HomeMy WebLinkAboutIR 9015INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 9015
To the Mayor and Members of the City Council February 10, 2009
TtO Paae 1 of 1
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatement
For Property Located at 4229 and 4233 East Lancaster Avenue
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone (NEZ) 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 Neighborhood Empowerment Zone.
4229 and 4233 East Lancaster Avenue
Lancaster Avenue II Ltd is the owner of the property located at 4229 and 4233 East Lancaster Avenue.
The property is located in the Oakland Corners NEZ and Council District 8. Lancaster Avenue 11 Ltd
applied for a five -year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic
Incentives (Resolution No. 3487, 05- 2007). The Housing & Economic Development Department reviewed
the application and certified that the property met the eligibility criteria to receive a NEZ municipal
property tax abatement. Lancaster Avenue II Ltd will invest $528,000.00 to build a 5600 square foot retail
store that is proposed to have a restaurant and a dental office.
The municipal property tax on the improved value of the commercial building after its construction is
estimated at $4,063.00, per year, for a total of $20,315.00 over the five -year period. However, this estimate
may differ from the actual tax abatement value, which will be calculated based on the TAD appraisal value
of the property.
In the event of a sale of this property, the agreement may be assigned, with City Council approval, to the
new owner, so long as 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 February 17, 2009, City Council
agenda for consideration by City Council.
Date A. Fig er, P.E.
City Manager
Attachments:
Map and Elevation
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
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