Loading...
HomeMy WebLinkAboutResolution 3742-05-2009A Resolution NO 3742-05-2009 PROVIDING THAT THE CITY OF FORT WORTH (~~CITY") ELECTS TO BE ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT AS AUTHORIZED BY CHAPTER 312 OF THE TEXAS TAX CODE AND ESTABLISHING A NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT POLICY GOVERNING SUBSEQUENT TAX ABATEMENT AGREEMENTS FOR PROPERTIES LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE WHEREAS, a municipality may enter into tax abatement agreements authorized by Chapter 312 of the Texas Tax Code ( Code') only if the governing body of the municipality has previously adopted a resolution stating that the municipality elects to be eligible to participate m tax abatement and has established guidelines and criteria governing tax abatement agreements ("Tax Abatement Policy") and WHEREAS, pursuant to the Code a Tax Abatement Policy is effective for two (2) years from the date of its adoption, and WHEREAS, the City s current Neighborhood Empowerment Zone Tax Abatement Policy expires on May 16 2009 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS 1 THAT the City hereby elects to be eligible to participate m tax abatement m accordance with Chapter 312 of the Code 2 THAT the City hereby adopts the Neighborhood Empowerment Zone Tax Abatement Policy attached hereto as Exhibit A which constitutes the guidelines criteria and procedures governing tax abatement agreements entered into by the City to be effective from May 19 2009 through May 18 2011 unless earlier amended or repealed by a vote of at least three fourths (3/4) of the members of the City Council 3 THAT this Neighborhood Empowerment Zone Tax Abatement Policy as it may subsequently be amended will expressly govern all tax abatement agreements for properties located in a Neighborhood Empowerment Zone as designated by City Council and entered into by the City during the period m which such Tax Abatement Policy is m effect ORTWORT T RESOLUTION NO 3742 05.2009 Adopted this 19th day of May 2009 "~ `r<T~ ATTEST ~~t ~-~~~ APPROVE ~~ ~a, ``~M CITY COUNCIL ~. _ ~ -~ ~ _ MAY 1 9 2009 B y - ~ _- " ~ --- --- ~ c ~ -~= , Marty'-H"~.endrix City Secr--~.eta`ry ~~~ ~ ~'~' '"'~ t City Secretary of 4he '.~ ~'~r'~ .*~ City ©f Fort ~rr~rth, Texas URT WORT T City of Fort Worth, Texas Mayor and Council Communication - ~ ~. o a_ .. ~ - .. m~ ,~ COUNCIL`ACTION: Approved on 5/19/2009- - Res. No. 3742''-05-2009 ,,.~ .. DATE Tuesday May 19 2009 REFERENCE NO G-16572 LOG NAME 17NEZPOLICYRENEWAL SUBJECT Adopt a Resolution Renewing a Neighborhood Empowerment Zone Tax Abatement Policy and Adopt Amendments to Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives RECOMMENDATION It is recommended that the City Council adopt the Resolution 1 Stating that the City elects to be eligible to participate in property tax abatement pursuant to the Texas Property Redevelopment and Tax Abatement Act, Tax Code Chapter 312 of the Texas Property Tax Code for areas located in the Neighborhood Empowerment Zones, 2 Establishing a Neighborhood Empowerment Zone Tax Abatement Policy Statement including guidelines and criteria governing property tax abatements in a Neighborhood Empowerment Zone in the City of Fort Worth and 3 Adopt the following amendments to the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives DISCUSSION Chapter 312 of the Texas Property Tax Code authorizes cities to designate Tax Abatement Reinvestment Zones and to enter into tax abatement agreements only after the City elects to become eligible to participate in tax abatement and adopts a policy that establishes guidelines and criteria to govern its tax abatement program A policy adopted by a city is effective for two years from the date of adoption The City's Neighborhood Empowerment Zone (NEZ) Tax Abatement Policy expires on May 16 2009 and if the proposed Resolution is approved the new Policy will be effective May 19 2009 through May 17 2011 unless amended at an earlier date or repealed by a vote of at least three-fourths of the members of the City Council thereby permitting the City to enter into tax abatement agreements as authorized by the Texas Tax Code Chapter 312 1 Current Policy: Only able to abate ad valorem property taxes under the NEZ Tax Abatement Policy by a Tax Abatement Agreement. Proposed Include ad valorem personal property taxes for municipal tax abatement. This proposed amendment would mirror the Citywide Tax Abatement Policy 2 Current Policy~ In order for an Owner/Developer to apply to receive any incentives provided for under the NEZ Tax Abatement Policy and Basic Incentives an Owner/Developer must meet with the following persons and organizations to discuss the project: 1) the Council Member for the district the project is located and 2) the neighborhood associations or community based organizations registered with the City Logname: 17NEZPOLICYRENEWAL Page 1 of 2 in the NEZ the project is located Proposed It is proposed to require the Owner/Developer to notify and discuss the project with the Council Member for the District where the project is located The Owner/Developer is required to notify within 300 feet the registered neighborhood organizations or community based organizations registered with the City The measurement of the distance between the proposed project and Neighborhood Association or Community Based Organizations shall be along the property line of the street fronts and from front door and in direct line across intersections 3 Current Policy' The Owner/Developer must apply for the NEZ Tax Abatement and be approved by the City Council before construction or rehabilitation is started Proposed The Owner/Developer must apply for the NEZ Tax Abatement and be approved by the City Council before construction or rehabilitation is started with the exception of grading or demolition activities 4 Housekeeping Amendments. Reflect the name change of 'Housing Department" to 'Housing and Economic Development Department. Remove reference to Council Committee and other housekeeping amendments Require public notification on all projects receiving NEZ benefits FISCAL INFORMATION /CERTIFICATION The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS TO Fund/AccountlCenters FROM Fund/Account/Centers CERTIFICATIONS Submitted for City Manager's Office by. Originatina Department Head. Additional Information Contact: Thomas Higgins (6192) Jay Chapa (5804) Cynthia Garcia (8187) Dolores Garza (2639) Logname 17NEZPOLICYRENEWAL Page 2 of 2