HomeMy WebLinkAboutIR 8888--
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8888
To the Mayor and Members of the City Council October 23, 2007
Page 1 of 2
a
SUBJECT: Review of Neighborhood Empowerment Reinvestment Zone
Renewals for the Evans/Rosedale, Magnolia Village,
Polytechnic/Wesleyan and Hemphill/Berry Neighborhood
Empowerment Zones
The purpose of this report is to provide City Council with information regarding four proposed
Neighborhood Empowerment Reinvestment Zone (NERZ) renewals. 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.
Evans & Rosedale NERZ
On November 19, 2002, (M &C G- 13806) the City Council adopted Resolution No. 2889 to designate
the Evans & Rosedale area as a Neighborhood Empowerment Zone and adopted Ordinance No. 15337,
which designated FWNERZ No. 4.
The current ordinance designating FWNERZ No. 4 expires on November 18, 2007, and must be
renewed for the City of Fort Worth to be eligible to participate in the NEZ tax abatement authorized by
Chapter 312.
Magnolia Village NERZ
On November 26, 2002, (M &C G- 13814) the City Council adopted Resolution No. 2893 to designate
the Magnolia Village area as a Neighborhood Empowerment Zone and adopted Ordinance No. 15343,
which designated FWNERZ No. 5.
The current ordinance designating FWNERZ No. 5 expires on November 25, 2007, and must be
renewed for the City of Fort Worth to be eligible to participate in the NEZ tax abatement authorized by
Chapter 312.
Polytechnic/Wesleyan NERZ
On November 26, 2002, (M &C G- 13815, as amended by M &C G- 13999) the City Council adopted
Resolution No. 2894 to designate the Polytechnic/Wesleyan area as a Neighborhood Empowerment
Zone and adopted Ordinance No. 15344, which designated FWNERZ No. 6.
The current ordinance designating FWNERZ No. 6 expires on November 25, 2007, and must be
renewed for the City of Fort Worth to be eligible to participate in the NEZ tax abatement authorized by
Chapter 312.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8888
To the Mayor and Members of the City Council October 23, 2007
Page 2 of 2
ex SUBJECT: Review of Neighborhood Empowerment Reinvestment Zone
Renewals for the Evans/Rosedale, Magnolia Village,
Polytechnic/Wesleyan and Hemphill/Berry Neighborhood
Empowerment Zones
Hemphil1/Bgn NERZ
On November 26, 2002, (M &C G- 13813) the City Council adopted Resolution No. 2892 to designate
the Hemphill/Berry area as a Neighborhood Empowerment Zone and adopted Ordinance No. 15342,
which designated FWNERZ No. 7.
The current ordinance designating FWNERZ No. 7 expires on November 25, 2007, and must be
renewed for the City of Fort Worth to be eligible to participate in the NEZ tax abatement authorized by
Chapter 312.
Without objection, staff will place the four NERZ renewals on the City Council agenda
on October 30, 2007, for consideration of approval by City Council According to State Law,
to adopt the ordinances for renewal, five members of the City Council must vote in favor of adoption.
oz. K'U�
Charles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS