Title
Consider/Discuss/Act on the 2010 Annual Report for Tax Increment Reinvestment Zone Number One
Summary
MEETING DATE: March 15, 2011
DEPARTMENT: Development Services - Planning Department
CONTACT: Jim Parrish, Deputy City Manager
Mark Houser, City Attorney
Jennifer Cox, AICP, Director of Planning
Kevin Spath, AICP, Assistant Director of Planning
STAFF RECOMMENDATION: Staff recommends approval of the 2010 Annual Report for Tax Increment Reinvestment Zone Number One (TIRZ No. 1). The approval of the Board of Directors will be forwarded to City Council on April 19, 2011.
ITEM SUMMARY:
· Pursuant to Section 311.016 of the Texas Tax Code, the governing body of a municipality that administers a tax increment reinvestment zone shall submit an annual report on the status of the zone. The annual report shall be submitted to the chief executive officer of each taxing unit that levies property taxes on real property in a reinvestment zone created by the municipality. The annual report shall also be sent to the Texas Comptroller and the Texas Attorney General.
· As such, Staff will be presenting the 2010 Annual Report for TIRZ No. 1.
· Per Section 311.016, the report must include:
(1) The amount and source of revenue in the tax increment fund established for the zone;
(2) The amount and purpose of expenditures from the fund;
(3) The amount of principal and interest due on outstanding bonded indebtedness;
(4) The tax increment base and current captured appraised value retained by the zone; and
(5) The captured appraised value shared by the municipality or county and other taxing units, the total amount of increments received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality.