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AI# 11291
Regular City Council Meeting
7.9.
01/24/2023:
Information
Agenda Item
Resolution - Finance:
Consider a resolution approving the Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2021, through September 30, 2022.
Item Summary
The Texas Tax Increment Finance Act specifies that the report must include:
Amount and source of revenue in the tax increment fund established for the zone;
Amount and purpose of expenditures from the fund;
Amount of principal and interest due on outstanding bonded indebtedness;
Tax increment base and current captured appraised value retained by the zone;
Captured appraised value shared by the City and other taxing units;
Total amount of tax increments received; and
Any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the City.
Staff prepared the 2022 annual report, which includes all of the information required by the above statute, and submitted it to the Lubbock Business Park TIF Board of Directors for approval on January 11, 2023. A summary of the information included in the report is as follows:
For the year ended September 30, 2022, the Lubbock Business Park TIF received $976,878 in revenues for value earned in 2021, and $19,047 in interest earned. Any variance to the actual amount from the amount reported in the FY 2020-21 Annual Report can be attributed to uncollected taxes and/or exemptions
Expenses in FY 2021-22 included $13,172 in administrative costs, $3,660 for professional services, $768 for Office Supplies, and $65 in Lubbock Central Appraisal District collection costs. Life-to-date capital expenditures were $3,410,824.
The Lubbock Business Park TIF appraised value is $97,737,498 in 2022 with a current captured appraised value of $97,327,012. The current captured appraised value is the total value after the base year value is subtracted. The total tax increment to be received by the Lubbock Business Park TIF for Tax Year 2022 is projected to be $907,411.
The Board of Directors approved the report at their January 11, 2023 meeting and is submitting it to the City Council for approval.
Fiscal Impact
None
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Lubbock Business Park TIF Board of Directors
Attachments
Resolution LBP TIF
Annual Report - LBP TIF
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