HomeMy WebLinkAboutIR 9311INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 9311
October 12, 2010
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 1516 EAST MAGNOLIA AVENUE
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.
1516 E. Magnolia Avenue
Shalitha Shelby (Property Owner) is the owner of the property described as Lot 8, Block 11, Lakeview
Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in
Volume 204, Page 5, of the Plat Records of Tarrant County, Texas, at 1516 E. Magnolia Avenue, Fort
Worth, Texas 76104. The property is located within the Evans & Rosedale NEZ and Council District 8.
The Property Owner plans to invest an estimated $25,800.00 to rehabilitate a single family residential
structure (Project) that will add approximately 600 square feet and will be used as rental property. 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 $220.59 per year,
for a total of $1,102.95 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 October 19, 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.
Dale A. Fisseler,
City Manager
Attachments: Map, Rendering and Pictures
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
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