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Richardson TIF boards review annual reports showing growth and expected DART, developer payments
Summary
The Richardson TIF Reinvestment Zone Nos. 2 and 3 board reviewed annual reports showing significant valuation growth in TIF 2 and slower-than-projected gains in TIF 3, discussed pending payments to DART and developers, and set a tentative July meeting to review next year’s budget.
Chairperson Ron Taylor convened the City of Richardson Tax Increment Financing (TIF) Reinvestment Zone Nos. 2 and 3 board on March 5 to review the two zones’ annual reports and financial positions. The board unanimously approved prior minutes before hearing the presentation.
Mister Gastor, a city staff member who presented the reports, told the board the reports have already been filed with the State of Texas and ‘‘by next week we will have these available online, for the public to see on our website.’’ He said TIF No. 2, established in 2011 and running through 2036 across roughly 212 acres, has seen dramatic valuation growth: "the base year value when this was essentially farmland was $37,000 of value. And today, it's sitting at 1,300,000,000.0," which the presentation showed as approximately $1.3 billion. Gastor also reported about $5.9 million in revenues for the zones last year, with…
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