HomeMy WebLinkAboutIR 8973INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 8973
August 26, 2008
Page 1 of 1
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatement
For Property Located at 2900 W 6"' Street
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone 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.
2900 W 6" Street
Fort Worth Camera, LLC is the owner of the property located at 2900 W 6"' Street. The property is located
in the West 7thfUniversity NEZ and Council District 9. Fort Worth Camera, LLC 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 Department reviewed the application and certified that the property met
the eligibility criteria to receive a NEZ municipal property tax abatement. Fort Worth Camera, LLC will
invest, at a minimum, $117,000.00 to rehabilitate an existing transmission garage creating a retail shop to
house a camera store.
The municipal property tax on the improved value of the commercial building after its construction is
estimated at $800.00, per year, for a total of $4,000.00 over the five -year period. However, this estimate
many 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(s), so long as the new owner(s) 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 September 2, 2008, City Council
agenda for consideration by City Council.
Dale A. Fiss , R.E.
City Manager
Attachments
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
SORT WORTH
AREA N EZ MAP
Applicant: Fort Worth Camera, LLC
Address: - 2900 W 6th Street
Council District: 9
N EZ: West 7th Street/University
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