HomeMy WebLinkAboutIR 88902936 South Hills Avenue
Brian Garza is the owner of theproverty located at 2936 South Hills Avenue. The property is located
in the Berry/tJniversity Neighborhood Empowerment Zone and Council District 9. Brian Garza
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. Brian Garza will invest, at a minimum, $100,000 to construct a single family home.
The municipal property tax on the improved value of the home after its construction is estimated at
$382.84, per year, for a total of $1,914.20 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.
The municipal property tax on the improved value of the home after the rehabilitation is estimated at
$175.87 per year for a total of $879.35 over the five-year period. However, this estimate may diff er
from the actual tax abatement value, whch will be calculeted bassed on the TAD appraisal value of the
prop WI Y_
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8890
To the Mayor and Members of the City Council October 30, 2007
T 1*6 Page 2 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
14615 For Properties Located at 2936 South Hills Avenue,
1316 E. Magnolia Avenue and 1617 Washington Avenue.
In the event the properties are sold, the agreements may be assigned without subsequent City Council
approval to the owners' first mortgagee, or to a homebuyer who will use the required improvements as
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 November 6, 2007, City Council
agenda for consideration of approval by City Council.
L '
Charles R. Boswell
City Manager
rE 0
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS