HomeMy WebLinkAboutResolution 3207-05-2005•
A Resolution
No D~-~ a.oo~
PROVIDING THAT THE CITY OF FORT WORTH ("CITY") ELECTS TO BE ELIGIBLE TO
PARTICIPATE IN TAX ABATEMENTS 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 in 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 expired on April 21 2005
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 in tax abatement in
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 17 2005 through May 16
2007 unless earlier amended or repealed by a vote of at least three fourths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 Crty Council and entered into by the City during the period m
which such Tax Abatement Policy is in effect
Adopted this 17`h day of May 2005
Crty Attorney
APPROVED
CITY COUNCIL
MAY 1 7 2~®5
~a2~ many ~~ 3~te
~ri1!t7y~bt~t~~~th,1'exas
APPROVED AS
FORM AND LEGALITY
ATTEST
r~
Crty Secretary
~+"~1x A ~ ~ ~ 21 r ~r~jr
~~,~ T ~ ~,~ `"~,~J~a, .,rte
t~ ~ ,~ r~ ,,,,
... ~ ~ ~
A ~ w
~'~, '~'
/j eti.,er^ ,,'O
r~~rrf~~ ^~ SFr ~~ ,~~~~1~~~
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 5/17/2005 Res #3207-05-2005
DATE Tuesday May 17 2005
LOG NAME 05NEZTAX ABATE REFERENCE NO G-14802
SUBJECT
Adoption of a Resolution to Establish a Neighborhood Empowerment Zone Tax Abatement Policy
..
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 abatements pursuant to the
Texas Property Redevelopment and Tax Abatement Act, Tax Code Chapter 312 of the Texas Property Tax
Code for areas located in Neighborhood Empowerment Zones (NEZ) and
2. Establishing a Neighborhaod Empowerment Zone Tax Abatement Policy Statement, including
guidelines and criteria, governing property tax abatements in Neighborhood Empowerment Zones in the
City of Fort Worth (Exhibit A to the Resolution)
•
DISCUSSION
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 current
NEZ tax abatement policy expired on April 21 2005 The adoption of the attached Resolution will allow
the city to continue to enter into tax abatement agreements for property that is developed in Neighborhood
Empowerment Zones.
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action will have no material effect on City funds
TO Fund/Account/Centers
FROM FundlAccount/Centers
Submitted for City Manager's Office by. Dale Fisseler (6140)
Ori, inating Department Head. Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
Losname OSNEZTAX ABATE Pa.~e 1 c,f 1