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Home My WebLink About12-19-2002-9.9 - Resolution - 12/19/2002 1 RESOLUTION NO. 12 -19- 2002 -9.9 410 A RESOLUTION OF THE CITY COUNCIL OF COLLEGE STATION FOR TAX INCREMENT REINVESTMENT ZONES #1, #4, AND #15, ADOPTING THE ANNUAL REPORTS AND SUPPORTING DOCUMENTATION AND AUTHORIZING THE DIRECTOR OF ECONOMIC DEVELOPMENT TO SUBMIT SUCH REPORTS TO THE TAXING ENTITIES, STATE COMPTROLLER'S OFFICE, AND ATTORNEY GENERAL'S OFFICE. WHEREAS, CHAPTER 311 OF THE TEXAS TAX CODE requires the City to prepare and submit an annual report to the chief executive officer of each taxing unit that levies taxes on property within the Zones; and WHEREAS, CHAPTER 311 OF THE TEXAS TAX CODE requires the City to send a copy of the report to the Public Finance Division in the Office of the Attorney General and to the Texas State Comptroller's Office. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: PART 1: That the City Council hereby approves the annual reports for Tax Increment Reinvestment Zones #1, #4, and #15, attached hereto as Exhibit "A ". PART 2: That the City Council hereby authorizes the Director of Economic Development to submit the annual reports to the chief executive officer of each taxing unit that levies taxes on property within the Zones. PART 3: That the City Council hereby authorizes the Director of Economic Development to submit a copy of the reports and any other necessary information to the Public Finance Division in the Office of the Attorney General and to the Texas State Comptroller's Office. PART 4: That this resolution shall take effect immediately from and after its passage. ADOPTED this 19` day of December, A.D. 2002. ATTEST: APPROVED: Connie Hooks, City Secreta' Ron Silvia, Mayor APPROVED: F Signed by Roxanne Nencik VLRIFY authenticity with Approy It City Attorney Exh 'A" ANNUAL REPORT TO TAXING UNITS THAT LEVY TAXES ON PROPERTY WITHIN THE ZONE TAX INCREMENT FINANCE REINVESTMENT ZONE #1 GENERALLY KNOWN AS WOLF PEN CREEK CORRIDOR LOCATED GENERALLY BETWEEN TEXAS AVENUE AND HIGHWAY 6 BYPASS BETWEEN HARVEY ROAD AND COLGATE Reporting Period: October 1, 2001 through September 31, 2002 REPORTING REQUIREMENT ACTIVITY I. Amount and source of revenue in the tax increment fund established for the zone City of College Station Increment $121,026 College Station Independent School Disrtict 215,216 Brazos County 93,992 Investment Income (Net) 89,847 Transfer From City's Parkland Fund 120,000 Total Revenues $640,081 II. The amount and purpose of expenditures from the fund Bridge Project $ 505,000 Trails 521,088 Debt issuance 12,000 Total Expenditures $1,038,088 III. The amount of principal and interest due on outstanding bonded indebtedness Remaining Principal: $2,300,000 Remaining Interest: $ 340,148 Ex "A" Annual principal payment: $0 Annual interest payment: $0 IV. The tax increment base and current captured appraised value retained by the zone: City of College Station Base: $18,504,453 Captured Value: $25,335,065 College Station Independent School District Base: $18,484,453 Captured Value: $25,025,065 Brazos County Base: $18,502,607 Captured Value: $25,325,681 V. The captured appraised value shared by the city and other taxing units: City of College Station $6,830,612 College Station Independent School District $6,540,611 Brazos County $6,823,074 VI. The total amount of tax increments received: City of College Station $121,026 College Station Independent School District $215,216 Brazos County $ 93,992 Total Increment Received $430,234 VII. Any additional information to demonstrate compliance with the tax increment financing plan: The City Issued Certificates of Obligation during fiscal year 2001 -2003. The first debt service payments will be due during Fiscal Year 2002 -2003. Exhi( 'A" ANNUAL REPORT TO TAXING UNITS THAT LEVY TAXES ON PROPERTY WITHIN THE ZONE TAX INCREMENT FINANCE REINVESTMENT ZONE #4 GENERALLY KNOWN AS MELROSE TIF 601 LUTHER STREET, COLLEGE STATION, TEXAS Reporting Period: October 1, 2001 through September 31, 2002 REPORTING REQUIREMENT ACTIVITY I. Amount and source of revenue in the tax increment fund established for the zone City of College Station $43,361 College Station Independent School District $34,514 Investment Income (net) $ 3,879 Total Revenues $81,699 II. The amount and purpose of expenditures from the fund Reimbursement for roads, water and sewer infrastructure $200,000 III. The amount of principal and interest due on outstanding bonded indebtedness Remaining Principal: $0 Remaining Interest: $0 Annual principal payment; $0 Annual interest payment: $0 IV. The tax increment base and current captured appraised value retained by the zone: City of College Station & Base: $3,395,065 College Station Independent School District: Captured Value: $14,044,795 Exh_ "A" V. The captured appraised value shared by the city and other taxing units: City of College Station & College Station Independent School District $10,649,730 VI. The total amount of tax increments received: 0 City of College Station $43,361 College Station Independent School District: $34,514 VII. Any additional information to demonstrate compliance with the tax increment financing plan: No debt was issued by the City for this district. Expenditures of the Melrose TIF are for reimbursements to the developer for infrastructure. The final expenditure is $90,000 that will be paid to the developer during fiscal 2002 -03. This district will no longer collect revenues and will make one payment durning fiscal 2002 -03. Ext 'A" ANNUAL REPORT TO TAXING UNITS THAT LEVY TAXES ON PROPERTY WITHIN THE ZONE TAX INCREMENT FINANCE REINVESTMENT ZONE #15 GENERALLY KNOWN AS HOTEL /CONFERENCE CENTER TIF UNIVERSITY DRIVE IN THE HIGHWAY 30/60 CORRIDOR Reporting Period: October 1, 2001 through September 31, 2002 REPORTING REQUIREMENT ACTIVITY I. Amount and source of revenue in the tax increment fund established for the zone City of College Station $0 College Station Independent School District $0 Brazos County $0 Investment Income (net) $00 Total Revenues $0 II. The amount and purpose of expenditures from the fund $0 III. The amount of principal and interest due on outstanding bonded indebtedness Remaining Principal: $4,890,000* Remaining Interest: $2,102,101* Annual principal payment; $ Annual interest payment: $ IV. The tax increment base and current captured appraised value retained by the zone: City of College Station & Brazos County & Base: $3,444,610 College Station Independent School District: Captured Value: $0 E " V. The captured appraised value shared by the city and other taxing units: City of College Station & Brazos County & College Station Independent School District $0 VI. The total amount of tax increments received: 0 VII. Any additional information to demonstrate compliance with the tax increment financing plan: *All expenditures related to debt service have been paid outside of the fund. Due to delayed tax increment, debt service has been covered with Hotel/Motel tax revenues. 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