HomeMy WebLinkAboutIR 9309INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 9309
October 12, 2010
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 4812 BRYANT IRVIN COURT
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone (NEZ) commercial 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.
4812 Bryant Irvin Court
Stacy V. Cole (Property Owner) is the owner of the property described as Lot 11 -R4 -2, Block, Ridglea
Park Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in Cabinet B, Page 3433, of the Plat Records of Tarrant County, Texas, at 4812 Bryant Irvin Court, Fort
Worth, Texas 76107. The property is located within the Ridglea Como NEZ and Council District 3.
The Property Owner plans to invest an estimated $1,300,000.00 to construct a Dental Clinic (Project) that
will be approximately 5,300 square feet. 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 $11,115.00 per
year, for a total of $55,575.00 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 the tax abatement agreement may be assigned to a new owner with
City Council approval, only if the new owner meets all of the eligibility criteria as stated in the NEZ Tax
Abatement Policy and Basic Incentives.
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 & Elevations
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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