The purpose of this Mayor and Council Communication is to establish the Fiscal Year 2017 appropriations in the various Tax Increment Funds (TIF) Tax Increment Funds in the amount of $50,542,808.00.
On September 13, 2016 the City Council approved the Fiscal Year 2017 Appropriation Ordinance (Ordinance No. 22393-09-2016) adopting the City's Fiscal Year 2017 budget, which did not include appropriations for the TIF. Based on discussions with multiple departments during budget development, the intent was to appropriate these funds under a separate process, and the appropriations were not included in the Fiscal Year 2017 budget appropriations. Beginning in Fiscal Year 2018, this action will be included in the City-wide appropriation ordinance with the adopted budget. Tax Increment Funds are used to manage funds that have been designated by the City and other taxing entities participating in each of the City's twelve Tax Increment Reinvestment Zones (the Zones), in accordance with the Tax Increment Financing Act, Ch. 311 Texas Tax Code. Such money within each TIF fund shall be used in accordance with legal restrictions to meet the requirements of the Zone. The TIF funds are used for economic development and redevelopment projects within the boundaries of the Zones in accordance with the adopted project and financing plans for each TIF and the Tax Increment Financing Act, which authorizes the City to maintain the funds.
The funding allocation per TIF is outlined in the following table:
Fund | Description | Appropriation | 28603 | TIRZ #3 - Downtown | $4,904,318.00 | | 28604 | TIRZ #4 - Southside Medical District | $10,259,610.00 | | 28606 | TIRZ #6 - Riverfront | $276,302.00 | | 28607 | TIRZ #7 - North Tarrant Pkwy | $8,859,511.00 | | 28608 | TIRZ #8 - Lancaster | $11,122,284.00 | | 28609 | TIRZ #9 - Trinity River Vision | $4,270,951.00 | | 28610 | TIRZ #10 - Lone Star | $653,465.00 | | 28612 | TIRZ #12 - East Berry Renaissance | $1,382,224.00 | | 28613 | TIRZ #13 - Woodhaven | $864,818.00 | | 28614 | TIRZ #14 - Trinity Lakes | $2,173,674.00 | | 28615 | TIRZ #15 - Stockyards/Northside | $177,369.00 | | 28710 | TIRZ #10A - Lone Star | $112,349.00 | | 28721 | TIRZ #2A - Texas Motor Speedway | $1,133,989.00 | | 28722 | TIRZ #2B - Texas Motor Speedway | $473,312.00 | | 28730 | TIRZ #3A - Downtown | $3,592,686.00 | | 28770 | TIRZ #7A - North Tarrant Pkwy | $237,457.00 | | 28790 | TIRZ #9A - Trinity River Vision | $48,489.00 |
This M&C does not request approval of a contract with a business entity. |
