HomeMy WebLinkAboutIR 9471
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9471
February 14, 2012
To the Mayor and Members of the City Council
Page 1 of 1
SUBJECT: AUTHORIZE RELOCATION TAX ABATEMENT AGREEMENT WITH
COMMERCIAL METALS COMPANY FOR IMPROVEMENTS AT THE QUARRY
LANDS SITE ON LOOP 820 AND OLD DECATUR ROAD
The purpose of this Informal Report is to provide City Council w
Commercial Metals Company.
Commercial Metals Company is located at 601 N. Throckmorton Street and is being displaced
due to the Trinity River Uptown Project. As a result of the displacement, the company plans to
relocate to the Quarry Lands site and construct a new 26,965 squ
To facilitate the development, the company has applied for incentives under the City's Relocation
Incentives Policy which was approved by M&C G-17459. Under the Policy, businesses that must
relocate due to a Major Public Infrastructure Project are eligibves including tax
abatement and fee waivers. The level of available incentive is dictated by locating in one of the
three target areas outlined in the Relocation Policy.
Commercial Metals Company is proposing new capital investment of $6,300,000 to develop the
site with an additional $1,800,000 in new tangible business personal property to be located at the
facility. In accordance with the Relocation Policy, the Company will receive an eight-year tax
abatement on real and personal property with a maximum abatement of 75 percent annually.
The projected value of the tax abatement over the eight-year period is approximately $415,000.
The City will agree to waive the following fees related to the d
(including fees for inspection); (ii) zoning fees; (iii) ordinance inspection fees; (iv) temporary and
permanent encroachment fees (v) platting fees; (vi) expedited zoning process fee and (vii) all fire,
sprinkler, and alarm permit fees. All other fees charged or assity, including, but
not limited to, transportation impact fees and water and sewer i
agreement and will be fully payable.
Staff recommends proceeding with the agreement and will forward an M&C for City Council
consideration on the creation of a tax abatement reinvestment zone on February 21, 2012 and an
M&C to consider approval of the tax abatement agreement on March 6, 2012.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS