2024-015 - TIRZ Annual Report Approval FY 2022-2023RESOLUTION NO. 2024-015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS TEXAS,
APPROVING THE ANNUAL REPORT, FISCAL YEAR 2022/2023, FOR
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE AND
AUTHORIZING THE CITY ATTORNEY TO FILE SAME WITH THE TEXAS
OFFICE OF THE COMPTROLLER; MAKING OTHER FINDINGS AND
PROVISIONS AND DECLARING AN EFFECTIVE DATE.
WHEREAS, in 2019, the City Council of the City of Paris, Texas created Tax Increment
Reinvestment Zone Number One ("TIRZ No. 1"); and
WHEREAS, Texas Tax Code Sec. 311.016 requires that each year the governing body
of a taxing entity creating a TIRZ must file an annual report with the Texas Office of the
Comptroller using its online submission portal; and
WHEREAS, on February 8, 2024, the Board of Directors of TIRZ No. 1 approved the
Annual Report for Fiscal Year 2022/2023 attached hereto as Exhibit A and incorporated
herein by reference and recommended that the City Council approve same;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, TEXAS:
Section 1. That the findings set out in the preamble to this resolution are hereby in
all things approved and are incorporated herein for all purposes.
Section 2. That the Annual Report, Fiscal Year 2022/2023 for TIRZ No. 1 meets the
requirements of Texas Tax Code Sec. 311.016 and is in all things herein approved for
submission by the city attorney to the Texas Office of the Comptroller through its online
submission portal.
Section 3. That this resolution shall be effective from and after its date of passage.
PASSED AND APPROVED this 26th day of February, 2024.
Re B. Hughes, Mayor 4
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—APPROVED AS TO FORM:
µ . t phanie H. Harris, City Attorney
EXHIBIT A
Annual Report
Fiscal Year 2022/2023
City of Paris, Texas
Tax Increment Reinvestment Zone Number One
Pursuant to Texas Tax Code Sec. 311.016, the City Council of the City of Paris,
Texas makes this annual report for Tax Increment Reinvestment Zone No. 1 (TIRZ No.
1) for the fiscal year 2022/2023 ending September 30, 2023:
1. The amount and source of revenue in the tax increment fund established for
the zone (Sec. 312.016 (a)(1)):
The amount of revenue in the Fund as of September 30, 2023 was $97,420.92.The
source of revenue is fifty percent (50%) of ad valorem taxes owed to the City of Paris,
Texas on the incremental taxable value over and above the base value as established on
January 1, 2019.
2. The amount and purpose of expenditures from the fund (Sec. 312.016 (a)(2)):
There were no expenditures made from the fund in FY 2022/2023.
3. The amount of principal in interest due on outstanding bond indebtedness
(Sec. 312.016(a)(3)):
The Fund has issued no bonds and has no indebtedness.
4. The tax increment base and current captured appraised value retained by the
zone (Sec. 312.016(a)(4)):
The tax increment base retained by the Zone as of September 30, 2023 was
$49,649,542.00. The current appraised value retained by the Zone as of September 30,
2023 was $72,846,830.00.
5. The captured appraised value shared by the municipality and other taxing
units, the total amount of tax increments received, and any additional
information necessary to demonstrate compliance with the tax increment
financing plan adopted by the governing body of the municipality.
As of September 30, 2023, the captured appraised value shared by the municipality and
other taxing units was $72,846, 830.00. The total amount of all tax increments received
since January 1, 2019 is $97,420.92 representing FYs 2020/2021, 2021/2022, and
2022/2023. No other taxing entity participates in the TIRZ. No expenditures have been
made from the Fund while tax increments accumulate.
Approved by the Board of Directors of Tax Increment Financing Zone Number One
for Recommendation to the City Council of the City of Paris at the Board's regular
meeting on February 8, 2024 by a vote of ayes to nays.