Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 25
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 2, 4, 5, 7, 8, 14
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
35 M R U V Y; 36 A B E F J K; 45 C G J K L N P S
T U V X Y Z; 55 B C F K P Q R T U V X Y; 65 B C G L M
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Seventeen, (TOD TIF District), submitted by the
TOD 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. 27432, as amended on December 10, 2008,
establishing Tax Increment Financing Reinvestment Zone Number Seventeen, (TOD
TIF District) The Transit-Oriented Development (TOD) around DART stations was
created in the central portion of the City to help create a series of unique destinations.
On April 14, 2010, the City Council authorized the Project Plan and Reinvestment Zone
Financing Plan for this District by Ordinance No. 27854, as amended.
The TOD TIF District's assessed tax value in 2011 was $185,181,491. This represents a
decrease of 8.4% ($16,893,030) from the assessed value of the base year (2008 and
2010), as amended. The TIF District anticipates no incremental tax revenue collection
for tax year 2011. The largest decline in value occurred with land and industrial
properties in the Cedars West area and a modest decline in the Mockingbird/Lovers
area related to demolition and lingering impacts of the economic downturn on
commercial properties. There was an overall 5% increase in value in the Lancaster
Corridor area.