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HomeMy WebLinkAboutIR 9248INFORMAL REPORT TO CITY COUNCIL MEMBERS To the Mayor and Members of the City Council No. 9248 June 8, 2010 Paqe 1 of 1 SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT FOR PROPERTY LOCATED AT 3112 AVE M The purpose of this Informal Report is to provide City Council with information regarding proposed Neighborhood Empowerment Zone (NEZ) residential tax abatements. Chapter 378 of the Texas Local Government Code provides that a municipality can offer an abatement of municipal property taxes for properties located in a NEZ. 3112 Ave M Jose Santos Martinez (Property Owner) is the owner of the property described as Lot 5, Block 121, Polytechnic Heights Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume ll 673, Page 1286, of the Plat Records of Tarrant County, Texas, at 3112 Ave M, Fort Worth, Texas 76105. The property is located within the Polytechnic/Wesleyan NEZ and Council District 5. The Property Owner plans to invest an estimated $28,500.00 to rehabilitate a single family residential structure (Project) that will add approximately 600 square feet and will be used as the owner's primary residence. The Housing and Economic Development Deparhnent reviewed the application and certified that the Project met the eligibility criteria to receive a NEZ municipal property tax abatement. The Property Owner applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives (Resolution No. 3742, OS-2009). The municipal property tax on the improved value of the single family residential structure after construction is estimated at $243.68 per year, for a total of $1,218.38 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 and Project, the agreement may be assigned without subsequent City Council approval to the owners' first mortgagee or to a homebuyer who will use the required improvements as their primary residence. All other assignments must be approved by the City Council. Staff recommends proceeding with placing the tax abatement on the June 15, 2010, City Council agenda for consideration by City Council. If you should have any questions regarding this information please contact Jay Chapa, Director, Housing and Economic Development Department at 817-392-5804. fs � - _ -� ��G���� �Dale A. Fisseler, P.E. � City Manager Attachments: Map, Rendering and Pictures ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS . � 1 '^ ,��_ +�� _ -�.� ,. � r��. i� s� �j! � + ,� .� � �s- +�� i � � s� � I r,' - � T �`�- .�s-- . . �. � -•'� . 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