Council approves the TIRZ #3 project and financing plan (Ordinance No. 8081)
The council passed Ordinance No. 8081 on first reading 5-0 on September 19, 2023 and on second reading on a 5-0 consent agenda on September 26. It approved the board's August 3, 2023 final project and financing plan, confirmed City participation at 100% of its tax increment, set the tax increment base at $30,013,978 as of January 1, 2022, and changed the board's makeup, adding an ex officio member who owns land in the zone. The plan runs to December 31, 2042, projects about $15.3 million in increment ($9.7 million net present value) and estimates $45.8 million in infrastructure costs.[1][2][3][4]
Ordinance No. 8081 passed on first reading 5-0 on September 19, 2023 (Josh Craft, Tom Scherlen, Cole Stanley, Les Simpson and Don Tipps), on a motion by Tipps seconded by Craft, and on second and final reading as part of the September 26, 2023 consent agenda, also 5-0.
[1][2]
✓ Verified
Ordinance No. 8081 approved the final project and finance plan, committed the City to deposit 100% of its tax increment beginning with 2022, set a nine-member board with three Randall County appointees plus one ex officio member who owns land in the zone, and set the tax increment base at $30,013,978 as of January 1, 2022. The staff memo said the City, Randall County and Amarillo College would commit 100% of increment in years 1-10 and 50% in years 11-20, and projected the zone's 2042 value at $167,260,452.
[3]
Tax increment base
$30,013,978
Projected 2042 value
$167,260,452
⚠ Sources differ
TIRZ #3 documents give two figures for the zone's 2022 base value.
The plan's financial model also lists "TIF Base: $28,754,690 (certified value)", and the FY2024/25 budget memo compares 2024 values to "base values of $28.8 million".
✓ Verified
The August 2023 plan projects, as an estimate, about $15.3 million in tax increment over the 20-year term ($9.7 million net present value), assuming $120 million in new construction value, and puts the total estimated cost of infrastructure improvements at $45.8 million. It says the revenue will mainly reimburse the City or developers for public infrastructure, and that Kids, Inc. announced in early 2022 that it would use a 90-acre land donation for a privately funded, $30 million sports complex.
[4]
