File #: 13-332    Name: TIRZ #2 2012 Annual Report
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 4/2/2013 Final action: 4/2/2013
Title: Consider/Discuss/Act on a Resolution to Approve the 2012 Annual Report and Authorization to Invoice the Participating Taxing Jurisdictions for Tax Increment Reinvestment Zone Number Two (TIRZ No.2)
Attachments: 1. Agenda Item Summary, 2. Resolution, 3. 2012 Annual Report
 
Title
Consider/Discuss/Act on a Resolution to Approve the 2012 Annual Report and Authorization to Invoice the Participating Taxing Jurisdictions for Tax Increment Reinvestment Zone Number Two (TIRZ No.2)
Summary
 
MEETING DATE:      April 2, 2013
 
DEPARTMENT:       Financial Services
 
CONTACT:        Rodney Rhoades, Chief Financial Officer
 
 
RECOMMENDED CITY COUNCIL ACTION:      
·      Approval of the Resolution and authorization to invoice
 
ITEM SUMMARY:  
·      The City of McKinney is required by Chapter 311.016 of the Texas Tax Code to submit an annual TIRZ status report.  The report is to be filed with the State Comptroller and chief officers of each taxing unit that levies property taxes in a reinvestment zone.
·      Revenues for the TIRZ Fund are generated by a portion of property tax and sales tax captured in the zone.  The 2012 City of McKinney and Collin County ad valorem increment totals $49,071.  The sales tax increment, as verified by the State Comptroller's Tax Allocation Section, is $307,029.
·      The City will invoice Collin County $8,278 for their portion of the ad valorem increment.
·      No expenditures or debt was recorded during the reporting year.
 
BACKGROUND INFORMATION:  
·      TIRZ No.2 provides support for infrastructure to achieve Collin County Regional Airport's mission to  be a premier general aviation reliever airport in North Texas, with future commercial service goals.
 
FINANCIAL SUMMARY:  
·      Revenues by funding sources are as follows:
 
$  40,793
100% of City of McKinney's incremental ad valorem tax
$  8,278
 50% of Collin County's incremental ad valorem tax
$307,029
100% of City of McKinney's incremental sales & use tax
$356,100
Total 2012 Captured Revenues
 
BOARD OR COMMISSION RECOMMENDATION:
·      On March 19, 2013 the TIRZ No.2 Board approved the 2012 Annual Report and authorized invoicing the participating taxing unit.