HomeMy WebLinkAboutIR 8912INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8912
To the Mayor and Members of the City Council January 22, 2008
Page 1 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
1;,, for Properties Located at 7228 Craig Street; 2912 Rosehill Drive
and 2928 Rosehill Drive
The purpose of this Informal Report is to provide City Council with information regarding three
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.
7228 Cram Street
Monte M. Mitchell is the owner of the property located at 7228 Craig Street. The property is located in
the Historic Handley Neighborhood Empowerment Zone and Council District 5; however, the property
is not located in a local or national historic district. Monte M. Mitchell 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. The NEZ
Basic Incentive includes a five -year municipal property tax abatement on the increased value of
improvements to the qualified owner of any new construction or rehabilitation within the NEZ.
411, 7 µ,
Monte M. Mitchell will invest a total of $77,480.00 to rehabilitate a single family home that will
be sold to a homebuyer who will use the property as their primary residence.
The municipal property tax on the improved value of the home after its rehabilitation is estimated at
$530.00 per year, for a total of $2,650.00 over the five -year period. However, this estimate may differ
from the actual tax abatement value, which will be calculated based on the TAD appraised value of the
property-
2912 Rosehill Drive
Monte M. Mitchell is the owner of the property located at 2912 Rosehill Drive. The property is located
in the Historic Handley Neighborhood Empowerment Zone and Council District 5; however, the
property is not located in a local or national historic district. Monte M. Mitchell 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. Monte M.
Mitchell will invest a total of $129,475.00 to construct a single family home that will be sold to a
homebuyer who will use the property as their primary residence.
The municipal property tax on the improved value of the home after its construction is estimated at
$997.00 per year for a total of 54,985.00 over the five-year period. However, this estimate may differ
from the actual tax abatement value, which will be calculated based on the TAD appraiser) value of the
property.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
To the Mayor and Members of the City Council January 22, 2008
eta_ 111% Page 2 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
for Properties Located at 7228 Craig Street; 2912 Rosehill Drive
and 2928 Rosehill Drive
Monte M. Mitchell is the owner of the property located at 2928 Rosehill Drive. The property is located
in the Historic Handley Neighborhood Empowerment Zone and Council District 5; however, the
property is not located in a local or national historic district. Monte M. Mitchell 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.
Monte M. Mitchell will invest a total • $134,290.00 to construct a single family home that will
be sold to a hornebuyer who will use the property as their primary residence.
The municipal property tax on the improved value of the property is estimated at $1,033.00 per year
for a total of $5,165.00 over a 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 the properties are sold, the agreements may be assigned without subsequent City Council
approval to the owner's first mortgagee, or to a hornebuyer who will use the required improvements as
4_1 his/her primary residence, or to that homebuyer's mortgagee, as long as the eligibility criteria as stated
in the NEZ Tax Abatement Policy and Basic Incentives are met. All other assignments must be
approved by the City Council.
Staff recommends proceeding with placing the tax abatements on the January 29, 2008, City Council
agenda for consideration of approval by City Council.
Attachments: Elevation Sketches (2)
Elevation Picture (1)
Properties Aeral View (3)
1 SSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
Applicant:
Address:
Council District:
NEZ:
Monte M. Mitchell
7228 Craig Street
5
Historic Handley
Applicant:
Address:
Council District:
NEZ:
Monte M. Mitchell
2912 Rosehill Drive
5
Historic Handley
G.
F-,
FORT WORTH
Ir a AREA NEZ MAP
Applicant:
Address:
Council District:
NEZ:
Monte M. Mitchell
2928 Rosehill Drive
5
Historic Handley
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