Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 24
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 1, 3
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
43 T – Y; 53 B – D; and 54 A – C
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Sixteen, (Davis Garden TIF District), submitted
by the Davis Garden 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. 26799 on June 13, 2007, establishing Tax Increment
Financing Reinvestment Zone Number Sixteen, (Davis Garden TIF District), as
amended. On February 27, 2008, the City Council authorized the Project Plan and
Reinvestment Zone Financing Plan for this District by Ordinance No. 27090, as
amended.
The Davis Garden TIF District’s assessed 2011 taxable value is $140,804,869.
Although this is an increase of $2,970,272 (2.2%) from its adjusted base value of
$137,834,597, property values declined by $18,622,649 (11.7%) from 2010 to 2011.
With the participation of the City and Dallas County, the increase over the adjusted base
value will result in the collection of approximately $20,543 in total incremental revenue
for the Davis Garden TIF District for the 2011 tax year.