HomeMy WebLinkAboutIR 9249 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9249
To the Mayor and Members of the City Council .tune 8, 2010
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x SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 3633 BRYAN AVENUE
The purpose of this Informal Report is to provide City Council with information regarding proposed
Neighborhood Empowerment Zone(NEZ)residential tax abatements.
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.
3633 Bryan Avenue
David Villavicencio and Martha Villavicencio (Property Owners) are the owners of the property described
as Lot 9, Block 13, Worth Heights Addition, an Addition to the City of Fort Worth, Tarrant County, Texas,
according to the Plat recorded in Volume 204-A,Page 149, of the Plat Records of Tarrant County,Texas,
at 3633 Bryan Avenue, Fort Worth, Texas 76110. 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 add approximately 350 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$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 June 15, 2010, City Council agenda
for consideration by City Council. If you should have any questions regarding this information please
contact Jay Chapa, Director, Housing and Economic Development Department at 817-392-5804.
Da A. Fisseler, P.E.
City Manager
Attachments: Map,Rendering and Pictures
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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