HomeMy WebLinkAboutIR 9323INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 9323
November 9, 2010
Page 1 of 1
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 317 WEST HAMMOND STREET
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone (NEZ) residential 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.
317 West Hammond Street
Blake Hamilton (Property Owner) is the owner of the property described as Lot 5, Block 30, Southside
Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in
Volume 204 -A, Page 109, of the Plat Records of Tarrant County, Texas, at 317 W. Hammond Street, Fort
Worth, Texas 76104. The property is located within the Hemphill/Berry NEZ and Council District 9.
The Property Owner plans to invest an estimated $15,000.00 to rehabilitate a single family residential
structure (Project) that will be used as rental property. This investment will include an interior remodel and
clean up and painting of the exterior. 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. 3742, 05- 2009). The municipal property tax on the
improved value of the single family residential structure after construction is estimated at $128.25 per year,
for a total of $641.25 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 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 recommends proceeding with placing the tax abatement on the November 16, 2010, 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.
ale A. Fisse er, E.
City Manager
Attachments: Map and Pictures
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
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