HomeMy WebLinkAboutIR 9216 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9216
To the Mayor and Members of the City Council April 6, 2010
�'°j a
%�, aT:
/it
/r,� 0 e 1 of 1
SUBJECT: REVIEW OF NEIGHBORHOOD EMPOWERMENT ZONE TAX
ABATEMENT FOR PROPERTY LOCATED AT 1312 FAIRMOUNT 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.
1312 Fairmount Avenue
Shawn Fite(Property Owner) is the owner of the property described as Block C, Lots 25 & 26, McAnulty
& Nye Subdivision of Block 29 Field Welch Addition to the City of Fort Worth, Tarrant County, Texas,
according to the Plat recorded in Volume 63, Page 66, of the Plat Records of Tarrant County, Texas, at
1312 Fairmount Avenue, Fort Worth, Texas 76104. The property is located within the Magnolia Village
NEZ, the Fairmount Historic District, and Council District 9.
On November 9, 2009, the Historic and Cultural Landmarks Commission approved the construction plans
for a single family residential structure(Project) that will be approximately 1735 square feet in size at 1312
Fairmount Avenue. The Property Owner plans to invest an estimated$64,500.00 to construct the Project to
be sold as a primary residence.
®R
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 $551.48 per year,
for a total of$2,757.38 over the five-year period. However, this estimate may differ from the actual tax
i
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 homebuyer who will use the required improvements as their primary
residence. All other assignments must be approved by the City Council.
Staff reco mmends proceeding with placing the tax abatement on the April 13, 2009, City Council agenda
E
for consideration by City Council. If you should have any questions regarding this info oration please
contact Cynthia Garcia, Assistant Director, Housing and Economic Development Department at 17-392-
8187.
IX
Dale A. Fisseler, P.E,
City Managerp
w
ISSUED THE CITY MANAGER FORT WORTH, TEXAS
HIM ill 11
.........
RON
MINIMUM , In "i W
III Ito
t
{ 7-f`
7 ' I � i --, F '• i � I _
1 EFA F-1
\W! /
C �❑
I EME1 -,
110❑ �� L
-- t 000
IT
FO-1 0
'
JLl -"
I MAIN.
I �.
F° _,