Agenda - City of Dallas

Deep Ellum TIF District FY 2011
Annual Report
City of Dallas, Texas
Deep Ellum Tax Increment Financing District Fund
Reinvestment Zone Number Twelve
As of September 30, 2011
Chapter 311.016 of V.C.T.A. requires the following 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:
$1,834 Interest Income
$319,984 Ad Valorem Taxes (Collected in FY'2010-11 based on 2010 Final Tax Rolls)
$321,819 Total Revenue
2. Amount and purpose of expenditures from the fund:
$49,030 Administrative Expense
$10,750 Non-Capital Outlay
$208,514 Capital outlay *
$0 Interest and fiscal charges
$268,295 Total Expenditures
* These capital expenditures were incurred for the Olympia Arts Building redevelopment project.
3. TIF Administration Costs:
The Zone continued to reimburse the General Fund for administrative costs incurred during the fiscal year.
4. a. Amount of Principal and Interest due-on outstanding indebtedness:
None.
b. The Zone amended the development agreement with Deep Ellum Warehouse for the redevelopment of
"Olympia Arts Building" in the TIF in an amount not to exceed $595,000 and began reimburseing the
developer in fiscal year 2009-10. The developer was fully reimbursed in FY2010-11.
c. The Zone entered into another development agreement with Margaux City Lights Partners for the
development of "City Lights" project in the TIF in an amount not to exceed $5,000,000 with anticipated
reimbursement to begin in June 2012.
5. Tax increment base and current captured appraised value retained by the zone:
Taxable Base Year Est. Captured
Taxing Jurisdiction Value 2011* 2008 Value Value 2011**
City of Dallas $149,510,055 $113,885,770 $35,624,285
Dallas County $149,510,055 $113,885,770 $35,624,285
Dallas Independent School District $0 $0 $0
Dallas County Hospital District $0 $0 $0
Dallas County Community College Dist. $0 $0 $0
*2011 taxable value shown for participating taxing jurisdictions. County values are approximate and
will vary slightly from the City value due to different exemption levels.
**Based on preliminary Taxable Value. The final values will be determined on February 01, 2012.
6. 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 0.67745 $241,337
Dallas County 0.13371 $47,631
Dallas Independent School District 0.00000 $0
Dallas County Hospital District 0.00000 $0
Dallas County Community College District 0.00000 $0
Total for all Jurisdictions $0.81116 $288,968
***Participation rates for City of Dallas and Dallas County are 85% and 55% respectively for tax years
2008 - 2021.
****The District began collecting increment in fiscal year 2008-09.
B. The total estimated amount of tax increment to be billed for the 2011 tax year is $288,968. For the 2010
tax year, $319,984 in increment was collected.
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