HomeMy WebLinkAboutIR 8864INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council August 14, 2047
Page 1 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
for Properties Located at 5851 Oak Hollow Court, 1637 South
Adams Street, and 1319 South Adams Street
The purpose of this report is to provide Council with information regarding three proposed
Neighborhood Empowerment Zone residential tax abatements.
S&M Building Corporation is the owner of the property at 5851 Oak Hollow Court (Block 21, Lot 5,
Woodhaven Country Club Estates, Fifth Filing), which is located in the Woodhaven NEZ and
Neighborhood Empowerment Reinvestment Zone (NERZ No. 10). S&M Building Corporation has
applied for a five -year municipal property tax abatement under the NEZ Tax Abatement Policy and
Basic Incentives (Resolution No. 3487, 05- 2007). The NEZ Basic Incentives offers a five -year
municipal property tax abatement on the increased value of improvements to the qualified owner of any
new construction or rehabilitation within an NEZ. The Housing Department has reviewed the
application and certified that the property meets the eligibility criteria to receive NEZ municipal
property tax abatement. The owner plans to invest a minimum of $140,000 to construct a single family
home in the Woodhaven NEZ.
The municipal property tax on the improved value of the home after its construction is estimated at
$843.00, per year, for a total of $4,215.00 over the five -year period. However, this estimate may be
different from the actual tax abatement value, which will be calculated based on the TAD appraised
value of the property.
James S. Bednarski and Patricia Bednarski are the owners of the property at 1637 South Adams Street,
(Bondies Subdivision of Bellevue Hill, Lot 10, Block 4) which is located in the Magnolia Village NEZ
and Neighborhood Empowerment Reinvestment Zone (NERZ No. 5). Mr. and Mrs. Bednarski have
applied for a five -year municipal property tax abatement under the NEZ Tax Abatement Policy and
Basic Incentives (Resolution No. 3487, 05- 2007), as amended. The Housing Department has reviewed
the application and certified that the property meets the eligibility criteria to receive NEZ municipal
property tax abatement.
The owner plans to invest a total of $162,000 to construct a single family home in the Magnolia Village
NEZ. The property is also located in the Fairmount Southside Historic District. The Historic and
Cultural Landmarks Commission approved the construction plan at its meeting dated June 11, 2007.
The municipal property tax on the improved value of the home after its construction is estimated at
$975.00, per year, for a total of $4,875.00 over the five -year period. However, this estimate may be
different from the actual tax abatement value, which will be calculated based on the TAD appraised
value of the property.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8864
To the Mayor and Members of the City Council August 14, 2007
T Page 2 of 2
a SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatements
*,, for Properties Located at 5851 Oak Hollow Court, 1637 South
Adams Street, and 1319 South Adams Street
Nancy N. Rimmer is the owner of the property at 1319 South Adams Street, (DS Ross Subdivision,
Lot 2B, Block 26) which is located in the Magnolia Village NEZ and Neighborhood Empowerment
Reinvestment Zone (NERZ No. 5). Nancy N. Rimmer has applied for a five -year municipal property
talc abatement under the NEZ Tax Abatement Policy and Basic Incentives (Resohrtion No. 3487,
05- 2007), as amended The Housing Department has reviewed the application and certified that the
property meets the eligibility criteria to receive NEZ municipal property tax abatement.
The owner plans to invest a total of $144,000 to construct a single family home in the Magnolia Village
NEZ. The property is also located in the Fairmount Southside Historic District. The Historic and
Cultural Landmarks Commission approved the construction plan at its meeting dated June 11, 2007.
The municipal property tax on the improved value of the home after its construction is estimated at
$867.00, per year, for a total of $4,335.00 over the five -year period. However, this estimate may be
different from the actual tax abatement value, which will be calculated based on the TAD appraised
value of the property.
The tax abatement agreement provides that the agreement may be assigned without subsequent City
Council approval to the homeowner's first mortgagee, or to a homebuyer who will use the required
improvements as his/her primary residence, or to that homebuyer's mortgagee. All other assignments
must be approved by the City Council.
Staff recommends proceeding with placing the tax abatements on the August 21, 2007, City Council
agenda for consideration of approval by City Council.
. t��L(�UQ-�t..
axles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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Applicant: James & Patricia Bednarski
Address: 1637 South Adams Street
Council District: 9
NEZ: Magnolia
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Applicant: Nancy Rimmer
Address: 1319S outh Adams Street
Council District: 9
NEZ: Magnolia
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