HomeMy WebLinkAboutIR 8911INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 8911
January 15, 2008
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SUBJECT: Review of Neighborhood Empowerment Reinvestment Zone
Renewal for the Rolling Hills 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.
On January 21, 2003, (M &C G- 13862) the City Council adopted Resolution No. 2908 to designate
the Rolling Hills area as a Neighborhood Empowerment Zone and adopted Ordinance No. 15411
which designated FWNERZ No. 8.
The current ordinance designating FWNERZ No. 8 expires on January 22, 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.
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 renewals on the City Council agenda
on January 22, 2008, for consideration of approval by City Council.
Charles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER
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FORT WORTH, TEXAS