· Origin
Council creates Tax Increment Reinvestment Zone Number One downtown (Ordinance No. 7012)
Ordinance No. 7012, passed on first reading December 12, 2006 and on second and final reading December 19, 2006, designated Tax Increment Reinvestment Zone Number One under Chapter 311 of the Tax Code. It set the zone to end on the earlier of December 31, 2036, an earlier date set by ordinance, or full payment of project costs and tax increment bonds; set the tax increment base at $133,250,377 as of January 1, 2006; created a nine-member board; and dedicated 100% of the City's tax increment to the zone's fund. The board may not issue bonds, levy taxes or use eminent domain.[1]
What the sources say
- ✓ Verified
Ordinance No. 7012 designating Tax Increment Reinvestment Zone Number One was introduced and passed on first reading December 12, 2006 and passed on second and final reading December 19, 2006, after a December 12, 2006 public hearing; it created a nine-member board and dedicated 100% of the City's tax increment to the zone's tax increment fund.[1][2]
- Board members
- 9
- City increment
- 100%
- ⚠ Sources differ
Sources give different figures for the zone's 2006 tax increment base.
Reported value 1[1]
- Base value
- $133,250,377
- As of
- 2006-01-01
Tax increment base stated in Section 5 of Ordinance No. 7012 (scanned copy in the project and financing plan).
- Base value
- $139,519,786
Tax increment base reported by the City in its Comptroller zone registration (submitted December 20, 2023) and annual reports for 2023-2025.
Reported value 3[5]
- Appraised value 2006
- $139,500,000
City TIRZ web page's '2006 appraised taxable value' (not labeled as the base).
- ⚠ Sources differ
Sources give different original end dates and start dates for the zone.
Reported value 1[1]
- Created
- 2006-12-19
- Ends
- 2036-12-31
Ordinance No. 7012 Section 4 (zone ends on the earlier of December 31, 2036, an earlier ordinance date, or payoff of project costs and bonds); the plan's terms page calls it a 30-year term ending December 31, 2036.
Reported value 2[3]
- Effective
- 2006-01-01
- Expires
- 2035-12-31
City's Comptroller zone registration, submitted December 20, 2023 (after the 2022 extension), listing increment years 2006-2035.
Reported value 3[2]
- Ends
- 2036-12-19
Termination date stated in the TIRZ #1 developer agreement with SPS Amarillo TX Landlord, LLC.
Reported value 4[6]
- Created fiscal year
- 2,007
City annual financial reports say TIRZ #1 was created in fiscal 2007 (the year beginning October 1, 2006).