HomeMy WebLinkAboutIR 9433•' `•' • •
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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.
2811 2825 and 2827 W. 5th Street
Cowtown 5th Street Partners LLC (Property Owners) are the owners of the properties at 2817, 2825 and
2827 W. 5th Street described as Lots 5, 6, 7 and 8, Block 16, Van Zandt Addition, an Addition to the City
of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 106, Page 118, of the Plat
Records of Tarrant County, Texas. The properties are located within the Trinity Park NEZ and Council
District 9.
The Property Owners plan to invest an estimated $369,000.00 to rehabilitate the interior and exterior of the
building (Project) which is approximately 5,300 square feet to lease to a tenant for use as an upscale lounge
and bar. 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 structure after construction is estimated at $3,154.95 per year, for a total of
$15,774.75 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 an Affiliate without
consent of the City Council or 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 September 20, 2011, 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.
Attachments: Map, Pictures & Elevations
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