HomeMy WebLinkAboutIR 9355INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 9355
February 15, 2011
Page 1 of 1
SUBJECT: CREATION OF REINVESTMENT ZONE NO. 72 FOR BONNIE BRAE
ESTATES
The purpose of this Informal Report is to provide information regarding the creation of
Reinvestment Zone No. 72 for the Bonnie Brae Estates development that is on the Council
agenda for February 15, 2011.
M.R. Development Company is proposing the construction of 68 single family rental units on 13
acres of land at N.E. 28th Street and Kimbro Road. The total project has an estimated investment
of over $11.0 million. The developer is applying for competitive 9% Low Income Housing Tax
Credits (LIHTC) through the Texas Department of Housing and Community Affairs (TDHCA) and
points for the project could be awarded under the Economic Development Initiatives section of
the Qualified Allocation Plan (QAP) if the development is in a Reinvestment Zone. The City is
supportive of the development and has committed HOME funds to advance the project.
The application for the LIHTC is due on March 1, 2011 and Staff is proposing to hold the public
hearing for the creation of the Reinvestment Zone at the February 15th Council meeting to allow it
to be a part of the overall application. If the developer is awarded LIHTC, the City may negotiate
a 5 -year tax abatement and associated fee waivers similar to a NEZ incentive agreement and
bring the agreement to Council at a later date.
Tom Higgins
Interim City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS