HomeMy WebLinkAboutIR 8961INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 8961
July 29, 2008
Page 1 of 1
SUBJECT: Review of Neighborhood Empowerment Reinvestment Zone
Renewal for the Riverside Neighborhood Empowerment Zone
The purpose of this report is to provide City Council with information regarding the proposed
Neighborhood Empowerment Reinvestment Zone (NERZ) renewal. According to the Texas Property
Redevelopment and Tax Abatement Act, Tax Code, Chapter 312, the designation of a reinvestment zone
for residential or commercial- industrial tax abatement expires five years after the date of the designation
and may be renewed for periods not to exceed five years. Without renewal, the ability to waive taxes in
this Neighborhood Empowerment Zone (NEZ) will be removed.
Riverside
On August 19, 2003, (M &C G- 14059) the City Council adopted Resolution No. 2984 to designate the
Riverside area as a Neighborhood Empowerment Zone and adopted Ordinance No. 15645 which
designated FWNERZ No. 11. The current ordinance designating FWNERZ No. 11 expires on August
18, 2008, and must be renewed in order for the City of Fort Worth to be eligible to participate in the
NEZ tax abatement authorized by Chapter 312 for the Riverside Neighborhood Empowerment Zone.
The total fees waived and investments for the Riverside NEZ since inception to March 2008 are as
follows:
• $11,586.06
Development Fees Waived
• $7,012.00
Impact Fees Waived
• $9,085.05
Liens Released
• $73,371.00
Value of Tax Abatements
• $9,453,472.00
Total Investments
According to State Law, in order to adopt the attached ordinance for renewal, five members of the City
Council must vote in favor of adoption. Staff recommends proceeding with placing the NERZ renewal
on the August 5, 2008, City Council agenda for consideration by City Council.
Attached please find a map showing the location of FWNERZ No. 11. A general description of the
FWNERZ boundaries will be attached to the M &C coming to you for consideration on August 5'h.
Should you have any questions, please feel free to contact Jerome Walker, Housing Director, at (817)
392 -7537.
Da A. Fisse 4P.E.
City Manager
Attachment: Map
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS