HomeMy WebLinkAboutIR 8953INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 8953
June 17, 2008
Page 1 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
For Properties Located at 3825 Yucca Avenue and 4775 Bryant Irvin Ct.
The purpose of this Informal Report is to provide City Council with information regarding two proposed
Neighborhood Empowerment Zone tax abatements.
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.
3825 Yucca Avenue
Belknap Center LLC is the owner of the property located at 3825 Yucca Avenue. The property is located
in the Riverside NEZ and Council District 4. Belknap Center 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. Belknap Center LLC will invest, at
a minimum, $874,000.00 to build an 8,000 square foot medical and dental professional office building.
The municipal property tax on the improved value of the commercial building after its construction is
estimated at $6,726.00, per year, for a total of $33,630.00 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(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.
4775 Bryant Irvin Ct.
William Steven Brown is the owner of the property located at 4775 Bryant Irvin Ct. The property is
located in the Ridglea/Como NEZ and Council District 3. William Steven Brown 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. William Steven Brown will
invest, at a minimum, $290,000.00 to build a 3,000 square foot dental office.
The municipal property tax on the improved value of the commercial building after its construction is
estimated at $2,232.00, per year, for a total of $11,160.00 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.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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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 oxNmer(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 abatements on the July 8, 2008, City Council agenda for
consideration • City Council.
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ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS
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Applicant:
Address:
Council District:
NEZ:
Belknap Center LLC
3825 Yucca Avenue
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Applicant: William Steven Brown
Address: 4775 Bryant Irving Court
Council district: 3
NEZ: Ridglea/Como
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Applicant: William Steven Brown
Address: 4775 Bryant Irving Court
Council district: 3
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