Download - TIF2 Annual Report - City of Allen
TIF ZONE #2
FISCAL YEAR ENDINGSEPTEMBER 30, 2020
An annual report to the City of Allen Tax Increment Financing Board
relating to reinvestment zone no. 2 (Central Business District)
With a copy to the State of Texas Comptroller’s Off ice, Collin County, Allen Independent School
District and Collin College District
CITY OF ALLEN, TEXAS305 Century Parkway
Allen, Texas 75013
CITY STAFFCity Manager Eric Ellwanger
Deputy City Manager Eric Strong
Assistant City Manager Tim Dentler
Assistant City Manager Rebecca Vice
Interim Chief Financial Officer Jennifer Fung
Assistant Chief Financial Officer Chris Landrum
Budget Officer Rebecca Brack
CITY COUNCILMayor Ken Fulk
Councilmember, Place No. 1 Kurt Kizer
Councilmember, Place No. 2 Carl Clemencich
Councilmember, Place No. 3 Lauren Doherty
Councilmember, Place No. 4 Chris Schulmeister
Councilmember, Place No. 5 Vacant
Councilmember, Place No. 6 Baine Brooks
CITY OF ALLEN, TEXAS
City Officials
PLACE NO. 1 Eric Ellwanger City Manager
PLACE NO. 2 Vacant Chief Financial Officer
PLACE NO. 3 Marc Kurbansade Community Development Director
PLACE NO. 4 Chris Flanigan Director Engineering
PLACE NO. 5 Dan Bowman Director of Economic Development
PLACE NO. 6 Charles Nies Dal Briar Corporation
PLACE NO. 7 Bruce Heller JaRyCo Development LLC
BOARD OBJECTIVETo provide recommendations to City Council concerning administration of the TIF No. 2 Central Business District.
MEMBERSHIPTIF No. 2 is comprised of seven board members (minimum of at least five) but no more than fifteen members), each serving a staggered two-year term. Moreover, the City Council will appoint one board member to serve as chairperson for a one-year term. Ordinance 2580-12-06.
TIF NO. 2 - CITY OF ALLEN, TX
Board of Directors
7CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
HISTORY OF THE TIFThe base property value of the Central Business District TIF was established as of January 1, 2006, and over the last fifteen years the appraised value of the district has increased by more than $300 million. This increase can be attributed to major developments in the North West section of the TIF as new homes and an apartment complex are both being developed simultaneously.
A few parcels were excluded during 2008 because residential development encroached into the North West corner of the TIF west of US 75 Highway. Ordinance No. 2713-3-08 amended the boundary of the TIF to exclude the Quail Run Phase I and Phase II residential developments as they were not intended to be part of the TIF. Additionally, in FY2012, ordinance No. 3077-4-12 excluded parcels, including Wal-Mart, which was built partially in the western portion of TIF 2.
PURPOSE OF THE TIF The purpose of the TIF No. 2 is to:
• Attract new investment and encourage revitalization of the Central Business District which is an area that will continue to decay without TIF financed infrastructure.
• Create redevelopment momentum that will create substantial financial gains to local taxing jurisdictions both during and beyond the life of the TIF.
• Recreate an economically viable, mixed-use, central city neighborhood.
• Serve as a catalyst for the revitalization of areas adjacent to the TIF.
8 CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
FINANCIAL STATE OF THE TIFChapter 311.016 (a)(1) of the Texas Tax Code requires an annual status report be filled with the chief officer of each taxing unit that levies property taxes in a reinvestment zone and the Texas State Comptroller.
1. Amount and Source of Revenue
REVENUE SOURCE TAXING JURISDICTION TOTAL AMOUNT
Sales Tax City of Allen $129,523
Property Tax City of Allen $1,204,843
Investment Earnings City of Allen $176,737
Total $1,511,103
2. Amount and Purpose of Expenditures
DESCRIPTION OF EXPENDITURES TOTAL AMOUNT
Developers Reimbursement $0Legal Expenses $0
Administrative Expenses $15,000
Total $15,000
3. Amount of Principle and Interest Due on Outstanding Debt
$0. TIF No. 2 has not incurred any debt. The Fund is pay-as-you-go.
4. Tax Increment Base and Current Captured Appraised Value Retained
AD VALOREM
TAXING JURISDICTION
BASE YEAR VALUE (FY2006)*
NET TAXABLE VALUE (FY2020)
CAPTURED APPRAISED VALUE
(FY2020)*City of Allen $81,267,393 $571,092,789 $489,825,396
*Base Year and Captured Appraised Value of all real property in the TIF zone according to the Collin Central Appraisal District
9CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
SALES & USE TAX
TOTAL JURISDICTION & PARTICIPATION RATE
BASE YEAR VALUE
(FY2006)
COLLECTED SALES & USE TAX
(FY2020)
CAPTURED SALES AND USE TAX
(FY2020)
City of Allen (50%) $123,129 $382,175 $129,523
TOTAL FY2020 INCREMENT
$1,511,103 (Total includes $176,737 from investment earnings)
5. Captured appraised value (ad valorem) shared by the municipality and other taxing units, the total amount of the tax increment (sales & use tax) received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality:
AD VALOREM
TAXING JURISDICTION &
PARTICIPATION RATE
CAPTURED APPRAISED
VALUE (FY2020)
TAX RATE PER $100/VALUE
(FY2020)
AMOUNT OF INCREMENT
(FY2020)*City of Allen (50%) $489,825,396 $0.489000 $1,204,843
*Total Net = delinquent taxes paid after 2018 report and outstanding delinquent taxes for 2019
CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
TIF NO. 2 FUND BALANCE HISTORY
FY2008-2019 FY2020 TOTAL TIF FUND
Revenues $5,028,071 $1,511,103 $6,539,174
Expenditures $135,835 $15,000 $150,835
Net Income (Loss) $4,892,236 $1,496,103 $6,388,339
ENDING FUND BALANCE$4,783,693
(Balance at the end of FY2019)
$6,279,796$6,279,796
(Balance at the End of FY2020)
10 CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
PROPOSED CBD TIF IMPROVEMENTS EAST OF US 75 HIGHWAY(Including the connecting street of Allen Drive over US 75 Highway)
11CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
CITY OF ALLEN, TEXAS | TIF ZONE #2 ANNUAL REPORT
CBD TIF AREA WEST OF US 75 HIGHWAY(Including the connecting street of Allen Drive over US 75 Highway)