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HomeMy WebLinkAboutIR 9405• =I 0 1 1e� T he purpose of this Informal Report is to provide City Council with information regarding a proposed Neighborhood Empowerment Zone (NEZ) residential tax abatement. Chapter 378 oftlic Texas Local Government Code provides that a rnunicipality can offer an abatement of municipal property taxes for properties located in a NEZ. 4609 S. Riverside Drive Patricia Oliver - Phillips, Cynthia Oliver-Ford and Emmett Oliver (Property Owners) are the owners of the property described as Lot 2, Block 8, Rolling Hills Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 388-5, Page 64, of the Plat Records of Tarrant County, Texas, at 4609 S. Riverside Drive, Fort Worth, Texas. The property is located within the Rolling Hills NEZ and Council District 8. The Property Owners plan to invest an estimated $46,000.00 to rehabilitate a single family residential structure (Project) that will be used as the primary residence of the Property Owners. This investment will include an interior rernodel, clean up of the exterior and repair of the retaining wall and fence. The Housing and Economic Development Department reviewed the application and certified that the Project met the eligibility critcria to receive a NEZ municipal property tax abatement. 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 recon-imends proceeding with placing the tax abatement on the July 26, 2011 1., City Council agenda for z__ t:) cons] 1 consideration by City Council. If y m 0 a should have any questions regarding this information please contact Cynthia Garcia, Assistant Director, Housing and Economic Developnicnt Department at 817-392-81871, Higgins Interim City Manager Attachments: Map and Pictures ISSUED BY THE CITY MANAGER FORT WORTH, TEXAR O EVAN 77� 111, FAIR- PAR m -Z m [TMIF T �DU NLAP > > -BENDR 0 01i 1 i-n cn m 111, m -Z m [TMIF CAMPUS��� 77T7 OVE m m I 'M RUELAND A O CL m 0 > CL 0 BRATCHER'"' 0 T �DU NLAP > > -BENDR 0 > m 0 MT, m m I 'M RUELAND A O CL m 0 > CL 0 / � \Ml� \ \ Is . \ w Alf, . :� /l e i rd. 111, 2 � m . . . » »»ii /\\ ......:qii» . f \ . \ \�� � {} -...© ƒ:f:(° .� } (