Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 27
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 6
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
11A B C D F G H K L M P Q R
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A resolution accepting the FY 2011 Annual Report on the status of Tax Increment
Financing Reinvestment Zone Number Nineteen, (Cypress Waters TIF District),
submitted by the Cypress Waters 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 to the State Comptroller. The City
Council approved Ordinance No. 28074 on December 8, 2010, establishing Tax
Increment Financing Reinvestment Zone Number Nineteen, (Cypress Waters TIF
District). On April 11, 2011, the City Council authorized the Project Plan and
Reinvestment Zone Financing Plan for this District by Ordinance No. 28224, as
amended.
The Cypress Waters TIF District's assessed tax value in 2011 was $73,381, one dollar
less than the base year (2010) value of $73,382. No increase over the assessed value
of the base year is expected until calendar year 2013, when Phase I is partially under
construction and the agricultural exemption is removed from some of the property in the
district. The City begins participation in 2012 and Dallas County begins participation in
2014.