HomeMy WebLinkAboutIR 9217 INFORMAL, REPORT TO CITY COUNCIL MEMBERS N09217
To the Mayor and Members of the City Council April 6, 2010
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SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 1728 LIPSCOMB 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.
1728 Lipscomb Street
Casement Homes, LLC (Property Owner) is the owner of the property described as Block E, Lot 8,
Bellevue Hill Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in Volume 106, Page 39, of the Plat Records of Tarrant County, Texas, at 1728 Lipscomb Street,
Fort North, Texas 76104. The property is located within the Magnolia Village NEZ, the Fairmount
Historic District, and Council District 9.
On February 8, 2010, the Historic and Cultural Landmarks Commission approved the construction plans
for a single family residential structure(Project) that will be approximately 1530 square feet in size at 1728
Lipscomb Street. The Property Owner plans to invest an estimated $150,000.00 to construct the Project to
be sold as a primary residence.
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 $1,282.50 per
year, for a total of$6,412.50 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.
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. 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 hoebuyer 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 April 13, 2009, City CCowncil agenda
for consideration by City Council. if you should have any questions regarding this inforration please
contact Cynthia Garcia, Assistant Director, Housing and Economic Development Department at 817.392
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