M&C Review


COUNCIL ACTION:  Approved on 10/10/2017 - Ordinance No. 22957-10-2017

DATE: 10/10/2017 REFERENCE NO.: G-19129 LOG NAME: 03TIF ALLOCATION FY2018
CODE: G TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT:   Adopt Supplemental Appropriation Ordinance Increasing Estimated Receipts and Appropriations in the Various Tax  Increment Funds in the Total Amount of $65,336,897.00 for Fiscal Year 2018 (ALL COUNCIL DISTRICTS)

RECOMMENDATION:

It is recommended that the City Council adopt the attached supplemental appropriation ordinance increasing estimated receipts and appropriations in the various Tax Increment Funds in the total amount of $65,336,897.00 for Fiscal Year 2018.

 
DISCUSSION:

The purpose of this Mayor and Council Communication is to establish the Fiscal Year 2018 appropriations in the various Tax Increment Funds (TIFs)  in the amount of $65,336,897.00.

On September 26, 2017 the City Council approved the Fiscal Year 2018 Appropriation Ordinance (Ordinance No. 22927-09-2017) adopting the City's Fiscal Year 2018 budget, which did not include appropriations for the TIF Funds, which are adopted under a separate process.  

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 Tax Increment Reinvestment Zones (the Zones), in accordance with the Tax Increment Financing Act, Chapter 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.

This M&C appropriates all available fund balance plus anticipated revenue in Fiscal Year 2018 to be administered by the respective TIF Boards in compliance with their Council approved TIF Plans.

The funding allocation per TIF is outlined in the following table:

TIF

Fund

Revenue Anticipation and Expenditure Appropriation

TIF Fund – Zone No. 2A - Texas Motor Speedway 28721

$897,456

TIF Fund – Zone No. 2B - Texas Motor Speedway 28722

$694,105

TIF Fund – Zone No. 3 – Downtown 28603

$8,284,383

TIF Fund – Zone No. 3A – Downtown28730

$1,910,412

TIF Fund – Zone No. 4 - Southside Medical District 28604

$19,340,642

TIF Fund – Zone No. 6 – Riverfront 28606

$144,853

TIF Fund – Zone No. 7 - North Tarrant Pkwy 28607

$7,638,498

TIF Fund – Zone No. 7A - North Tarrant Pkwy28770

$279,130

TIF Fund – Zone No. 8 – Lancaster

28608

$12,873,709

TIF Fund – Zone No. 9 - Trinity River Vision 28609

$4,622,322

TIF Fund – Zone No. 9A - Trinity River Vision28790

$52,939

TIF Fund – Zone No. 10 - Lone Star 28610

$778,782

TIF Fund – Zone No. 12 - East Berry Renaissance 28612

$1,647,749

TIF Fund – Zone No. 13 – Woodhaven 28613

$2,695,817

TIF Fund – Zone No. 14 - Trinity Lakes 28614

$3,103,568

TIF Fund – Zone No. 15 - Stockyards/Northside 28615

$232,539

TIF Fund – Zone No. 10A - Lone Star28710

$139,993

This M&C does not request approval of a contract with a business entity.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that upon adoption of the above recommendation and the supplemental appropriation ordinance, funds will be available in the Fiscal Year 2018 operating budget, as appropriated, to the TIF Funds.  

TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Susan Alanis (8180)
Originating Department Head:
Lynda Johnson (6222)
Additional Information Contact:
Terry Hanson (7934)
Loraine Coleman (8542)

 
 
ATTACHMENTS
  03TIF ALLOCATION FY18.AO.docx