Denison has five tax increment reinvestment zones, the districts that set aside growth in property tax revenue to pay for projects inside their boundaries. Under ordinances on Monday's City Council agenda, each one would have to come before the council once a year and account for its money and its work.
The council meets at 6 p.m. Monday, Oct. 19, at City Hall, 300 W. Main St. The five amendments are on the consent agenda, which the council can approve in a single vote unless a member pulls an item for discussion.
What the zones would have to report
The zones were created over eight years: 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, according to the staff reports.
Each amendment changes the ordinance that set up a zone so that its board, through the chair, a designated representative or the city staff member who runs it, must give the council a report at a regular meeting at least once every calendar year. The report would be due by July 31 unless the council allows a later date.
The staff reports list what each report must cover at a minimum:
- the zone's tax increment fund balances at the start and end of the year, money received and spent, outstanding obligations and how the numbers compare with the current budget
- projects finished, underway or planned under the zone's project and financing plans, with expected completion dates
- agreements signed and incentives or reimbursements paid out of the fund during the prior year
- recommended changes to the plans, work program or budget for the coming year
City Clerk Christine Wallentine, listed as the staff contact, wrote that the goal is to give the council a regular look at each zone's finances and performance before the city builds its annual budget. The council could still ask for reports at any other time. The amendments do not change any zone's boundaries, project plan or financing plan, and staff lists no cost.
