Agenda - City of Dallas

Exhibit A - Cypress Waters TIF District
FY 2011 Annual Report
• Generate an NPV of $65 million or approximately $160 million in total dollars in
TIF revenues over the 30-year life of the district.
City participation in TIF increment collections will begin in tax year 2012.
No incremental revenue is expected for the district during the 2011 fiscal
year.
Year-End Summary of Meetings and Council Items
During the fiscal year from October 1, 2010 to September 30, 2011, the Cypress Waters
TIF District Board of Directors held 3 meetings.
The board can consist of up to ten members, including five City of Dallas appointees,
one Coppell Independent School District appointee, one Carrollton-Farmers Branch
Independent School District appointee, one Dallas County appointee, one Dallas
Community College District appointee, and one Dallas County Hospital District
appointee. On January 24, 2011, the Dallas County Community College District officially
waived its right to appoint a representative to the Cypress Waters TIF Board. This
action allows the City of Dallas to appoint a total of six members to the board.
During FY 2011 the Board members were: Mary Poss, city appointee and vicechairperson
(attended 2 of 3 meetings); Veletta Lill, city appointee (attended 3 of 3
meetings); Elizabeth Solender, city appointee (attended 2 of 3 meetings); Dr. Jose
Gomez, city appointee (attended 2 of 3 meetings); Michael Buckley, city appointee
(attended 2 of 2 meetings); Kelly Penny, Coppell ISD appointee (attended 3 of 3
meetings); Rick Loessberg, Dallas County appointee (attended 2 of 3 meetings); and
Steven Roth, Dallas County Hospital District appointee (attended 3 of 3 meetings). The
Carrollton-Farmers Branch Independent School District has not appointed a board
member and has not waived its right to do so.
During the fiscal year from October 1, 2010 to September 30, 2011, the City Council
approved six items associated with the Cypress Waters TIF District:
• On December 8, 2010, Council held a public hearing to receive comments
concerning the creation of Tax Increment Financing Reinvestment Zone Number
Nineteen for the Cypress Waters area, to be known as the Cypress Waters TIF
District, under the authority of the Tax Increment Financing Act, as amended
(V.T.C.A, Tax Code Chapter 311) - Financing: No cost consideration to the City
• On December 8, 2010, through Resolution 10-3052, Council approved
Ordinance 28074 establishing Tax Increment Financing Reinvestment Zone
Number Nineteen to be known as the Cypress Waters TIF District, under the
authority of the Tax Increment Financing Act, as amended (V.T.C.A, Tax Code
Chapter 311) - Financing: No cost consideration to the City.
• On June 8, 2011, through Resolution 11-1545, Council approved Ordinance
28224, 1) approving the Project Plan and Reinvestment Zone Financing Plan for
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