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HomeMy WebLinkAboutIR 9445To the Mayor and Members of the City Council October 25, 2011 Page 1 of 1 a XA+ SUBJECT: REVIEW OF TAX ABATEMENT FOR PROPERTY LOCATED AT foils 3309 LAWNWOOD STREET WITHIN THE RIVERSIDE NEIGHBORHOOD EMPOWERMENT ZONE The purpose of this Informal Report is to provide City Council with information regarding a proposed Neighborhood Empowerment Zone (NEZ) commercial tax abatement. 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. 3309 Lawnwood Street CB & C Management, LLC (Property Owner) is the owner of the property described as Lot 10, Block 45, in the Riverside Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Volume 204-A, Page 114, Deed Records of Tarrant County, Texas, at 3309 Lawnwood Street, Fort Worth, Texas 76111. The property is located within the Riverside NEZ and Council District 8. The Property Owner plans to invest an estimated $154,864.00 to construct a metal building to be used for CF Metal, Inc. to store pipe (Project) that will be approximately 3,960 square feet. In order for CF Metals, file. to continue to grow, more storage space is needed to maintain a level of inventory to serve its current client base. The Housing and Economic Development Department 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. 3986, 05-2011). The municipal property tax on the improved value of the metal building structure after construction is estimated at $1.324.09 per year, for a total of $6,620.44 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 tax abatement agreement may be assigned to a new owner with City Council approval, only if 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 November I", 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. To2mH2iggi__I City Manager Attachments: \hp & Elevations 0 0 z p z'3 < P m X m 0 0 ----------- 011 - ------------ (D N 12, MINIMUM INTO UNDISTURBE D SOIL o Ll z ul- ------------------- ---- 0 0 (D —0 0 W I L F. "a aaa gt UNDISTURBED 12, MINIMUM IN To Sol & t 5 , (cJ31 N PREPARED BY RIVERSIDE ADDITION ARENA STEEL WAREHOUSE PROJECT 1305 PLANTATION DR BLK 45 LOT 10 NORTH C B & C MANAGEMENT CITY OF FORT WORTH COLLEYVILLE, TX 3309 Lawnwood Ave 76043 Fort Worth, Texas 0 817-239-6338 iR Ni - N N I 20' ALLEY ss /co , cr X m >z 00 z G Tl ss /co < LOT 9 > DRIVEWAY FIRE LANE �srr� Z m ee: m KZ m CD -0 r 0 C/) G7 7,000 S/F NO EASEMENT ON PROPERTY J INDUSTRIAL ADJACENT PROPERTIES J INDUSTRAL I BLDG SIZE 3,860 S/F oDRIVEWAY AND PARKING 3,000 S/F ADA NOTE: ( LOT 10) BLDG, ENTRY, PARKING AND DRIVEWAY MEET THE AMERICAN DISABILITIES ACT GUIDELINES AND THE TEXAS ACCESSIBILITIES ACT ( TAS ) r ma n7Tr�� L \���l�ir7rl N m m r- N -j z m > :z—: --i zZ Cf)-+ M M Dr n VJl Nom z mn CI / oD t"° 7 m ;7 r- 0z:� o- m F— z C/') M CA m r— cap m C x m > a © 0 m G-) woo coo X D � R Z Z w �K *�F— r—� m -000 U) -A = —i 0 m =rD� ca CD m0M 5F cx>0 C= 7�Ct7ZZ� zm-lp {- Q D G) m _ © C) D G7 m ----im- i =fin- GO-ICl7 Z�f- m z = m �m i D r z N m m ^y� �0 z U) 0 c c _X i W C) -:3 z�'''" ' ' �/�y V ) awl l N • m r- N -j z m > �0 =0 --i zZ Cf)-+ M M a Nom z oD t"° m ;7 r- 0z:� o- z C/') M CA c _X i W C) -:3 z�'''" ' ' �/�y V ) awl l N •