Ord 2025-014 Amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5 (Downtown TIRZ) to increase funding in support of an annual downtown operations plan

Home Browse Search

REV June 2022 Financing, Expected Sources of Revenue 6. A description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay Project Costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit that levies taxes on real property in Zone No. 5. Methods of Financing. The Project Costs will be paid directly for site improvements for certain Zone No. 5 Project Costs. Project Costs will be paid solely from tax increment revenues of Zone No. 5 as they are realized by Zone No. 5. Sources of Tax Increment Revenue. The tax increment revenue necessary to pay the Zone No. 5 Project Costs is expected to come from increased property values in Zone No. 5. Schedule B displays the projected assessed valuations resulting from increases in value. These new tax increment revenues will be used to pay for Zone No. 5 Project Costs. This Plan is based on a contribution rate (and current tax rates which are subject to change) shown from the City and County. Table 3 Participating Jurisdictions Taxing Jurisdiction FY2022(i) %Dedicated City of San Marcos $0.6030/$100 25% Hays County $0.3629/$100 25% (1) 2022 Tax Rate for purposes of illustration only. Tax Rate will be levied from year to year by the City and County,respectively,and will vary. (2) The total tax rate does not include the Road and Bridge rate. Current Appraised Value of Property 7. Current Total Appraised Value of Property in Zone No. 5 The total current appraised value within Zone No. 5 as of November, 2020 is$348,627,389. Estimated Captured Value 8. Estimated Captured Value of Zone No. 5 in Each Year of Existence The estimated captured appraised value of Zone No. 5 during each year of its existence is shown on Schedule B- Projected Assessed Valuation. Duration of Zone 9. Duration of Zone The duration of Zone No. 5 is currently through December 31, 2027. Zone No. 5 took effect on the date it was created, being December 14, 2011.The City Council established January 1, 2011 as the base year of Zone No. 5. The term of Zone No. 5 has been extended and is currently scheduled to terminate on December 31, 2027. City of San Marcos Zone No. 5 Project Plan and Financing Plan 11