HomeMy WebLinkAbout(0089) M&C 19-0002City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 08/06/19 M&C FILE NUMBER: M&C 19-0002
LOG NAME: 062ND QUARTER VERIFICATION HSTE - AFTER MAY 1
SUBJECT
Verify Completion of Rehabilitation Projects for the Historic and Cultural Landmark Properties Located at 1926 Fairmount Avenue and 1414
Evans Avenue and Declare said Properties to be Entitled to a Historic Site Tax Exemption (COUNCIL DISTRICTS 8 and 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Verify completion of the rehabilitation projects for Historic and Cultural Landmark properties located at 1926 Fairmount Avenue and 1414 Evans
Avenue; and
2. Declare that 1926 Fairmount Avenue and 1414 Evans Avenue be entitled to the Historic Site Tax Exemption set forth herein.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to verify the completion of rehabilitation projects for Historic and Cultural
Landmark (HC) properties located at 1926 Fairmount Avenue and 1414 Evans Avenue (Properties) and declare said Properties to be entitled to
the Historic Site Tax Exemption set forth below. The applications for these properties requesting the historic site tax exemption were submitted
after May 1, 2018.
Any structure that is designated as HC, or that contributes to a district, and the land necessary for access to and use of the structure that is
substantially treated is eligible to receive the following tax exemption under Chapter 4.401 of the City Code, with the intent that the property
receiving the tax exemption will be in the same position in regards to City of Fort Worth taxes for the entire term of the exemption. Substantial
treatment means treatment at a cost that equals or exceeds the greater of (i) $3,000.00 or (ii) 20% of the appraised value of the structure as of the
year prior to the year in which a historic site tax exemption application is deemed complete by the historic preservation officer. During the term of
the historic site tax exemption, the structure and land will receive an exemption in an amount equal to the difference between the following: (1) The
City of Fort Worth current -year taxable value after application of any other applicable exemptions, including the homestead exemption; and (2) the
City of Fort Worth base -year taxable value after application of any other applicable exemptions, including the homestead exemption.
The term of this tax exemption is ten years, commencing January 1 of the tax year immediately following verification and approval of the tax
exemption by the City Council. The Historic and Cultural Landmarks Commission (HCLC) reviewed and approved the verification applications for
the Properties on the date set forth in the table below. Staff represents that it has made an investigation of the Properties and has verified that the
treatment projects have been completed in accordance with the Historic Preservation Ordinance.
Taxing
Land
Improvement
Homestead
Base -Year
Required
Total
Completed
HCLC
Location
Year*
Value
(Structure)
Value
Exemption
axableValue
Expenditure
Expended
Application
Verification
1926 Fairmount Ave.
2017
$75,000
$45,000
N
$120,000
$9,000
$11,615
10/4/18
5/13/19
�1414 Evans Ave.
2017
$1,000
$43,372
N
$44,372
$8,674
$11,507
10/11/18
5/13/19
*This represents the year prior to the year in which the historic site tax exemption application was deemed complete by the historic preservation
officer.
This property is located in COUNCIL DISTRICT 8 and 9.
This M&C does not request approval of a contract with a business entity.
A Form 1295 is not required for this contract because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
Upon final approval of the Historic Tax Exemption -Verification applications, the Director of Finance certifies that a loss of an estimated $1,815 in
property tax revenue may occur over the 10 year tax abatement period. This reduction in revenue will be incorporated into the long-term financial
forecast upon the Historic Tax Exemption being officially granted.
Submitted for City Manager's Office by. Jay Chapa 6122
Originating Business Unit Head: Randle Harwood 6101
Additional Information Contact: Justin Newhart 8037