KEY FOCUS AREA:
Economic Vibrancy
AGENDA DATE:
February 27, 2013
COUNCIL DISTRICT(S):
2
DEPARTMENT:
Office of Economic Development
CMO:
Ryan S. Evans, 670-3314
MAPSCO:
AGENDA ITEM # 29
33 R; 34 J K N P Q T U
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SUBJECT A resolution accepting the FY 2012 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Eighteen, (Maple/Mockingbird TIF District), submitted by the Maple/Mockingbird TIF District's Board of Directors, and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District, and the State Comptroller, as required by state law - Financing: No cost consideration to the City BACKGROUND State law (the Tax Increment Financing Act, Chapter 311 of the Tax Code) requires that the governing body of a city shall submit to the chief executive officer of each taxing unit, as well as the State Comptroller. The City Council approved Ordinance No. 27435 on December 10, 2008, establishing Tax Increment Financing Reinvestment Zone Number Eighteen (Maple/Mockingbird TIF District). On September 23, 2009, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 27690. The Maple/Mockingbird TIF District’s assessed 2012 taxable value was $178,338,196. This represents a decrease of $5,666,813 or 3.1% from the 2008 base year value and a decrease of $6,736,633 or 3.6% from last year (2011). The decrease is solely attributed to property value decline within the District. As a result of the decrease in property value below the base value for the district, there will be no increment generated for the TIF District during FY 2012. PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS) On December 10, 2008, City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Eighteen, the Maple/Mockingbird TIF District, by Ordinance No. 27435.