HomeMy WebLinkAboutIR 9027INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 902�
March 31, 2009
Page 1 of 1
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatement
For Property Located at 4312 Town Center Drive
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone (NEZ) tax abatement.
Chapter 378 of the Texas Local Government Code provides that a municipality can offer an abatement of
municipal property t�es for properties located in a Neighborhood Empowerment Zone.
4312 Town Center Drive
Texas Catholic Community (TCC) Credit Union is the owner of the property located at 4312 Town Center
Drive, Fort Worth, TX 76115. The property is located within the HemphillBerry NEZ in Council District
9. TCC Credit Union applied for a five-year municipal property tax abatement under the NEZ Tax
Abatement Policy and Basic Incentives (Resolution No. 3487, OS-2007). The Housing & Economic
Development Department reviewed the application and certified that the property met the eligibility criteria
to receive a NEZ municipal property tax abatement. TCC Credit Union will invest $1,200,000.00 to
construct an approximately 3,000 square foot building and drive through with two teller lanes and one
ATM lane. There are only two other banking institutions within a 1.5 mile radius from the proposed credit
union site to serve nearby neighborhoods.
The municipal property tax on the improved value of the commercial building after its construction is
estimated at $10,260.00, per year, for a total of $51,300.00 over the five-year period. However, this
estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant
Appraisal District appraised value of the property.
In the event of a sale of this property, the agreement may be assigned, with City Council approval, to the
new owner, so long as the new owner meets all of the eligibility criteria as stated in the NEZ Tax
Abatement Policy and Basic Incentives.
Staff recommends proceeding with placing the tax abatement on the Apri17, 2009, City Council agenda for
consideration by City Council.
If you should have any questions regarding this information please contact Cynthia Garcia, Assistant
Director, Housing and Economic Development Department at 817-392-8187.
�
Dale A. Fisse e, P.E.
City Manager
Attachments
Map & Elevations
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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