A resolution accepting the FY 2024-2025 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Nine (Vickery Meadow TIF District or District) and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District and to the State Comptroller, as required by state law - Financing: No cost consideration to the City *In alignment with Economic Development Incentive Policy.

This resolution formally accepts the Fiscal Year 2024-2025 Annual Report for the Vickery Meadow Tax Increment Financing (TIF) Reinvestment Zone Number Nine. The report details the financial status and accomplishments of the TIF District, which was established in 2005 to promote development in the Vickery Meadow area. Key projects supported by the TIF include The Shops at Park Lane, which received up to $20 million in TIF funding for public improvements. The report also outlines various initiatives and projects within the district, such as the Vickery Meadow Branch Library and the SoPac Trail Lighting Project. The resolution authorizes the City Manager to submit this annual report to relevant taxing jurisdictions and the State Comptroller, as mandated by state law. The TIF District's base year taxable value was $164,779,090, and its 2025 assessed taxable value is $629,854,151, representing a significant increase. The TIF District is set to terminate on December 31, 2027, or when its budget of $32.2 million has been collected.

This is a routine administrative report accepting the annual financial status of the Vickery Meadow TIF District. There is no direct cost or immediate impact to residents as it is a procedural step required by state law for economic development zones.

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