07 - FY 2022-2023 Annual Report for TIRZ No. 1

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memorandum Item No. 7 TO: City Council Grayson Path, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Approval of FY 2022/2023 Annual Report for TIRZ No. 1 DATE: February 26, 2024 BACKGROUND: The City Council created Tax Increment Reinvestment Zone Number One (TIRZ No. 1) to benefit development in the downtown area of the city. Texas Tax Code Section 311.016 requires that the governing body of a taxing entity creating or participating in a TIRZ must file an annual report with the Texas Comptroller's office. Beginning this year, the Comptroller is requiring online submission of the reports. Such reports must be filed by the end of February after the conclusion of the entity's fiscal year. STATUS OF ISSUE: The board of directors of TIRZ No. 1 approved the annual report attached to the attached resolution at its meeting on February 8, 2024 and recommended that City Council approve same. The report contains the categories of information required by the statute. Should Council approve the attached resolution, I will submit the report through the online portal. BUDGET: NA RECOMMENDATION: Approve a motion approving the Annual Report for FY 2022/2023 for TIRZ No. 1 for submission to the Texas Comptroller's Office.