Page 36 - Southlake FY20 Budget

Transmittal Letter

Tax Increment Finance District Fund
TIF District Expenditure Highlights

Tax Increment Reinvestment Zone (TIRZ) #1 or the
Tax Increment Finance (TIF) District was created in Highlight Item Expenditure
1997, with an effective beginning date of January
1, 1998. It was designed to encourage quality
commercial development in the City. Incremental Personnel School Resource $274,320
values subsequent to January 1997 are taxed at the Officers
City’s tax rate; however, 100% of the “captured”
ad valorem revenues are utilized within the zone,
rather than being allocated to the City’s overall Town Hall 1st
budget. Overlapping taxing entities, including and 4th floor $150,000
Tarrant County, Tarrant County College District, restroom
Tarrant County Hospital District, and the Carroll remodels
Independent School District (CISD) have participated
at varying levels as investors in TIRZ #1 by assigning Town Hall HVAC
their ad valorem tax dollars as well. Infrastructure replacement $90,625
Improvements design
In 2018, TIRZ #1 was extended for an additional
twenty years. This means that funds will continue
to be collected on the incremental tax value and
invested in the zone for an additional twenty years. Town Hall A/C $55,000
These tax dollars are restricted and may only be condenser coil
used for improvements or maintenance of facilities
within the TIRZ #1. The City of Southlake and Carroll
ISD will be the only participating entities with the East Parking
20-year extension. Garage - exterior $200,000
restoration
The projects funded in the FY 2020 proposed budget
were identified in the TIRZ #1 Project & Financing
Plan, adopted by the Board of Directors and City Town Square
Council in August/September 2018. Community public space $335,000
Enhancement enhancement
Revenue highlights. The incremental value assigned projects
to TIRZ #1 for the 2019 tax year is $557,619,490,
which is a 10.5% increase from the valuation for Contract
the 2018 tax year. This translates into anticipated landscape $174,360
revenues for the TIF District Fund of $9,396,095, services
including interest income. Revenue projections
include estimated Carroll ISD payments based on a
three-year average.

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