Each of Denison's five tax increment reinvestment zones would owe the City Council a yearly accounting under ordinance changes on Monday's council agenda.
The five amendments sit on the consent agenda for the council's regular meeting at 6 p.m. Monday, Oct. 19, at City Hall, 300 W. Main St.
What the zones would have to report
The city created the zones over eight years: TIRZ No. 1 in December 2012, No. 2 in September 2013, No. 3 in November 2016, and Nos. 4 and 5 on the same night in December 2020.
Each has a board of directors, a tax increment fund and a project plan, according to the staff reports, which describe the amendments as creating a formal annual reporting requirement.
Under the changes, each zone's board, through its chair, a designated representative or the city staff member who runs the zone, would appear before the council at a regular meeting once every calendar year, due by July 31 unless the council sets a later date.
According to the staff reports, each annual report would have to cover at least:
- the zone's fund balances at the start and end of the year, revenue, spending, outstanding obligations and a comparison with the current budget
- projects finished, underway or planned, with status and expected completion dates
- agreements signed in the past year, incentives given and reimbursements paid from the fund
- recommended changes to the project plan, financing plan, work program or budget
