HomeMy WebLinkAboutIR 8863INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8863
To the Mayor and Members of the City Council August 9, 2007
Page 1 of 2
SUBJECT: Review of Neighborhood Empowerment Zone Commercial Tax
Abatements for Properties Located at 2210 Miller Avenue and
5001 Bryant Irvin Road
The purpose of this Informal Report is to provide City Council with information regarding two proposed
Neighborhood Empowerment Zone commercial 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.
Diamond Marie Simmons - Jaynes is the owner of the property located at 2210 Miller Avenue. The
property is located in the Polytechnic/Wesleyan NEZ and Council District 5. Diamond Marie Simmons-
James applied for a five -year municipal property tax abatement under the NEZ Tax Abatement Policy and
Basic Incentive (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. Diamond
Marie Simmons -James will invest, at a minimum, $105,000.00 to build a neighborhood retail center.
The municipal property tax on the improved value of the property is estimated at $903.00 per year for a
total of $4,515.00 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.
SHAR -I, L.P., is the owner of the property located at 5001 Bryant Irvin Road. The property is located in
the Ridglea/Como NEZ and Council District 7. SHAR -I, L.P., applied for a five -year municipal property
tax abatement under the NEZ Tax Abatement Policy and Basic Incentive (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. SHAR -1, L.P., will invest, at a minimum,
$1,700,000.00 to build a plumbing supply office and showroom.
The municipal property tax on the improved value of the property is estimated at $14,620.00 per year for
a total of $73,100.00 over a five -year period. However, this estimate may differ fro,ii thdd a -t
abatement value, which will be calculated based on the TAD appraisal value of the property
In the event of sale of either property, the agreement may be assigned, with City Council approval, to
the new owner(s), as long as the new owner(s) meets all of the eligibility criteria as stated in the NEZ Tax
Abatement Policy and Basic Incentives.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
I ki
2007, for consideration of approval by City Council.
Charles R. Boswell
City Manager
Attachment
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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FORT WORTH
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AREA NEZ Map
A Heant:
Diamond Marie Simmons -James
Address:
2210 Miller
Council District:
5
NEZ:
Po technic/Wesleyan
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FORT WORTH
AREA NEZ Map
Applicant:
SHAR -I, L.P.
Address:
5001 Bryant Irvin Road N
Council District:
7
NEZ:
Rid Iea/Como
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