AGENDA ITEM # 21 KEY FOCUS AREA:
Economic Vibrancy
AGENDA DATE:
February 26, 2014
COUNCIL DISTRICT(S):
7
DEPARTMENT:
Office of Economic Development
CMO:
Ryan S. Evans, 671-9837
MAPSCO:
46 J K N P S and T ________________________________________________________________
SUBJECT A resolution accepting the FY 2013 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Thirteen, (Grand Park South TIF District) 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 and to 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 an annual report on the status of each reinvestment zone it has created to the Chief Executive Officer of each taxing unit that levies taxes on real property in the zone, as well as the State Comptroller. The City Council approved Ordinance No. 26147 on October 26, 2005, establishing Tax Increment Financing Reinvestment Zone Number Thirteen, (Grand Park South TIF District). On June 13, 2007, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26773. The Grand Park South TIF District’s assessed 2013 taxable value was $44,580,824. This represents a decrease of $269,195 (-0.6%) from the 2005 base year value of $44,850,019 and an increase of $1,702,122 (4.0%) from the previous year. Because of the decline in values from the base year, no increment is expected to be collected, but for the first time in many years, the current year's value is higher than the previous year's value.