Title
Consider/Discuss/Act on a Resolution Approving the 2015 Annual Report for Tax Increment Reinvestment Zone Number One (TIRZ No. 1)
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: February 16, 2016
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED ACTION:
* Staff recommends approval of the 2015 Tax Increment Reinvestment Zone Number One (TIRZ No. 1) Annual Report.
ITEM SUMMARY:
* The City of McKinney is required by the State of Texas to submit an annual report on activity in the TIRZ.
* Revenues for the TIRZ Fund are generated by a portion of property tax and sales tax captured in the zone. The 2015 City of McKinney and Collin County ad valorem increment totals of $301,952.18 were recorded in the 2014 report. The City of McKinney sales tax increment totals $1,285,132.00.
* TIRZ No. 1 had the following expenditures for the 2015 reporting period:
o $10,500 for G&A expenses
o $25,000 grant to "The Pantry" for fa?ade improvements.
BACKGROUND INFORMATION:
* TIRZ No. 1, also known as the Town Center TIRZ, provides support for infrastructure and projects that revitalize the Historic Town Center.
FINANCIAL SUMMARY:
* The total tax increment received into the TIRZ No. 1 fund consisted of the following:
o 100% of captured City of McKinney real and business personal property tax (recorded in 2014 report):
* $256,676.02
o 50% of captured Collin County real and business personal property tax (recorded in 2014 report):
* $45,267.17
o 100% of captured City of McKinney sales & use tax:
* $1,285,132.00
o Current fund balance in TIRZ No. 1 is approximately $3,522,944.73
BOARD OR COMMISSION ACTION:
* The TIRZ 1 board approved the 2015 annual report on February 2, 2016.
CITY COUNCIL RECOMMENDATION:
* Upon approval on February 16, 2016, staff will submit the report to all taxing entities in Collin County and the Texas State Comptroller's Office.
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