HomeMy WebLinkAboutIR 9218 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9218
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 1325 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.
1325 Fairmount Avenue
Gary and Judy Antczak(Property Owners) are the owners of the property described as Block 2, Lot 26,
Johnson Subdivision of Block 28, Field Welch Addition, an Addition to the City of Fort Worth, Tarrant
County, Texas, according to the Plat recorded in Volume 63, Page 61, of the Plat Records of Tarrant
County, Texas, at 1325 Fairmount Avenue, Fort Worth, Texas 76104. The property is located within the
Magnolia Village NEZ, the Fairmount Historic District, and Council District 9.
On December 14, 2009, the Historic and Cultural Landmarks Commission approved the construction plans
for a single family residential structure(Project) that will be approximately 1710 square feet in size at 1325
Fairmount Avenue. The Property Owner plans to invest an estimated $79,725.00 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 $681.65 per year,
for a total of$3,408.24 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 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 April 13, 2009, City Council agenda
for consideration by City Council. If you should have any questions regarding this information please
con act Cv thia Garcia, Assistant Director, Housing and Economic Development Depa t at 8117-392-
ale A, Fissel r, P.E.
City Manager
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ISSUED BY THE I _ MANAGER FORT WORTH, TEXAS
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