Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 21
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 7
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
46 N P S and T
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Thirteen, (Grand Park South TIF District),
submitted by the Grand Park South TIF District's Board of Directors, and authorizing the
City Manager to submit the annual report to other taxing jurisdictions which participate
in the District, and to the Attorney General of Texas, 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. 26147 on October 26, 2005, establishing Tax
Increment Financing Reinvestment Zone Number Thirteen, (Grand Park South TIF
District). On June 13, 2007, the City Council authorized the Project Plan and
Reinvestment Zone Financing Plan for this District by Ordinance No. 26773.
The Grand Park South TIF District’s assessed 2011 taxable value was $45,018,272.
The District’s 2011 taxable value increased of $168,253 (0.4%) over its 2005 base year
value of $44,850,019 despite a $4,514,217 (9.1%) decline in values over the last year.
With the participation of the City and Dallas County, the increase over the base value
will result in the collection of approximately $1,473 in total incremental revenue for the
Grand Park South TIF District for the 2011 tax year.