Title
Consider/Discuss/Act on a Resolution to Approve 2013 Annual Report and Authorization to Invoice the Participating Taxing Jurisdictions for Tax Increment Reinvestment Zone Number Two (TIRZ No. 2)
Summary
MEETING DATE: April 1, 2014
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Staff recommends City Council approval of the Resolution and Authorization to invoice.
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 2013 City of McKinney and Collin County ad valorem increment totals $21,729. The City of McKinney sales tax increment totals $138,878.
· Due to Board approval of adjusting the TIRZ No. 2 reporting period from a calendar year basis to a fiscal year basis, the given revenue totals reflects activity from January 1, 2013 to September 30, 2013. All future TIRZ No. 2 reporting periods will be on a 12-month fiscal year basis.
· TIRZ No. 2 had a single expenditure of $4,500 in G&A expenses for the 2013 reporting period.
BACKGROUND INFORMATION:
· TIRZ No. 2 provides support for infrastructure and projects that revitalize the McKinney National Airport zone.
FINANCIAL SUMMARY:
· The total tax increment received into the TIRZ No. 2 fund totals $160,607 consisting of the following:
$17,896 100% of captured City of McKinney real and business personal property (ad valorem) tax
$3,833 50% of captured Collin County real and business personal property (ad valorem) tax
$138,878 100% of captured City of McKinney sales & use tax
BOARD OR COMMISSION RECOMMENDATION:
· On March 18th, 2014, the TIRZ No. 2 Board approved the 2013 Annual Report and authorized invoicing the participating taxing unit(s).