previous year’s 2009 value. With the participation of the
City and Dallas County, the districts increase in value will result in the collection of
approximately $8,440,665 in incremental revenue for the Downtown Connection TIF
District for the 2011 tax year.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 8, 2005, the City Council authorized the establishment of Tax Increment
Financing Reinvestment Zone Number Eleven, the Downtown Connection TIF District