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140• 9439
�A'IAT_k4_ To the Mayor and Members of the City Council September 27, 2011
Page 1 of 1
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
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fa?13 ABATEMENT FOR PROPERTY LOCATED AT 4840 BRYANT IRVIN COURT
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.
4840 Bryant Irvin Court
Aubrey E. Morris, III and Laura F. Morris (Property Owners) are the owners of the property
described as Lot 11 -R2, Ridglea Park Addition, an Addition to the City of Fort Worth, Tarrant
County, Texas, according to the Plat recorded in Volume 388-178, page 56, of the Deed Records
of Tarrant County, Texas, at 4840 Bryant Irvin Court, Fort property Worth, Texas 76107. The y is
located within the Ridglea Village/Como NEZ and Council District 3.
The Property Owners plan to invest an estimated $1,001,000-00 to construct a medical/dental
office (Project) that will be approximately 5,000 square feet. 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 Owners 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 medical and dental office structure after construction is
estimated at $8,558.55 per year, for a total of $42,792.75 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 October 4th, 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.
Tom Higgins
Interim City Manager
Attachments: Map & Elevations
ISSUED BY THE CITY-MANAGER — _1 — —FORT WORTH, TEXAS