A resolution accepting the FY 2024-2025 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Ten (Southwestern Medical 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 FY 2024-2025 Annual Report for the Southwestern Medical Tax Increment Financing (TIF) Reinvestment Zone Number Ten. The report details the financial status and accomplishments of the TIF District for the period ending September 30, 2025. The City Manager is authorized to submit this report to the chief executive officers of all taxing jurisdictions that levy property taxes within the District and to the State Comptroller, as mandated by state law. The TIF District's mission is to fund public investments that enhance the real estate market, promote transit-oriented development, and implement urban design standards, particularly in areas near major employment centers like the Medical District. The report highlights significant development and infrastructure projects within the district, including various medical facilities, residential complexes, and streetscape improvements. It also details the financial status, including the base value, captured value, and increment revenue collected, noting the creation of two sub-districts (Southwestern Medical and Medical Campus) with different participation rates and termination dates. The report indicates that the Southwestern Medical Sub-district has made substantial progress towards its goals, while the Medical Campus Sub-district is in its early stages with no new taxable private investment yet.

This is an administrative reporting requirement for the Southwestern Medical TIF District. Residents are not directly impacted by this resolution, as it concerns the formal acceptance and submission of an annual financial and status report for a designated economic development zone.

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