The Levelland Tax Increment Financing Boards met yesterday in a combined meeting.
The TIF #1 Board reviewed and approved the interlocal agreement between the TIF zone and the taxing entities which participate, including Hockley county, High Plains Water District and the City of Levelland. All 3 entities participate at 100% levels. There was no change in the agreements other than the expansion of the TIF zone which was approved at a previous meeting. The board also heard a report from Jearold Kelly on the Manufactured Home property he is working to develop at Cedar and Sherman in Levelland. Kelly said he had a completed survey of the property and barring any unforeseen circumstances there will be approximately 111 lots to accommodate Small to Large manufactured homes. The completed plans after they have been finalized and approved by city and project engineers will come back to the TIF board for approval and decision on a financial participation for the project within the next 30-60 days. City staff also gave a report of finances for the TIF Zone #1 for the 2012-2013 fiscal year. The projects the zone has helped with will be paid off by the end of 2013 allowing for additional projects. The board also heard that the development of housing to be built at Clubview and John Dupree Drive is continuing to move forward. They are currently working to re-develop their plan. The board also voted to re-appoint Sham Myatt and Todd Paxton to another term on the board. The recommendation will have to be approved by the City Council.
The TIF #2 Board also reviewed and approved an interlocal agreement between the TIF zone and the taxing entities which participate. It also had no changes except for an expansion of that TIF zone which was approved at a previous meeting. The board also heard a report on projects in the TIF zone. It was learned that the TIF Zone #2 had captured 3.6 to 3.7 Million Dollars in new property tax values as of January 1, 2013 which should yield approximately $38,000-$39,000 in taxes for the TIF. Two projects in the rail park are continuing to make progress and will mean more captured value for the TIF Zone #2 next year.
TIF Zone #2 Board of Directors also recommended re-appointing Sham Myatt to another term on the board, the recommendation will have to approved by the City Council at a later date.