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TO: Mayor, Mayor Pro Tem, and Members of City Council <br />Rose Beverly, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Approval of FY 2023/2024 Annual Report for TIRZ No. 1 <br />DATE: March 24, 2025 <br />Item No. 15 <br />BACKGROUND: The City Council created Tax Increment Reinvestment Zone Number One <br />(TIRZ No. 1) to benefit development in the downtown area of the city. Texas Tax Code Section <br />311.016 requires that the governing body of a taxing entity creating or participating in a TIRZ <br />must file an annual report with the Texas Comptroller's office. <br />STATUS OF ISSUE: The attached report reflects revenues in the fund as of September 30, 2024. <br />It is my understanding that the fund has received its tax revenues for 2024/2025, but those are not <br />reflected in this report as they were received after the end of the fiscal year. On March 13, 2025, <br />the TIRZ Board of Directors approved the attached Annual Report and recommended that Council <br />Approve same. Should you approve the annual report, I'll submit it to the Comptroller's Office <br />through the online reporting portal. <br />BUDGET: NA <br />RECOMMENDATION: Approve a motion approving the Annual Report for FY 2023/2024 for <br />TIRZ No. 1 and recommend same to City Council for approval and for submission to the Texas <br />Comptroller's Office. <br />