HomeMy WebLinkAboutIR 9310INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 9310
October 12, 2010
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 5320 ELGIN 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.
5320 Ellin Street
Edward A. Jackson Jr. (Property Owner) is the owner of the property described as Lots AB 3B1 & 4B1,
Block 10, Lizzie Davis Subdivision, an Addition to the City of Fort Worth, Tarrant County, Texas,
according to the Plat recorded in Volume 1609, Page 239, of the Plat Records of Tarrant County, Texas, at
5320 Elgin Street, Fort Worth, Texas 76105. The property is located within the Stop Six NEZ and Council
District 5.
The Property Owner plans to invest an estimated $120,000.00 to construct a single family residential
structure (Project) that will be approximately 1844 square feet and will be used as the owner's primary
residence. 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 $1,026.00 per
year, for a total of $5,130.00 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. Fissele
City Manager
Attachments: Map & Elevations
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
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