DEPARTMENT:
Department of Planning and Community Development
DEPARTMENT HEAD:
Bridgett White
COUNCIL DISTRICTS IMPACTED:
Council Districts 1 and 5
SUBJECT:
Approval of the Westside Tax Increment Reinvestment Zone (TIRZ) #30 Final Project and Finance Plans
SUMMARY:
City Council is being asked to consider the approval of the Westside Tax Increment Reinvestment Zone (TIRZ) #30 Final Project and Finance Plans.
BACKGROUND INFORMATION:
The Westside TIRZ was designated by City Council, through Ordinance 2008-12-11-1173, on December 11, 2008. The Ordinance designated and named the TIRZ, created a Board of Directors, specified the number of individuals on the board, established effective start and termination dates, approved a Preliminary Finance Plan and created the Tax Increment Fund.
The TIRZ boundary was subsequently amended on December 10, 2009 through Ordinance No. 2009-12-10-0998 and again on June 4, 2015 through Ordinance 2015-06-04-0489.
The Westside TIRZ #30 is City initiated. The term is 23.82 years and will terminate on September 30, 2032. Currently, the City of San Antonio is the only participating taxing entity. The City's current tax rate per $100 valuation is $0.55827 in tax year 2016 at a 90% participation level. Captured taxable values grew from $10,410,663.00 in tax year 2009 and are projected to reach $657,655,497.00 in tax year 2031. Additionally, tax increment revenues were $48,332.80 in tax year 2009 and are projected to grow to $3,238,257.13 in tax year 2031.
Since the inception of the Westside TIRZ, nine (9) new projects have been introduced.
ISSUE:
Section 311.011(a) of The Tax Increment Financing Act directs that the Board of Directors of a reinvestment zone shall prepare and adopt a project plan for the zone and submit the plans to the governing body of the municipality or county that designated the zone. To date, neither a Final Project Plan nor Final Finance Plan has yet to be adopted by City Council.
The ...
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