HomeMy WebLinkAbout(0008) M&C 20-0922City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 12/15/20 M&C FILE NUMBER: M&C 20-0922
LOG NAME: 064TH QUARTER HSTE VERIFICATION - AFTER MAY 1
SUBJECT
(CD 2 and CD 9) Verify Completion of Rehabilitation Projects for the Historic and Cultural Landmark Properties Located at 1623 College Avenue,
1731 Hurley Avenue, 111 Northwest 24th Street, 113, 117, 121, and 125 South Main Street, and 2944 Hemphill Street and Declare said
Properties to be Entitled to a Historic Site Tax Exemption
RECOMMENDATION:
It is recommended that the City Council verify completion of the rehabilitation projects for the Historic and Cultural Landmark properties located at
1623 College Avenue, 1731 Hurley Avenue, 111 Northwest 24th Street, 113, 117, 121, and 125 South Main Street, and 2944 Hemphill Street and
declare that said properties 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 the Historic and Cultural
Landmark (HC) properties located at 1623 College Avenue, 1731 Hurley Avenue, 111 Northwest 24th Street, 113, 117, 121, and 125 South Main
Street, and 2944 Hemphill Street (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 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 these tax exemptions is ten years, commencing January 1 of the tax year immediately following verification and approval of the tax
exemptions by the City Council. The Historic and Cultural Landmarks Commission (HCLC) reviewed and approved the verification applications for
the Properties on the dates 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.
Location
Taxing
Year*
Land
Value
Improvement
(Structure)
Value
Homestead
Exemption
Base -Year
Taxable Value
Required
Expenditure
Total
Expended
Completed
Application
HCLC
Verification
1623 College Avenue
2 118
$50,0007$45,000
ON
$95,000
$9,000
$24,425
4/3/19
10/12/2
1731 Hurley Avenue
2 119
$75,0007$58,641
ON
$133,641
$11,728
$13,620
5/15/20
10/12/20
111 Northwest 24th Street
2017
$171,596F
$95,250
ON
$266,846
$19,050
$336,788
11/16/18
11/9/20
113, 117, 121, & 125 South Main Street
2018
$72,750
$281,715
ON
$354,465
$56,343
$72,391
9/4/19
11/9/20
2944 Hemphill Street
2017
$30,000
$154,970
ON
$184,970
$30,994
$38,850
10/26/18
11/9/20
*This represents the year prior to the year in which the historic site tax exemption application was deemed complete by the historic preservation
officer.
These properties are located in COUNCIL DISTRICTS 2 and 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
$36,334.00 in property tax revenue may occur over the next ten year 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 W. Dana Burghdoff 8018
Originating Business Unit Head: D.J. Harrell 8032
Additional Information Contact: Justin Newhart 8037