HomeMy WebLinkAbout(0009) M&C 20-0473City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 08/04/20 M&C FILE NUMBER: M&C 20-0473
LOG NAME: 062ND QUARTER HSTE VERIFICATION - AFTER MAY 1
SUBJECT
Verify Completion of Rehabilitation Project for the Historic and Cultural Landmark Property Located at 2109 6th Avenue and Declare said Property
to be Entitled to a Historic Site Tax Exemption (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council verify completion of the rehabilitation project for the Historic and Cultural Landmark property located at
2109 6th Avenue and declare that 2109 6th 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 project for the Historic and Cultural
Landmark (HC) property located at 2109 6th Avenue (Property) and declare said Property to be entitled to the Historic Site Tax Exemption set
forth below. The application for this property requesting the historic site tax exemption was 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 Appendix A, 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 application for
the Property on the date set forth in the table below. Staff represents that it has made an investigation of the Property and has verified that the
treatment project has 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
TaxableValue
Expenditure
Expended
Application
Verification
2109 6th Ave.
2017
$75,000
$92,343
Y
$133,875
$18,468
$24,875
6/14/18
6/8/20
*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 9.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon final approval of the Historic Tax Exemption -Verification applications, a loss of an estimated $1,488.00
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. Dana Burghdoff 8018
Originating Business Unit Head: D.J. Harrell 8032
Additional Information Contact: Justin Newhart 8037