Res 2006-153 - Laserfiche WebLink

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EXHIBIT A ANNUAL PROCESS FOR CITY COMPUTATION OF PAYMENTS TO DEVELOPER 1. The City, on or about February 1 S\ will request from the Chief Appraiser of the Hays Central Appraisal District a report (the "Zone Taxable Value Report") of the taxable value of all real property in the Zone, including a list of all the real property accounts in the Zone, and the total number of property accounts identified as residential properties in the Zone. 2. The City will compute the captured appraised value for the Zone (the "Captured Appraised Value") by subtracting the total appraised value of all real property in the Zone as of January 1, 2005 (the "Tax Increment Base") from the then-current taxable value of all real property in the Zone (current taxable value - Tax Increment Base = Captured Appraised Value). 3. The City, on or about April 1 S\ will forward a copy of the Zone Taxable Value Report and the City's computation of the Captured Appraised Value to the Hays County Tax Assessor- Collector, The submittal will include a request that the Tax Assessor-Collector generate a report (the "Zone Collections Report") that identifies how much of the property tax revenue collected for the City during the previous 12-month period is attributable to the Zone (the "City Zone Revenue"), and how much of the property tax revenue collected for the County during the previous 12-month period is attributable to the Zone (the "County Zone Revenue"), by sorting the real property accounts for the Zone against all City and Hays County real property accounts for which collections have been received, The City will also request that the Zone Collections Report show a calculation of City tax increment revenue from the Zone (the "City Tax Increment Revenue") by deducting the Tax Increment Base from the City Zone Revenue. 4. Upon receipt of the Zone Collections Report, the City will forward a copy of the report to the appropriate Hays County official responsible for generating payments under the Interlocal Agreement between the City and the County dated December 1,2005. The submittal will include a request that the County make payment to the City in the amount described in that agreement from tax revenue actually collected on the captured appraised value ofreal property in the Zone during the preceding 12-month period. Upon receipt of this payment by the City, the City will deposit this amount into the City's Tax Increment Fund for the Zone (the "TIRZ Fund"), 5. The City, upon receipt from the Hays County Tax Assessor-Collector of the Zone Collections Report and City property taxes collected, will compute the amount of revenue the City will retaip for municipal services to the Zone (the "City Services Retention") by multiplying the total number residential properties in the Zone as shown in the Zone Taxable Value Report x $172. For each year after the number of residential properties in the Zone reaches 2,000, the dollar amount included in the formula above will increase by 2.5% over the amount for the prevIOUS year. 6. The City, upon calculating the City Services Retention, will initiate a transfer from the City's General Fund to the TIRZ Fund of an amount determined by deducting the City Services Retention from the City Tax Increment Revenue.