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:
Revenue Anticipation and Expenditure Appropriation
|TIF Fund – Zone No. 2A - Texas Motor Speedway ||28721|
|TIF Fund – Zone No. 2B - Texas Motor Speedway ||28722|
|TIF Fund – Zone No. 3 – Downtown ||28603|
|TIF Fund – Zone No. 3A – Downtown||28730|
|TIF Fund – Zone No. 4 - Southside Medical District ||28604|
|TIF Fund – Zone No. 6 – Riverfront ||28606|
|TIF Fund – Zone No. 7 - North Tarrant Pkwy ||28607|
|TIF Fund – Zone No. 7A - North Tarrant Pkwy||28770|
|TIF Fund – Zone No. 8 – Lancaster |
|TIF Fund – Zone No. 9 - Trinity River Vision ||28609|
|TIF Fund – Zone No. 9A - Trinity River Vision||28790|
|TIF Fund – Zone No. 10 - Lone Star ||28610|
|TIF Fund – Zone No. 12 - East Berry Renaissance ||28612|
|TIF Fund – Zone No. 13 – Woodhaven ||28613|
|TIF Fund – Zone No. 14 - Trinity Lakes ||28614|
|TIF Fund – Zone No. 15 - Stockyards/Northside ||28615|
|TIF Fund – Zone No. 10A - Lone Star||28710|
This M&C does not request approval of a contract with a business entity.