Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 23
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 3, 6
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
43 V Y Z & 44 Q V
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Fifteen, (Fort Worth Avenue TIF District),
submitted by the Fort Worth Avenue 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 to 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 to the State Comptroller. The City
Council approved Ordinance No. 26798 on June 13, 2007, as amended, establishing
Tax Increment Financing Reinvestment Zone Number Fifteen, (Fort Worth Avenue TIF
District). On March 26, 2008, the City Council authorized the Project Plan and
Reinvestment Zone Financing Plan for this District by Ordinance No. 27129, as
amended.
The Fort Worth Avenue TIF District's assessed tax value in 2011 was $108,937,115.
This represents an increase of $22.8 million (26.5%) over the assessed value of the
base year (2007) value and $5.8 million (5.7%) over the total for the previous year. With
the participation of the City and Dallas County, this increase will result in the collection
of approximately $157,698 total in incremental revenue for the Fort Worth Avenue TIF
District for the 2011 tax year.