HomeMy WebLinkAboutContract 29899 Boulevard Builders
Ridglea Place, LP
STATE OF TEXAS
IL
§ CITY SECRETARY
L
COUNTY OF TARRANT § CONTRACT NO,
TAX ABAT'EMEN"r AGREEME:NT' FO,R PROPERTY LOCATED IN A
NEIGHBORHOOD EMPOWERMENT ZONE
This TAX ABATEMENT AGREEMENT ("Agreement"') is entered into, by and
between the CITY OF FORT WORTH,,, TEXAS (the "City"), a home rule municipal
0
corporation organized under the laws of the State of Texas and acting by and through Reid
0
Rector its duly authorized Assistant City Manager, and Ridglea Place,, LP ("Owner"), a Texas
Corporation, doing business in the City of Fort Worth.
The City Council of the City of Fort Worth ("City Council") hereby finds and the Ciry
and Owner hereby agree that the following statements are true and correct and constitute the
basis upon which the City and Owner have entered into this Agreement:
A. Chapter 378 of the Texas Local Govemment Code allows a municipality to create
a Neighborhood Empowerment Zone (NEZ if the municipality determines that
the creation of the zone would promo�te.-
1. The creation of affordable housing, 'including manufactured housing in the
zone"
2. An increase in economic development in the zone;
3. An increase in the quality of social services, education, or public safety
provided to residents of the zone, or
4. The rehabilitation of affordable housing in the zone.
B. Chapter 378 of the Texas Local Government Code provides that a municipality
.
that creates a NE Z, may enter into agreements abating mun 4 icipal property taxes
on property in the zone.
C. On July 3,1, 20 ,1, the City adopted basic incentives, for property owners who own
property located in a NEZ, stating that the City elects to be eligible to participate
in tax abatement and includm* g guidelines and criteria governing tax abatement
agreements entered into between the City and various third parties, titled "NEZ
Basic Incentives"' ('INEZ Incentives"), these are readopted on April 22, 2003 and
May 27, 2003. The May 27, 2003 NEZ Incentives are attached hereto as Exhibit
"A" and hereby made a part of this Agreement for all purposes.
D. The NE Z Incentives contains appropriate guidelines and criten"a goveming tax
abatement agreements to be entered into by the City as contemplated by Chapter
312 of-the Texas Tax Code, as amended (the "Code").
01,
aumuu
un April 2, 2002, the Fort Worth City Council adopted Ordinance No. 15061 the
low
'O dm* establishing "Neighborhood Empowerment Reinvestment Zone
No. 2," City of Fort Worth, Texas (the "Zone").
F* Owner owns, certain real property located, entirely in the Ridglea Village Como
NEZ and that is more particularly described in Exhibit "B", attached hereto, and
hereby made a part of this Agreement for all purposes the "Pr erm*ses").
11 -r
G. Owner or its assigns plan to construct the Required improvements, as, defined in
Section 1.1 of this Agreement, on the Premises to be used for as a single-family
residence that will be owner occupied. (the "Project").
H, On November 10,1 2003,1 Owner submitted an application for NEZ incentives, and
for tax abatement to the City concerning the contemplated use of the Premises
(the "Appheation"), attached hereto as Exhibit "C" and hereby made a part of
this Agreement for all purposes."
L The City Council finds that the contemplated use of the Premises, the Required
Improvements, as defined in Section 1.1, and the terms of this Agreement are
consistent with encouraging development of the Zone in accordance with the
puiposes for its creation and are in compliance with the NEZ Incentives, the
Resolution and other applicable laws, ordinances,, rules and regulations.
J, The City Council finds that the terms of this Agreement, and the Premises and
Required Improvements, satisfy the eligibility criteria of the NEZ Incentives.
K, Written notice that the City intends to enter into this Agreement, along with a
copy of this Agreement, has been fin-nished in the manner prescribed by the Code
to the presiding officers of the governing bodies of' each of taxing the ta units in
which the Premises is located.,
NOW, THEREFORE, the City and Owner, for and in consideration of the terms and
conditions set forth herein, do hereby contract, covenant and agree as follows:
1. OW`NERIS COVENANTS.
1.1. Real Provertv LmpX-ovem,ents.
Owner all construct, or cause to be constructed, on and within the Premises
certain improvements consisting of a,single family residence,, (i) of at least 1700 square
feet in size, and built to the specifications listed in Exhibit D and (10 having an appraised
value of at least $140,000-00 as determined,by an independent appraiser (collectively, the
"RequiLred .1mprovements Owner shall provide, a survey of the completed home
showing Required Improvements before the home is sold. The parties agree that the final
survey shall be a part of this Agreement and shall be labeled Exhibit E. Minor variations,
and more substantial variations if approved in writing by both of the parties to this
2
imm
Agreement, in the Required Improvements from the description provided in the
Application Bor Tax Abatement shall not constitute an Event of Default, as defined in
Section 4.1, provided that the conditions in the first sentence of this Section 1 J are met
and the Required Improvements are used for the purposes and in the manner described in
Exhibit"D".
1.2. Completion Date of Required Improvements.
Owner covenants to substantially complete construction of all of the Required
Improvements within two years, from the issuance and receipt of the building permit,
unless delayed because of force majeure, in which case the two years shall be extended
by the number of days comprising the specific force raj suss. For purposes of this
Agreement, force majeure shall mean an event beyond Owner's, reasonable control,
including, without limitation, delays caused by adverse weather, delays in receipt of any
required permits or approvals, from any governmental authority, or acts of God, fires,
0 It It
strikes, national disasters, wars, nots and material or labor restrictions and shortages, as
determined by the City of Fort Worth in its sole discretion, which shall not be
unreasonably withheld., but shall not include construction delays, caused due to purely
financial matters, such as, without limitation, 'delays in the obtaining of adequate
financing.
1.3. Use of Prenukes.
Owner covenants that the Required Improvements shall be constructed and the
Premises shall be sold so that it is continuously used as the primary residence of the
Ho�me Buyer in accordance with the, description of the Project set forth in the Exhibit
"D". In addition, Owner covenants that throughout the Term, the Required
Improvements shall be operated and inaffitained for the purposes set forth in this
Agreement and in a manner that is consistent with the general purposes of encouraging
development or redevelopment of the Zone.
2, ABATEMENT AMOUNTS.,TERMS AND CONDITIONS.
Sub a ect to and *in 'accordance with this A cement, the City hereby grants, to Owner a real
j gre
property tax abatement on the Premises, the Required Improvements, as specifically provided in
this Section 2 ("Abatement")�. "Abatement" of real property taxes only includes City of Fort
Worth-imposed taxes and not taxes from other taxing entities.
2.1. Amount of Abatement,
The actual amount of the Abatement granted under this Agreement shall be
based upon the increase in value of the Prerni'ses and the Required Improvements over
their values on January 1, 2003 ( 17, �4+ . the year in which this Agreement was
entered M`to
3
One Hundred percent (100%) of the increase in value ftom the
construction of the Required Improvements.
If the square footage requirement and the appraised value of the Required
Improvements, are less, than as provided in Section 1.1 of this Agreement, except that
such mini*mum construction costs shall be reduced by construction cost savings, Owner
will not be eli 91 ible to receive any Abatement under this Agreement.
2.2. Increase M' Value
The abatement shall apply only to, taxes on the increase in value of the Premises
due to construction of the Required Improvements and shall not apply to taxes on
the I and.
2.3 Term of Abatement,
The term of the Abatement he "Term"') shall begin on January I of'the
year following the calendar year in which the Required, Improvement is sold to a
Home Buyer to be used as its primary residence ("Beginning Date") and, unless
sooner terminated as herein provicteci, shall end on December 31 'immediately
preceding, the fifth (5h) anniversary of the Beginning Date. Upon the sale to, a
Home Buyer, City shall determine if the Required Im, provements have been
completed "in satisfaction of the terms of this Agreement., City shall certify such
fact.
2.4. Protests Over A
,ppraisais or Assessments.
Owner shall have the right to protest and contest any or all appraisals, or
assessments of the Prem-ises axe or improvements thereon.
2.5. Abatement Application Fee.
The City acknowledges receipt from Owner of the required Abatement
application fee of twenty-five dollars ($25.010), for each application for a total of$1375.
3, RECORDS, CERTIFICATION AND EVALUATION OF PROJECT.
3.1. Inpection of Pre "ses,
Between the execution date of this Agreement and the last day of the Tenn, at any
time during construction of the Required Improvements and followffig reasonable notice
to Owner, the City shall have and Owner shall provide access to the Premises in order for
the City to inspect the Premises and evaluate the Required Improvements to ensure
compliance with the terms and conditions, of this Agreement. Owner shall cooperate
fully with the City during any such inspection and/or evaluation.
oiwk
3 2. Certification
Owner shall certify annually to the City that,it is, in compliance with each
applicable, to of this agreement. The City shall have the right to audit at the City's
expense the financial and business records of Owner that relate to the square footage,
specifications in attached Exhibit D and appraised value of the Required Improvements
and once the city property taxes, are abated, the home owner must provide documentation
that he or she is using the Required Improvements as its pn"maiy residence (collectively;
the "Records") at any time during the Compliance Auditing Term in order to determine
compliance with this Agreement and to calculate the correct amount of Abatement
available to Owner. Owner shall make all applicable Records available to the City on the
Premises or at another location in the City following reasonable advance notice by the
City and shall otherwise cooperate fully with the City during any audit.
3.3. Provision of Information.
On or before February I following the end of every year during the Compliance
Auditing Term and if requested by the City, Owner shall provide information and
,documentation for the previous year that addresses Owner's compliance with each of the
terms and conditions of this Agreement for that calendar year
Failure to provide all information within the control of Owner required by this Section
3.3 shall constitute an Event of Default, as defined in Section 4.1.
3.4. Deter nation of Compliance.,
On or before August I of each year during the Compliance Auditing Term, the
City shall make a decision and rule on the actual annual amount of Abatement available
to Owner for the following year of the Teri and shall notify Owner of such decision and
ruling. The actual percentage of the Abatement granted for a given year lof'the Term is
therefore based upon Owner's compliance with the terms and conditions of this
Agreement during the previous year of the Compliance Auditing Tenn.
4. EVENTS OF DEFAULT.
4A., Defined.
Unless otherwise specified herein, Owner shall be in default of this Agreement if
(l*) Owner fails to construct the Required Improvements as defined in Section 1.1- (iii ad
valorem real property taxes with respect to the Premises, or the Project, or its ad valorem
taxes wi
*th respect to the tangible personal property located on the Prerm'ses, become
delinquent and Owner does not timely and properly follow the legal procedures for
protest and/or contest of any such ad valorem real property or tangible personal property
taxes, or (iii) HOME BUYER DOES NOT USE THE PREMISES AS PPJMARY
RESIDENCE ONCE THE ABATEMENT BEGINS (collectively, each an "Event of
Default").
4.2. Notice to Cure.
Subject to Section 5, if the City determines that an Event of Default has occurred,
the City shall provide a written notice to Owner that describes the nature ofthe Event of
Default. Owner shall have ninety (90) calendar days from the date of receipt of this
written notice to fully cure or have cured the Event of Default. If Owner reasonably
believes, that Owner will require additional time to cure the Event of Default, Owner shall
promptly notify the City in writing, in,which case (1) after advising the City Council in an
open meeting of Owner's efforts and intent to cure, Owner shall have one hundred eighty
(180) calendar days from the original date of receipt of the written notice,, or (ii) if Owner
reasonably believes that Owner will require, more than one hundred eighty (180) days to
cure the Event of Default, after advising the City Council in an open meeting of Owner's
efforts and intent to cure, such additional time if any, as may be offered by the City
Council in its sole discretion.
4.3. Ter r Atn ation, for Event of Default an d i
-Payment ofUggioated Dam
If an Event of Default which i's defined in Section 4.1 has not been cured within
the time frame specifically allowed under Section 4.2, the City shall have the right to
terminate this Agreement immediately. Owner acknowledges and agrees that an uncured
.Event of Default will (i) harm the City's economic development and redevelopment '
efforts on the Premises and in the vicinity of the Premises; (ii) require unplanned and
expensive additional administrative oversight and involvement by the City; and (Iii)
otherwise harm the City, and Owner agrees that the amounts of actual damages therefrom
are speculative in nature and will be difficult or impossible to ascertain. Therefore, upon
termination of this, Agreement for any Event of Default, Owner shall not be eligible for
the Abatement for the remaining Term and Owner shall play the City, as liquidated
damages, all taxes that were abated in accordance with tWs Agreement for each year
when an Event of Default existed and which otherwise would have been paid to the City
in the absence of this Agreement. The City and Owner agree that this amount is a
reasonable approximation of actual damages, that the City will incur as a result of' an
uncured Event of Default and that this Section 4.3 is intended to provide the City with
compensation for actual damages and 'is not a penalty. This amount may be recovered by
the City through adjustments made to Owner's ad valorem property tax appraisal by the
appraisal district that has jurisdiction over the Premises. Otherwise, this amount shall be
due, owing and paid to the City within sixty (60) days following the effective date of
termination of thi's Agreement. In the event that all or any portion of this amount is not
plaid to the City within sixty (60) days following the effective date of termination of this
Agreement, Owner shall also-be liable for all penalties and interest on any outstanding
amount at the statutory rate for delinquent taxes,, as determined by the Code at the time of
the payment of such penalties and interest (currently, Secti
4 .
10
W
CITY �d W-1 X0 L 1-'�
6
iw
4.4. Ter nn"nation at Will.
If the City and Owner mutually determine that the development or use of the
Premises or the anticipated Required Improvements are no longer appropriate or feasible,
or that a higher or better use is preferable, the City and Owner may terminate, this
Agreement in a written fonnat that is signed by both parties. In this event, (i) if the Tenn
has commenced, the 'Tenn shall expire as of the effective date of the termination of this
Agreement; (11) there shall be no recapture of any taxes previously abated; and (iii)
neither party shall have any further rights or obligations hereunder.,
5. EFFECT OF SALE OF PREMISES.
Except for an assignment to Ridglea Place, LPs Affiliates, Ridglea Place, LP's
first mortgagee or to a homeowner who will use the Required Improvements as its
*dence or the homeowner's mortgagee which City Co 'I hereby agrees to,
primary resi unci
the Abatement granted hereunder shall vest only in Owner and cannot be assigned to a,
new owner of all or any portion of the Premises and/or Required Improvements without
the prior "tten consent of the City Council, which consent shall not be unreasonably
w1 t (l) 1 1
hheld provided that the City Coune'l finds that the proposed assignee is financ*ally
capable of meetm* ,g the to and conditions of this Agreement and (ii) the proposed
purchaser agrees in writing to assume all to and conditions, of Owner under this
Agreement. Owner may not otherwise assign, lease or convey any of its rights under this
Agreement. Any attempted assignment without the City Council's prior written consent
shall constitute grounds for ten-nination of this Agreement and the Abatement granted
hereunder following ten, (10) calendar days of receipt of written notice from the City to
Owner. For the purposes of this Section, "affiliate"' shall mean (i) any entity in which at
least 25% of the ownership consists of individuals, partnerships, trusts (or their individual
partners or beneficiaries) or other entities included whether by legal title or beneficially,
in the present ownership of Owner or (11) any entity which has at least a fifty-one percent
(51%) ownership interest in Owner or any entity in which, Owner has at least a fifty-one
percent (5 1%) ownership 'Interest.
Ljpon assi,onment to Ri,d,glea Place. LP's affifflates or his first morta,.aaee,,- or to a
homeowner who wW use the ReQuired Improvements as its rear or the
ho eo ergs o d lea Place, LP s U have no further obh
:.orations or
to with
duties under this acyreement. In addition uponas,s,ionment to any other entify wi,t,n
the written consent of Cot LP shall have no further du tv or
1_y Council, Rid2lea Place,
obli a on under,this a ree ment.
In no event shall the abatement term be extended M the event of a subsequent sale
or assignment
7
muo
6o NOTICES.
Allwn*tten notices called for or required by -this Agreement shall be addressed to
the following, or such other party or address as either party designates in writing, by
certified mail, postage prepaid, or by had delivery:
CRY,,
Owner.
City of Fort Worth Michael Vick, President
Attn.- City Manager Boulevard Builders, LLC
1000 Throckmorton General Partner for Ridglee Place, LP
Fort Worth TX 76102 48019 Cole Avenue Suite#345
Dallas, Texas 752,05
and
Housing Department
Attn: Jerome Walker, Director
10100 Throckmorton
Fort Worth, TX 76102
7, MISCELLANEOUS.
7.1. Bonds.
The Required Improvements will not be financed by tax increment bonds. This
Agreement is subject to rights of holder's of outstanding bonds of the City.
7.2. Coinflicts of Interest.
Neither the 'rem se nor any of the Required Improvements covered by the
Agreement are owned or leased by any member of the City Council, any member of the
City Pia *n or Zom*ng Commission or any member of the goverm*ng body of any taxing
units in the Zone.
7.3. Conflicts Between Documents.
In the event of any conflict between the City's zoning ordinances, or other City
ordinances or regulations, and this Agreement, such ordinances or regulations shall
control. In the event of any conflict between the body of this, Agreement and Exhibit
"U', the body of this Agreement shall control.
8
7.4. Future AppReation.
A portion or all of the Premises and/or Required Improvements may be eligible
for complete or partial exemption from ad valorem taxes as a result of existing law or
future legislation. This Agreement shall not be construed as evidence that sucb
exemptions do not apply to the Premises and/or Required Improvements.
7.5. Citv Council AuthorlizationO
This, Agreement was authorized by the City Council through approval of Mayor
and Council Communication No. C-19864 on November 18, 2003, which, among other
things, authorized the City Manager to execute this Agreement on behalf of the City.'
7.6. Estoppel Certificate.
Any party hereto may request an estoppel certificate ftom another party hereto so
long as the certificate is requested 'in connection with a bona fide business purpose. The
certificate, which 1 f requested will be addressed to the Owner, shall include, but not
necessarily be limited to, statements that this Agreement is in full force and effect
without default (or if an Event of Default exists, the nature of the Event of Default and
curative action taken and/or necessary to effect a cure), the remaining term of this
Agreement, the levels and remaining to of the Abatement in effect, and such other
matters reasonably requested by the party or parties to receive the certificates.
7.7. Owner Stand=,
Owner shall be deemed a proper and necessary party in any litigation questioning
or challenging the validity of this Agreement or any of the underlying laws, ordinances,
resolutions or City Council actions authorizing this Agreement, and Owner shall be
entitled to *intervene in any such litigation.
7.8. Venue and Jurisdiction.
This Agreement shall be construed 'in accordance with the laws of the State of
Texas and applicable ordinances, rules, regulations, or policies of the City. Venue for any
action under this Agreement shall lie in the State District Court of Tarrant County, Texas.
j,
This i
Agreement s performable in'"arrant County, Texas.
7.9. Recordation.
A, certified copy of this Agreement in recordable form shall be recorded in the
Deed Records of Tarrant County, Texas.
WY
,7
wgf
9
7.10. Severab
If any provision of this Agreement is held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remau* u*ng provisions shall not in any way
be affected or Impaired.
7.11. Headm' ,gs Not Contr9fling.
Headings and titles used in this Agreement are for reference purposes only and
shall not be deemed a part of this Agreement.
7.12. En firs tv-of Agree ment.
This Agreement, including any exhibits attached hereto and any documents
incorporated herein by reference, contains the entire understanding and agreement
between the City and Owner, their assigns and successors in interest,, as to the matters
contained herein. Any prior or contemporaneous oral or written agreement is hereby
declared null and void to the extent in conflict with any provision of this Agreement.
This Agreement shall not be amended, unless executed in westing by both parties and
approved by the City Council. This Agreement may be executed in multiple
counterparts, each of which shall be considered an original,, but all of which shall
constitute one instrument.
10
EXECUTED this day of 2004, by the City of Fort Worth,
Texas,.
EXECUTED this day of vow t Ar 200�4, by Michael Vick.
CITY O,F'FORT WORTH: RIDGLEA PLACE, LAP,
By-
/'�e' � "'4 By:
f7
Reid Rector MichaeT Vi ck, President
Assistant City Manager Boulevard Builders,, LLC
General Partner for Ridglea Place L,P
ATTEST.- ATTEST:
B y
By:
dity Secretary
APPROVED S TO FORM AND LEGALITY:
Byl-_
Cy�ih_ia Garcia
Assistant City Attorney
m & C
a 10
ll
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME,1 the undersigned authority, on this day personally appeared Reid Rector,
Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation, known to me
to be, the person and officer whose narne is subscribed to the foregoing instrument, and
acknowledged to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a
municipal corporation, that he was duly authorized to perf . the e by appropriate Mayor
and Council Conununication of the City Council of the City of Fort Worth and that he executed
the same as the act of the said City for the purposes and consideration therein expressed and in
the capacity therein stated.
GIVEN UNDER MY HAND SEAL OF OFFICE this day of
72004.
Notary Public in and for
the State of Texas
its
HETTIE LANE
Notary's Printed Name MY COMMISSION EXPIRE
July 26,
2007
I te
FFa
12
STATE OF TEXAS §
COUNTY F T
BEFORE the undersigned authority, on this day personally appeared c
known to me to be the person whose name 's subscribed to the foIregoing
instrument, and acknowledged to me that he executed the same for the purposes oses act
c r�idera �.therein expr ����� Iu h�capacity" harem stated.
�
of
'"�E E Y A SEAL OF' O FILE this ay 12f
2004.
I �u iY\fQAM kl)-
r�' "u lic in'
and or
the ae o Texas
r
Not r s Prince Naze
,ypAl►iN,r,� 'MINE D."WARNER
MY COMMISSION EXPIRES
Novembeir 5,2W7
3
Exhibit A,.-' NEZ Incentives
Exhibit B,,. Property D,es n"ptio n
Exhibit C. Application.- Incentives and Tax Abatement
Exhibit D. Project escr*ptio ` chiding kind, number and location of the proposed
improvements.
Exhibit . Final Survey
EX'""' T A
c[TY OF FORT WORTH
NEIGHBORHOOD EMPOWERMENT ZONE.(NEZ TAX ABATEMENT POLICY ANO BASIC
INCENTIVES
1. GENERAL PURPOSE AND OBJECTIVES
Qhapter 3 the Texas. Local Government Code allows a municipality to create a
Neighborhood Empowerment-Zone (1) when a ."...mun-i cipiality determines that the Creation
of the 2one would promote.:
(1) the creation of affordable housing, including manufactured housing, In the zone;
(2) an increase In economic developi-pent in the zone,
(3) an incre:a-se in the quality of social services, education, or pulblic safety provided' to
residents of the zone; or
:(4) the rehabilitation of affordable housing in the zone."
The City, b adoptin' g the following NEZ Tax Abatement Policy and Basic Incentives, will
prbm"-ofe aff6rdable housing and economic development In Neighborhood Erg owermnbnt Zones.,
NEZ incentives will not be granted after t1 NEZ expires as defined in the re' solutiondesignating
the NEE. For each NEE, the Ci.ty Council may approve additional teems and incentives as
permitted, by Chapfer 378 of the Texas Locbl Government Code or by City CoUncil re�oiutibn.
HbWever, any tax abatbment awarded before the expiration of a NEZ sha'll carry its full „terra
-hent agreement approved by the City Council.
according to its tax aba te r
As mandated by etas law, the property tax abatement under this policy applies to the owners of
real piropei�. Nothing in the pol'icy shall be construed as an obligation by the City of Fort Worth
to ;ioprbve any tax abater�neht application.
11. DEFINITIONS
"Ab8temeni ' means the full or partial exemption from City of Fort Worth ad valorem taxes on
eligible properties for a period of up to 10 years, and an amount of up to 100% of the increase in
appraised value as reflected' on the certified tax roll of the appropriate coonty appraisal district)
resulting from improvements begun after the execution of the tax abatement agreement.
Eflgible properties mu §t be located in the NEZ.
"Base Value""is the value of the property, excluding land, as determ' Ined by the Tarrant County
4praisal District, during the year rehabilitation occurs.
"Building Standarcls Commission" is the commission created under Sec. 7-7 , Artidie IV'.
Whimum Building Standards Code of the Fort Worth City Code.
Ev
2
PC I
i,,ffies and
"'Capital Investment" includes only real property improvemen
te 61 1 vestment
structures, site improvements, facility expansion, and facility no ei141�111
�'A�0
May 2 7,, 2003
does NOT include land acquisition costs and/o�r any existing improvements, or personal' property
I
(such as miachinery, equipment, and/or supplies *and inventory).
'"City of Fo/t Wolth T6x Abatement Polic Statement"meansi the policy adopted by City Council
Y
on, February 2 , 200,0.
Tomm erciallIn dustria "evelopment Project" is a development project which proposes to
construct or rehabilitate commercial/industrial facilities on property that is or meets the
requirements to be) zoned commercial', industrIal or mixed use as defined by the City of Foft
Worth Zoniing Ordinance,
"Community Facility Development Project"is a development project which proposes to construct
or rehabilitate commun,ity facilities on property that allows such use as defined by the City of
Fort Worth Zoning Ordinance.
"'Eligible Rehabilitation" includes only physical it prove ments to real property. Eligible
Rehabilitation does, NOT include personal, property (such as furniture, appliances, equipment,
and/or supplies).
"Gross Floor Area"is measured by taking the outside dirnensi,oins of the building at each floor
level, except that portion of the darer rent used only for utilities or storage, and any area8 within,
the building used for off-street parking.
"Minimum Building Standards Code"is Article IV of the Fort Worth City Code adopted pursuant
to Texas Local Goverhment Code, Chapters 54 and 214.
"'Minority Business Enterpn's' e (MBE),"and "Women Business Enterprise (WBE)"'is a minority or
wolman, owned business that-has received certification as either, a certified MBE or certified
WBE ,by either the North, Texas Regional Certification Agency (NTRCA), or the Texas
Department of Trans poirtation (TxDot), Hflghw*ay Division.
"'Mixed-Use, Development Prdject' is a development project which proposes to construct or
rehabilitate miixed-use facilities in wrich residential uses constitute 20, percent or more of the
total gr6ss floor area, and office, eating and entertainment, and/or retail' sales and service uses
constitute 10 percent o'r more of the total gross floor area and 'is on property that is or meets
the requirements to be zoned mixed-use as described by the City of Fort Worth Zoning,
Ordinance.
"'Multi-family Development Project" is a development project which proposes to construct or
rehabilitate multi-f'amily residential living units on property that is or meets the requirements to
be) zoned multi-family or mixed use as defined by the City of Fort Worth Zoning Ordinance.
"Project' m ie;�n s a "'Residential Project", "Commercial Industrial Development
Project-""Community Facility Developm 0 en Project, "�Mixed-Use Development Project" or a
"'Multi-family evelopr e Praiect."'
"Rein vestment Zone" is an area designated as such by the pity of Fort Worth in, accordance
with the Property Redevelopment and Tax Abatement Act co of the Texas
or an area designated as an enterprise zone purs a rprise Zone
Tax Code,
Act, codified in Chapter 2303 of the Texas Government Code.
I z
May 27,20013 2
Ill. MUNICIPAL PROPERTY TAX ABATEMENTS
A. RESIDENTIAL PROPERTIES LOCATED IN' A NEZ
I For residential property purchased belfore, NEZ designation'. a homeowner shall be
eligible to apply for'a tax abatement by meeting the following,-.
a. Property is owner-occupied and the primary residence of the homeowner prior to
the final 1 EZ designation. Homeowner shall provide proof of owriership by a
warranty deed, affidavit of heirship, or a probated will, and shall show proof of
primary residence by homestead exemption; and
b. Property is rehabilitated after NEZ designation and City Council, approval of the
tax abatement.
c. Homeowner must perform Eligible Rehabilitation on the property after NEZ
designation equal to or in excess of 30% of the.Base Value of the property; ,end
d. Property is not in 6 tax-delinquent status when the abatement application is
submitted,
2. For residential property purchased after NEZ design ation,, a. homeowner shill be
eligible to apply for a tax abatement by meeting the following-,
a. Property is constructed or rehabilitated after N�Z designation and City Council.
approval, of the tax abatement;
b. Property is ow.ner-occupied and is the primary residence of the homeowner.
Homeowner, shall provide proof of ownership by 8 warranty deed, affidavit of
heirship, or a probated will, and shall show proof of primary residence by
homestead exemption-,
c. For rehabilitated property, Eligible Rehabilitation costs on the property shall be
equal' to or in excess of 30% of the Base Value of the property. The seller or
owner shall provide the City information to support rehabilitation costs,
d. Property is not in a tax--delinquent status v hen the abatement application is
submitted; and,
e. Property is in conformance with the City of Fort Worth Zoning Ordi'na,nce.
3. For investor owned single family property, an investor shall be eligible to apply' for a
tax abatement by meeting the following:
a. Property is constructed or rehabilitated after, NEZ designation and City Council
approval of the tax abatement;
b. For rehabilitated property, Eligible Rehab,!litation costs on, the property shall be
equal to or in excess of 30% of the Base Value of the properyv
c. Property ,is not in a tax-delinquent status when the abatement application is
submitted; and
d. Property is in co.nformanice with the City of Fort Worth Zoning Ordinance.
13. MUL,TI-FAMILY DEVELOPMENT PROJECTS LOCATED IN A NEZ
1, .10 % Abatement for 5 years.
If an a ant ap lies for a tax abatement
pplic P r6l,ofive year s or
_�!gre
U L
less, this section shall
May 27, 2003 3
Abatements for multi-family development projects, for. up to 5 years are subject to
City Council approval. The applicant may apply with the Houslhg Department for
such abatement.
The applicant must apply, for the tax abatement and be approved by City Council
before construction or rehabilitation is started.
In order to, be eligible for a property tax abate-ment upon completion,, a newly
constructed or rehabilitated' multi family development proj�ect in a NEZ must satisfy
the following:
At, least twenty per'cen,t (20%) of the total units constructed or rehabilitated shall
be affordable as defined by the U. S. Department of Housing and Urban
Deve�lopment) to persons with incomes at or below eighty percent (80�%) of area
rued an income used on family size and such units, shall be set aside for
persons at or below 80% of the median income as defined by the U.S.
Department of Housing and Urban Development. Council May waive or
reduce the 20% affordability requirement on a ca,se-by-case basis; and
(a) For a multi-family development project constructed after NEZ designation; the
project must provide at least five ('5) residential living units Ok have a
minimum Capital Investment of$20101,0001; or
(b) For a -rehabilitation project, the property must h e rehabi'litated after NEZ
design'a' tio '. Eligible Rehabilitation costs on the property shall bb at least
30% of the Base Value of the property. Such Eligible Rehabilitation costs
must come from the r6habillitation of at least five (5,) residential living units or
Wo�
a m:inimum Capital Investment of$200,000.
2. 1%-1 00I6/o Abatement of'-,City Ad Valorem taxes UP to 10 yigias
If an . Dlies, for a tax abatement_ggreement with a term of more than five
Yeats, this section shall ap
Abatements for multi family development poJ
ir "ects for up to, 10 years are subject to
City Council approval. The applicant may apply with the Housing Department for
such abatemOnt.
The applicant must apply for the tax abatement and be approved by City Council
before construction or rehabilitation is started.
Years 1 through 5,of the Tax,, batement Aqregiment.
MU*Iti-family projects shall be eligible for 100% abatement of City ad valoIrem taxes
for years one through five of the Tax Abatement Agreement upon the satisfaction of
the following.,
I P
At (east twenty percent (20%) of the total unit, #,�` III
%,IP )r rehabilitated shall
be affordable as defined by the U. S. De_fi� Q u,s.,,,p and Urban
45,
Development) to persons, with incomes, at or b lowl e"��a 'P'�'t` 0%) of area
uc Jall�,
to its
median income based on family size and uc4,- !i�bj lt' 66 t aside for
May 27, 20031 4
persons at or below 80% of the median income as defined by the U.S.
Department of Housing and Urban, Development., City Council may waive or
reduce the 20% affordability requirement on a case-by�-case basis; and
a. For amulti-family deve lopm6nt project constructed after N EZ,des ig nation, the
project must provide at least five (5) residential living units OR have a
m1himum Capital Investment of$200,00106 or
b. For a rehabilitation project, the prop eft y must be rehabilitated aft er NEZ
designation. Eligible Rehabilitation costs on the property shall' be at least
30% of the Base Value of the property., Such Eligible Rehabilitation costs,
must come from the rehabilitation of at least five (6) residential' living units or
a minimum Capital Investment of$200,000.
Years 6
Mul-ti-family projects shall 'be eligible for a 1%-100% abatement of City ad valorem
taxes for years six through ten of the Tax Abatement Agreement upon the
satisfaction 'of the following.*
a. At least twenty percent (20%) of the total Units constructed or rehabilitated shall
be affordable as defined by the U. Si Department of Housing and Urban
Development) to persons, with incomes at or below eighty percent (80�%) of area
median, income based on family size and such units shall,. be set aside for
persons at or below 80% of the median incorne as defined by the 'U.S.
Department of-Housing and Urban Development. City Council may waive or
reduce the 201/o affordability requirement on a case-by-case basis; and
I For a multi-family development project constructed after NEZ designation, the
project mutt provide at least five (5) reside ntial lving unity OR have a
minima iii Capital Investment of$200,000; or
2, For a rehabilitation project, the property must be rehabilitated after NEZ
designation. Eligible Rehabilitation costs on the property shall be at least
30% of the Base Value of the property, Such Eligible kehabilitation costs
must tome from the rehabilitation of at least five (5) residential living units or
a minimum Capital Investment of$200,0010.
b. Any other terms as City Council of the City of Fbrt Worth, deems appropriate,
including, but not limited to:,
1. utilization of Fort Worth companies, for an agreed upon percentage of the total
costs for construction contracts,
2. utilization of certified minority and women owned business enterprises for an
agreed upon percentage of the total costs for construction contracts,
3. property inspection,
4. commit to Mire an agreed upon percentage of Fort Worth residents
5. commit to hire an agreed upon percentage of Central City residents
6. landscaping
7, tenant selection plans, and
8. management plans.
IA�, '' EVELOPMENT ry C. COMMERCIAL, INDUSTRIAL AND COMMUNIT
PROJECTS LOCATED IN A NEZ
May 27, 2 0,013 5
.100% Abatement of City Ad Valorem taxes for 5 ears
If an qpplic ant.,, es for a tax abatement a ement with a term of five years or
less, this section shall_apply.
Abatements for Commercial, Industrial and' Community Facilities Development
Projects for up to 5 years, are subject to City Council approval, The applicant may
apply with the Housing Department for such abatement.
The applicant must apply for the tax abatement and be approved by, City Council
before cohstruction or rehabilitation is started.
In. order to be e,figible for a property tax abatement, a newly constructed or
rehabilitated commercial/industrial and community facilities development project in a
NEZ must satisfy the following:
a�. A commercial, industrial or a community facilities de�velopmeht project
constructed after NEZ designation must have a, minimum Capital Investment of
$75,000, or
b. For a rehabilitation project, it must be rehabilitated after NEZ designation. Eligible
Rehabilitation costs on the property shall be at least 30% of the Base Value of
the property, or$75,000, whichever is greater.
2. 1%-100% Abatement of Citv Ad Valorem taxes, up to 1 gars
If an ap l,icant, applies for a tax abatement aqreemeat with a term of more than five
ye�ks, thi's section sha)l appjy.
Abatements agreements for a Commercial, Industrial and Community Facilities
Development proj6cts for up to 10 years are subject to City Council approval. The
a0plicant may apply with the Economic arid' Com munity Development DepaFtment for
such abatement.
The applicant must apply for the tax, abate ment and be! approved by City Council
before-construction or rehabilitation is started.
Years 1 throuqh 5 of the Tax Abatement Aqreement
Commercial, Industrial and Community Facilities Development projects shall be
eligible for 100% abatement of City ad valorem taxes for the first five years of the
Tax Abatement Agreement upon the satisfaction of the following.-
a. A commercial, industrial or a community facilities develoIpment project
constructed after NEZ designation must have a minimum Capital Investment, of
$75,000; or
b. For a rehabilitation project, it must be rehabilitated after NEZ esignat io . Eligible
Rehabilitation costs on the property shall be at least 30% of the Base Value of
the property, or-$75,0I00, whichever, is greater.
May 272 2003 6
41
Years 6 throe qh 10 of the Tax Abatement Agreement
(',nmrriercial, Industrial and Corrimun,ity Facilities Development projects shall be
eligible for I%-100% abatement of City ad valorem taxes for years six through ten of
the Tax Abatement Agreement upon the satisfaction of the following.-
a. A commercial, industrial or a co unity facilities development project
constructed after NEZ designation must have a min,im,um Capital
Investment of $75,000 and must meet the requirements of subsection, (C)
below - br
b. For a rehabilitation project, it must be rehabilitated after NEZ designation.
Eligible Rehabilitation costs on the property shall be at least.30%, of the
Base Value of the property, or $75,000, whichever is greater and meet
the requirements of subsection (c) below.
c. Any other terms as City Council of the City of Fort Worth deems
appropriate, including, but not limited to
1. utflizatibn of Fort Worth companies for an agreed upon percentage of
the total costs for construction contracts-
2. utili2ation of certified minority and' women owned business enterprises
for an agreed upon percentage of the total costs for construction
contracts;
3, commit to hire an agreed upon percentage of Fort Worth residents;
4. commit to hire an agreed upon percentage of Central City residents;
and
5. landscaping.
D. M,IXE,D-USE DEVELOPMENT PROJECTS LOCATED IN A NEZ
1. 100% Abatement of,Cit Ad Valgrern taxes for 5 ears
If are gp r a, tax abatement ment with a term.of fi
plicant gpplies for t aqree or
less, this section shall gpply.
Abatements for Mixed-Use Development Projects for up to 5 years are subject to
City Council approval. The applicant may apply with the Housing Department for
such abatement.
The applicant must apply for the tax abatement, and be approved by City Council
before construction or rehabilitation is started.
In order to be eligible for a property tax abatement, upon completion, a newly
constructed.or rehabilitated mixed use development project in a NEZ must satisfy the
following.-
a. Residential uses in the project constitute 20 percent or more of the total Gross
Floor Area of the project; and
b. Office, eating and entertainment, and/or retail sales and service uses in the
project constitute 10 percent or more of the total Gross Floor Area of the project,
and
(1) A mixed-use development pr Ject constru ,t4 ft s
roe c#
ation must
-S
have a minimum, Capital Investment of$2 l,0 (�o
PL-.
7 3
YEJ
May 27, 2003 7
(2) For a rehabilitation project, it must be rehabilitated after NEZ designation.,
Eligible Rehabilitation costs on the property shall be at least 30% of the Base
Value of the property, or$200,000, whichever is greater.
2. `1%-100% Abatement of City Ad Valorem ta�e.s to ears
If an aOplicant dies for a tax abatement agreement with a term of more than five
years, this section shall apply.
Abatements agreements for a Mixed Use Development projects for up to 10 years
are subject to City Council approval., The applicant may apply with the Housing
Department for such abatement.
The applicant must, apply for the tax abatement before construction or rehabilitation
i� stcIrted and the application for the tax abatement must be approved by City
Council.
Years 1 thrqugh 5 of the Tax Abatement Aqreemenit
Mixed Use Development projects shall be eligible for 100% ,abatement of City ad
valorem taxes for the first five years 'of the"Tax Abatement Agreement upon the
satisfaction of the following.-
a. Residential uses, in the project, constitute 20 percent or more of he total Gross
Floor Area of the project, and
b. Office., eating and entertainment, and/or retail sales and service uses in the
0.
project constitute 10 perceht or more of the total Gross Floor Area of the project;
and
c. A new mixed-use development project constructed after NEZ designation must
have aminimurn Capital Investment of $200,000, or for a rehabilitation project, it
must be rehabilitated after NEZ designation. Eligible Rehabilitation costs can the
property shall be at least 30%, of the Base Value of the property, or $
whichever is greater.
Years 6 throw g h_I 0 of the Tax Abatement reemient
Mixed Use Development projects shall be eligible for 1-1 00% abatement of City ad
vialorern taxes for years six through ten of the Tax Abatement Agreement upon, the
satisfaction of the following.-
a. Residential uses in the project constitute 2,0 percent or moria of the total Gross
Floor Area of the project; and
b. Office, eating and entertainment, and/or retail sales and service uses in the
project constitute 10 percent or more of the total Gross, Floor Area of-the project;
c. A new rnixed-use development project constructed after NE:Z designation must
f *I
have a minimum Capital Investment of $200,000; or for a rehabilitation Project, it
must be rehabilitated after NEZ designation. Eligible Rehabilita,tion costs on the
May 27, 2003 8
property shall be at least 30% of the Base Value olf the property, or $200,000,
whichever is greater, and
d. Any other terms, as City Council of the City of Fort Worth deems appropriate,
including, but not limited to
utilization of Fort Worth companies for an agreed upon percentage of'the
total costs-for construction contracts;
2. utilization of certified minority and women owned business enterprises for
an agreed upon Oercentage of the total costs for construction contracts;
3. property inspection;
4. commit to hire an agreed upon percentage of "Fort Worth res,idents,
51. commit to hire an agreed upon percentage of Central City residents
6. landscaping-1
7. tenant selection, plans; and
8. management plans.
E. ABATEMENT GUIDELINES
1. If a NEZ is located-in a T2X Increment rinancin,g District, City Council will determine
on a' case-by-case basis if the tax abatement incentives in Section III will be o6ered
to eligible Projects. Eligible Projects must meet all eligibility requirements specified
in Section Ill.
2. If a ProJect is located in the Woodhaven Neighborhood Einpowerment Zone, in order
to be considered "eligible" to apply, for a tax abatement under this Policy, the
Woodhaven Community Development Corporation and the Woodhaven
Neighborhood Association must have submitted a letter of suppbrt for the Project to
the City of Fort Worth
3. In order tb be eligible to apply for a tax abatement,, the property owner/developer
MI
us�t:
a. Not be delinquent ih pay I ing property taxes for any property owned by the
owner/developer l *I and
b. Not have any City of Fort Worth liens filed against any property owned by the
Eipplicant property owner/developer. "Liens" include, but are not limited to, weed
liens, demolition liehs, board-uplopen structure liens and paving li6ns.
4. Projects, to be constructed on property to be purchased under a contract for deed are
not eligible for tax abatements.
5. Once a NEZ property owner of a residential property (including multi-farnily) in the
NEZ satisfies the criteria set forth in Sections 11I.A, E.1. and E.2. and applies for an
abatement a propqrty owner may enter into a tax.abatement agreement with the City
of Fort Worth. The to ablaternent agreement shall automatically terminate if the
property subject to the tax abatement agreement is in violation of the City of Fort
Worth's Minimum 8uflding Standards Code and th owner is convicted of such
violation.
;�
i J,
6. A, tax abatement granted under the criteria set f rtOWI'S eldfibill 3 11 can only be
N.1716 *1 4
,n
0
f
granted once for a property in a NEZ for a rn,axi UrT ter-,�..,m ,-_f'a� 'pecified in the
May 27, 20013 9
agreement. If a property on which tax is being abated is sold, the City will assign the
tax a b'atement remaining,,agreement for the remning, term once the new owner submits an
application.
7. A property' owner/developer of a multifamily development, commercial, industrial,
community facilitle� and mixed-use development project in the NEZ who desires a
tax abatement under Sections 111.13, C or D must.*
a. Satisfy the criteria set, forth in Sections 111.13, C or D, as applicable, and Sections
JILEA E.2; and E3. and
b. File an application, with the Housing Department„ as applicable; and
c. The property owner must enter into 2 tax abatement agreement with the City of
Fort Worth. In addition to the other terms of agreement, the tax abatement
agreement 8,hal1 provide that the agreement shall automatically tierminate if the
owner receives one conviction of a violation of the City of Fort Worth's Minimum
Building tandards Code regarding the property subject to the abatement
agreement during the term, of the tax abatement agreement;:and
d. If a property in the NEE on which tax is being abated is sold, the new owner may
enter into a tax abatement agreement on the property for the remaining term.
8. If the terms of the tax abatement agreement are not met, the City CoUntil bras, the
right to cancel or amend the abatement agreement, I'n the event of cancellation, the
recapture of abated taxes shall be limited to the year(s) in which the default occurred
or continued.
9. The terms of the agreement, shall include the City of Fort Worth's right to (1) review
and viarify the applicant's financial statements in each year during the life Of the
agreement prior to granting a tax abatement in any given year, (2) conduct an on site
inspection of the project in each year during the fife of the abatement to verify
compliance with the terms of the tax abatement agreement, (3), terminate the
agreement if the Project contains or will contain a sexually oriented business (4
terminate the agreement, as determined in City's sole discretion, if the Project
contains or will contain a liquor store or package store.
10. Upon completion of construction of the facilities, the City shall no less than annually
evaluate each project receiving abatement to insure compliance with the terms of the
agreement. Any incidents of non-compliance will be reported to the City Council.
On or before February Ist of every year during the life of the agreement, any
individual or entity receiving a tax abatement from the City of Fort Worth shall
provide information and documentation which details the property owner's
compliante with the terms of the respective agreement and shall certify that the
owner is in compliance with each applicable term of the agreement. Failure to report
this information and to provide the required certification, by the above deadline shall
result in cancellation of agreement and any taxes abated in the prior year being due
and payable.
71,f,7�1 0,T
fln'2 ew,owner may
"A
11. If a property in the NEZ on, wh,ich tax is being ab tl'44"",��,','
enter into a, tax abatement,agreement on the pro feqI,, r the.`remain�`in term. Any
7,o
C
sale, assigoment or lease of the property which is ot rfTliltedlih`t�e tai abatement
May 27, 2003 1 0
agreement results in cancellation of the agreement and recapture of any taxes
abated after the to on which an unspecified assignment occurred.,
F. APPLICATION FEE
1. The application fee for residential tax abatements governed under Section lill.A, Is
$25.
21. The appilication fee for multi-farrilly, commercial,, industrial, community facilities and
mlked�'use development pr Jects gove rned u nder, Sections 11I.B., C. and D. is one-
0i:
half of one 1per,ce t (0.5%) of the proposed Project's Capital Investment, not to
exceed $1,0010. The application fee will be refunded upon issuance of' certificate of
final occupancy and once! the property owner enters into a tax abatement agreement
with the City. Otherwise, the Application Fee shall not be credited or refunded to any
party
for any reason.,
IV. FEE WAIVERS,
A. ELIGIBLE RECIPIENT-S/RROPERTIES
1. City Council shall determine on a, case-by-case basis whether a Project that will
contain or contains a liquor store or package store is eligible to apply for a fee
waiver.
21. If a Project is located in the Woodhaven Neighborhood Empowerment Zode Ir in order
to be considered it e!ligible" to apply for a fee waiver under this Policy, the Woodhaven
Cori-irridnity Dievelo en't Corporation and the Woodhaven Neighborhood
Association must have submitted a letter of support for the Pr Ject to the City of Fort
OJ
Worth,
8. Projects to be constructed on property to be purchased under a conitract,fbr deed are
not eligible for development fee,waivers.
4. In order for a property owner l'developer to be eligible to apply for fee waivers for a
Project the property owneirldeveloper.-
a. must *Submit an application-to the City;
b. must not be delinquent in paying property taxes, for any property owned by the
owner/developer or applicant;
c,. must not have any City liens filed against any property owned by the applicant
property owner/developer, including but not limited to weed liens, demolition
liens, board-up/open structure liens and paving liens; and
d. of a pre Jeat that will certain or contains a [[quor store, package store or a sexually
.1
oriented business has r i'ved' City Council's determination that the Project is
eligible to apply for fee waivers.
Ap�roval of the applicatfon and waiver of the fee deemed to be
approval of any aspect, of t e Project. Before c Int. must
ensure that the yet is located in the correct zoni n d
pro I e 71"1'7 7,11,
May 27, 20013
B. DEVELOPMENTIFEES
Once the Application for NEZ Incentives has been approved and certified by the City, the
following fees for services performed by the Ci!y of Fort Worth for Projects in the NEZ
are waived for new construction projects or rehabilitation projects that expend at least
3,01% of the Base Value of the property on Eligible Rehabilitation costs:
1- All building permit related fees (includl'ng: Plans Review and Inspections)
2. Plat application fee (including concept plea, preliminary plat, fil-121 plat, short form
. replat)
3. Board of Adjustment application fee
4. Demolition fee
5. Structure moving fee
6. Community Facilities Agreement (CFA) application fee
7. Zoning application fee
8. Street and utility easement vacation application fee
Other development related-fees not specified above will be considered for approval by
City Council on a case-by-case basis.
C. IMPACT FEES
1. Single family and muffl-family residential development projects in the NEZ.
Automatic 100% waiver of water and wastewater imp t fees will be applied.
2. Commercial, industrial, mixed use, or community facility development projects in the
N,
Z.
a. Automatic 100% waiver of water and wastewater impact fees up to $55,1000 or
e
equivalent to two -inch for each tornmerclaf, industrial, mixed-us or
community facility development project.
b. If the project requests an impact fee waiver exceeding $55,0010 or reque8ting a
waiver fir larger and/or more than two 6-Inch meter, then City Council approval is
required. Applicant may request the additional amount of impact fee waiver
through the Housing Departmbnt.
V. RELEASE OF CITY LIENS
A. ELIGIBLE RECIPIENTSIPROPERT'IES
1. City Council shall determine on a case-by-case basis whether a Project that will
contain, or contains a liquor store or package store is eligible, to apply for -A fee
waiver.
2. If a Project is Jocated in the Woodhaven Neighborhoo one, in order
tNsPcI1cy, the
to be considered eligible"' to apply for release of city I n'
've
Woodhaven Community Development Corporation a t N dh,6 '"n-
0,9
4 L
May 2 7,2003 12
Neighborhood Association must have submitted a letter of support for the Project,to
the City of Fort Worth.
3. Projects to be constructed on property to be purchased under a contract for deed are
not eligible for any release of City Liens.
4�. In order for a property ownier/developer to be eligible to apply for a release of city
liens contained in Section V.B., C., D., and E. for a Project, the property
owner/developer.-
a. must submit an application to the City;
b. irrust not be delinquent in paying property taxes for any property owned by the
owner/devefoloer;
b. fnust not have -been subject to a Building' Standards Commission's Order of
Dernolition where the property was demolished within the last five (5) years, I
c. must not have any City of Fort Worth liens. filed against any other property, owned
by the applicant property owner/developer. "Liens" includes, but is not limited to,
weed liens, demolition liens, board-up/open structure liens, and paving liens; and
d, of a Project that contains or will cbntain a liquor store,, Package store or a sexually
oriented business has received City Council's determination the Project is e*ligibI6
to apply for release of City liens,
B. WEB D LIENS
The following are eligible to apply for release of weed liens,-,
'I. Single unit owners performing rehabilitation on their, properties.
2. Builders or developers constructing new homes on vacant lots,
3. Owners, performing rehabilitation on multi-family, commercial, industrial, mixed-u8e,
or community fadility properties.
4. Developers constaicting new multi-family, commer(iial, industrial, mixed-use or
community facility development projects.
G. DJEMOLITION' LIENS
Builders or developers developing or rehabilitating a property for a Project are eligible to
apply for release of demolition liens for up, to $30,000. Releases of demolition liens in
excess of$30,000 are subject to City Council apiprovall.
ID. BOARD-UPfOPEN STRUCTURE LIENS
I
The following are eligible to apply for release of boarid-up/open structure liens.*,
I Single unit owners performing rehabilitation an their properties.
2. Builders or developers constructing new single family homes*on vacant lots.
Owners pe,rformi'ng: rehabilitation on multi family, commercial, industrial, mixed-use,
or community facility properties.
4. 'Developers constructing multi--family, commercial, industrial, rnlxed-�-use, or
communi ty facility projects.
E. PAVING LIENS
May 27, 2003 13
The following are eligible to apIply for release of paving liens.-
1- Single unit owners performing rehabilitation on their properties.
2. Builders or developers constructing new homes on vacant lots.
3. Owners performing rehabilitation on multi family commercial, industrial mixed-use
or coImmuni,ty facility properties.
4 Developers constructing multi family, commercial, industrial, mixed-use, or
community facility projects.
V1. PROCEDURAL STEPS
A. APPLICATION SUBMISSION
1. The applicant for NEZ incentives under Sections Ill. IV., and V. must corn fete and
submit a City of Fort Worth "Application for NEZ Incentives" and pay the appropriate
application fee to the Housing Department, as applicable.
2. The applicant for incentives, under Sections III.C.2 and D. must also complete and
submit a City of Fort Worth "Application for Tax Abatement"I and pay the appropriate
application fee to the Economic- Development Office. The application fee, review,
evaluation and approval will be govern�ed by City of Fort Worth Tax Abatement Policy
Statement for Qualifying Development Projects.
B.
CERTIFICATIONS Fro APPLICATIONS UNDER SECTIONS Ill. IV, AND V
1. The Housing Department will review the application for accuracy and
compl.oteness- Once the Housing Department determines that the applica�tjon is
complete, the Housing Department will certify the property owner/developer's
eligibility to, receive tax abatements and/or basic incentives based! on the criteria set
forth in Section Ill., IV., and V. of this policy, as applicable. Once an applicant's
eligibility is certified, the Housing, Department will inform appropriate departments
administering the incentives. An orientation meeting with City departments and the
applicant may be scheduled. The departments include:
a. Housing Department: property tax abatement for residential properties and multi-
far development projects, release of City liens.
b,. Economic Development Office* property tax abatement for commercial,
industrial, community facilities or mired-use development projects.
c. Development Department.- development fee waivers.
d. Water Department.- impact fee waivers.
e. Other appropriate departments, if applicable.
2. Once Development Department, Water, Department, Economic, Development Office,
and/or other appropriate department receive a certified application from the Housing
Department, each department/office shall fill out a "Verification of NEZ Incentiyes for
Certified NEZ Incentives Application" 'and return it to the Housing Department for
record keeping and tracking.
r -41
cm
G. APPLICATION REVIEW AND EVALUATION FOR
May 27, 2003 14
1. Property Tax Abatement for Residential Properties and Multi-family Development
Projects
a. For a completed and certified application for no more than five years of tax
abatement, with Council approval', the City Manager shall execute a tax
abatement agreement with the applicant.
b. For a completed and certified multi-family development project application for
moi e than five years of tax abatement:
(1) The Housing Department will evaluate a completed and certified application
biased; on.-
(a) The proj'ect's, 'increase in the value of the tax base.
(b) Costs to the City (such as infrastructure participation, etc.,).
(c) Percent of construction contracts committed to
(i) Fort Worth based firms, and
(ii) Min6rity and Women Own'ed Business Enterprises (M/W8E's).
(d) Other iteims which the City and the applicant may negotiate.
(2) Consideration by Councl.1 Committee.
Based upon the outcome of the evaluation,, Housing Department may present
the application to the City Council''s Economic Development Coni-imittee.
Should the Housing Department, present the application to the Economic
Development Committee, the Committee will consider the application at an
open meeti n.g. The Committe e may.-
(a) Approve the application. Staff will then incorpbrate the application into, a
tax abatement agreement which will be sent to the City Council with the
Committee's recommendation to approve the agreement, or
(bi) Request modifications to the application. Housing Department staff w][I
discuss the suggested modifications with the applicant and then, i'f the
reoueste ' modifications are made, resubmit the modified application to
the Committee for consideration-, or
(c) Deny the application. The appllcant may appeal the Committee s finding
by requesting the City Council to: (a) disregard the Commiftee's, finding
and (b) instruct city staff to incorporate the application into a tax
abatement agreement for future consideration by the City Council.
(3) Consideration by the City Council
The City Council retains sole authority to approve or deny any tax abatement
agreement and i's under !,no obligation to approve any tax abatement
appl'ication or tax abatement agreernent. 'The City of Fort Worth is under no
obligation to provide tax abatement in, any amount or value to any applicant.
c. Effective Date for Approved Agreements
All tax abatements *approved by the City Council will become effective on
January 1 of the year following the year in which a Certificate of Occupancy (CO)
is issued for the qualifying development project (unless otherwise specified in the
tax abatement agreement). Unless otherwise specified in the agreementl taxes
levied during the construction', of the project shall be due and payable.
May 27, b003 15
2. Property Tax Abatement for Commercial, Industrial, Community Facilities, and
Mixed-Use Development Projects
a. For a completed and certified application for no moire than five years of tax
abatement, with Council approval, the City Manager shall execute a tax
abatement agreement with the applicant.,
b. For a completed and certified application for more than five years of tax
abatement.-
(1) The Economic Development Office will evaluate a completed end certified
applicatibn based on.-
(a) The project's increase in the value of the tax base.
(b), Costs to the City (such as infrastructure participation, etc.).
(c), Percent of construction contracts committed to
(i) Fort Worth: based firms, and
(i'i) Minority and Women owned Business Enterprises (M/WBEs).
(a) ( ther items which the City and' the applicant may negotiate.,
(2) Cons i'dler,atiio n by Council Committee
Based upon the outcome of the evaluation, the Econom' ic, Development
Office may present the application to the City Council's Economic
Development Committee., Should the Economic Development Oiffice present
the application tbthe Economic Development Committee, the Committee will
consider the application at an open meeting. The Committee may:
(a) Approve the appilication. Staff will then incorporate the application into a
tax abatement agreement Which will be sent to the City Council with the
Committee's recommendation to approve, the agreement; or
(h` Requeist modifications to the application. Economic Development Office
staff will discuss the suggested modifications, with the applicant and then,
if the requested modifications are made, resubmit the modified application
to thie Commliftee for consideration; or
(c) 'Deny the application. The applicant may appeal the Committee's finding
by requesting, the City Council to.- (a) disregard the Committee's finding
and (b) instruct city staff to. incorporate the application into a tax
abatement agreement for future consideration by the City Council,
(3) Consideration by the City Council
The City Council retains sole authority to approve or deny any tax abatement
agreement and is under no obligation to approve any tax abatement
application or to abatement agreement. The City of Fort Worth is under no
oblig,ation, to provide tax abatement, in any amount or value to any applicant.
c. Effective Date for Approved Agreements
All tax abatements, approved by the City Council will become effective! on
January 1 of the year following the year in whi, c.-.,upancy (CO)
is issued for the qualifying development prole t idit M si )ecified in the
tax abatement agreement). Unless otherwise s o L ec,,agrEement, taxes
levied during the construction of th-e project sh 11 q, e,: ,
u NN rift
May 2�, 200.3 16
41
3, Development Fee Waivers
a. For certified apiplications of development fee waivers that do not rewire Council
approval, the Development Department will review the certified applicant's
application and grant appropriate incentives.
b. For waivers that wai require ions certified a of development fee req, Council
certified _ppli'cat' I
approval', City staff will review the certified applicant"s application and make
appropriate recommendations to the City Council,
4. Impact Fee Waiver
a., For certified applications of impact fee waivers that do not require Council
approval, the Water Department will review the certified applicant's application
and grant appropriate incentives.
b. For-certified applications of impact fee waivers that require Council approval, the
Water Department will review the certified applicant's. application and make
ap�propri'ate recon-irriendations to the City Council.
5. Release of City Liens
For certified applications of release of City liens, the Housing Department wi'll release
the appropriate liens.
vi i. b�TH E INCENTIVES
A. Plan' reviews of proposed development projects in the NEZ will be expedited by the
Development Department.
B. The City Council may add the following incentives to a NEZ 'in the Resolution adopting
the NEZ-
1. Municipal sales tax refund
2. Home. uyers assistance
3. Gap financing
4. Land assembly
5. Conveyance of tax foreclosure properties
6. Infrastructure improvements
7. Support for Low Incbme Housing Tax Credit (UHTC) app�lications,
8. Land use incentives and zoning/building code exemptions, e.g., mix6d-use, density
bonus, parking exe-mption
9. Tax Increment Financing (TI'F')
10. Public Improvement, District (PID)
I 1jax-exernpit bond financing
12. New Model Blocks
13. Loan guarantees,
14. Equity investments
15. Other incentives that will effectuate the intent and purposes of NEZ
May 27, 2003 1 "
VI I I. Ineligible Projects
The following Projects or Businesses shall not be eligible for any incentiveS, Linder the City of
Fort Worth's Neighborhood Empowerment Zone (N'EZ) Tax Abatement Policy and Basic
Incentives.*
Sexually Oriented ,Businesses
May 27, 20103 18
EXHIBIT
Property Description
3807 Westridge Ave., Block IR Lot 5, Ridglea Place Add,ition
OWN-
-H
FORT WORT
riF
Application No.
CITY
NEIGHBO-RHOOD
T C 'R F C -.TION APPLICATION
'FORM C FOR DEVELOPMENT PROJECTS
L, T LIST
Please submit,to following documentation*
completed application f r n
A list of all properties owned by the applicant n Fort Worth
Application ry fee—cdsh is check or money order or tax abatement applications n .
For multifamily, commercial, industrial, commercial facilities, and x s
abatement applications- .5 of the total Capital laves e t of the project., not to exceed
$1 000.00; or singie i`am y tax abatement ap c io s $2,5 per use
Proof of ownorship, such as a wa a deed, affidavit f heirship, or a probated will OR
evidence clans control, such as option to buy
El Title abstt'act of the property(optional
For Rehab' 'Jilitation Proiects
El A completed set of Rehabilitation (Remodel) and q hist of eligible rehabilitation
costs*" (fbr pp lc io s, of tai abatements and development fee walivers for rehab
projects only)
tlig,ible rehabilitation i cl e my physical improvements to real property. It does NOT ' chide personal
property such as furniture, appliances, equipment and/or supplies. Total eligible rehab a on,costs shall eqllal
to or .exceed 3 the Tar Apr isa is (TAD)T ) a rise vales o the s r c—tdr du Ting the year
r a,'I air-o" ',r*.
Y V MUST APP LY FOR TAX ABATE T BEFORE Y BUILDING PERMITS ARE, ISSUED FOR
YOUR PROPERTY.
LC I AGENTINFORAUTION
P. " . "
1. Applicant. Corrigan InVesunpents C. 2. Contact Person# J'o ia- K1
4311 Oak Lawn,, Suite 450 Dallas, TX 75219
Street City State Zip
I 1�-21 2. �2,t4) Itq-27,31
21 559 21 559-3347
do rr A@cues—dallas,-colm.
7. Agent(if any):
8. Address,
305 W M� no ja Ave. , Ste, E Fart 'girth. TX
1
Street o tate 0
207-80810 .
Email w �
A+
o Y o
Po
kco@swbiell.net
w u F
a
y
If you weed further mformation or clarification, p ease Intact Erika Anderson at (817), 392-7'507 or,
'Elizee Mchel at (817)3192 7.16.
FORT WORTH
...........
III., PROJECT ELI G MITY
1. Please list down the ,addresses and legal descriptions of the protect and other properties your
organization owns in Fort Wort. attach metes and bounds description if no address or
legal description is available. Attach are exhibit showing the location of the project.
Table I Property nersbl
IT
Address zip .Legal Description
Code Subdivision ;fat Now Block No.
(Ptoject Location)
r .
w r
7 Belknap S t 761-02 F W......()rl�Znnj Tnxm
108 Calhoun St. 76102 Ft.W,Or 1&J-nal_Tm6 ._5 & 6 A
105, Jones St. 761012 F W 011t_-
1g In m
307 E. Weatherford St 76102 IF. t.W.0rigl'-nal To B 11
309 E, Weatherford St 76102 Ft.W.Original Toim 7A . t ..
304 E. BelknaD St. 76,1,02 Tt.W.Orizinal Tovn 3 & 4 L l
Please attach additional sheets of.paper as needed.)
2. For each properties listed in Table 1,please check the boxes below to indicate i`.
0 gears are taxes dues or
there are City liens or
you have been subject to ,a Building Standards Commission's Order of Demolition where the
property was demolished Within the last five years.
Table 2 Pro erq Taxes and City iens
. - ..
Property
r art �
Address Liens
Taxes Weed Board-up/ per De:m01 t r '�avira Ord r t
Due Liens Stucture Liens Liens L1 ' s :enrol ition
L
El El 0 El 0 El
El 11 1:]
0 El 0
1-1 El
T-1:1 1 1:1 L
lease attach additional sleets of paper as needed.)
3. Do you own other P"rop"erties under other na es Yes No
If Yes,please specify FW Cor l ne D evelo ment Ltd. Listed 'n Tolle t
4. Does the proposed project conform with City of Fort Worth Zoning? EK Yes No
f wbat steps are ehi taken to l�sur� � plian
5. Project Type
Single Multi- Commercial Industrial Community Mired-Use
Family Family. Facilities
2
�m
ORT WORTH
is this a new construction or rehab prof ect�,
[E New Construction 0 Rehab
°. What's the status of your project?
. Planning Stage Under Construction El Completed
8. If your project has been completed,when was it completed?
9. How rhucb is the total development cast of your project?
10. Will the rehabilitation work* equal to at lest 301% of'the Tarrant Appraisal District
(TAD) assessed value o the structure during the year rehabilitation occu.rred�'
0 Yes E No
y phys,ical improvements o real property is eligible. DO NOT include personal ptoperty such as
fwmiture, appliances, e uipment, and/or supplies.
1. How much 'is the total square footage of your ro eet'�
c20
6 square feet
12. Vor a single a homeow'ne 'shy ,, mixed-use, or m -z � de l ��� r '� w � s e
fill out the number of residential a *ts based on income range of owners or renters in The
following table.
Table 3 Number of Residential Units and Income,fan a of Owners or Renters
� � ,� �; x:am,„+m"�,' �nw• s i”",�t a, ;."� + '" ""�" �. a .�' 1+. �"""� r� "'p "�','4"11' ;°uw"«.� �;,;�+" �, »��« ,��. „• 8,,�„,q
,� � o�.:...y „:; +..k,�a� ,:.� .w ��.,�6 �.M»�`��w��r• ,� '� �'�',M � e.� � rw' '�w ru"�'.N,"&"'.f� �.. ,r^:�.' r N:, �'.. 'N "� ,.w� G�
,a.. •,, r. i m '���� ., w � ,�, �' �+�.���.a»: a,. w•,•ww-:��; «r r� ,,.. w^� a ,. „w., .�.P"w;'ro w w A
fl
„ � � w w .. � � ,� , I" � m„ ,� $ „ w�,. �, .� 'fie". �1 •�w
:r w ..
R.
"'. �' �' '7 .� ,,,�«,d �a. ., �° m.��j�•'"� mn�. � ,i ,. ...i�^a�°t ,M,�... �': � r ;p� �.,�, �.� � �.. ^"„„�, �....
pnar..r� n a,, +arc �mtzf� ., a.•��u�a �” � �w� �t �r� �4MY �� ����,.r>.� " � ��+,� � �..,
80% of A-N4F *
At or below 80% of AMFI
'c'��,�."«�,...w,..��"'M rd„�.w.k..w.,.,'.�eea y U 1 y".m m..+:rvw«"b.,v„�,,.'.G:,*,,w,�..6,.��'r.r:+,w..r,„.w�”,"�,d:'e,n�W ur�,..,:a,V rv�k,,M eN�,,w�r,..�r�.,b r.a r�,r�i���,,���r l�x ro�.'.".Nz•e�4,u,d%..�..�m.,,�s�:.aw»r�,�,.,.,w.x.Mot
ES11
mfl w "017- ..u„,w 5' '�, � . ”-. k r b h."c I.::....Mwfr.•.vm Y.,..J"��,!!Y'"-w•w,'.:ri lw q m.,S'...,.,.:",r�'M r
fl•b
a,..V0...
�.�.
4
"AME:Area Median Family Income. Please see attachment for income and housing payment gu delfes.
3. For a niultifamfly project to be quallifled for tax abatement, at :east 20 total units shall
be affordable to families at or below % of A F . Cheek the box if you are requesting a
waiver of this re u�remen L.
n6n-residential Mace. n*ty Fac'liti
Commercial Industn''al Commu, 1 1 es
square feet square Feet � square feet
PLEASE ANSWER QUESTIONS NO.1 0 TO NO. 2 ONLY IF YOU ARE APPLYING
FOR A TAX ATEME T.
5., How much Will be your C p ital haves ent"* on the proi ec,t? Please use the fol oV*iu
table to provide the details and amount of your Capital Investment(Attached additional
sheen if necessary).
Table 4 Capital Investin+ent of the ro pct
r vor I FLOM I W1.
� qn � 7,fwd, m'� +'"."" .� w ;.,w�,• �.,�..,,,� �,""ry: ,,�!.a��w„+�t�:."`i Ma y y�w;'r"� '�w.'�r r��.""� ., n�'...,�.
".' �' � ', �".: ""�..« � ". m ',� f „� '...� �;�"�.: " •!� "� , "may ��:, ,. :..� � •' 'M�" w �. � '' :.�..
n
a r
r a
R.
w w IRA,
&--011
N °W- d
3
RT WORTH
*Capital Investment includes only real property improvements such as new facilities and structures, site
improvements, facility expansion, and facility modernization. Capital Investment I)OES, NOT include
land acquisition costs and/or any existing improvements,, or personal property such as machinery,
equipment, and/or supplies or inventory).
: 6 1 1 use pro"ect how Many
16. For a commercial radustr"al conimun'ty facility mixed
employees will the Project generate?
17. For a mixed-use prpi,ect,please indicate the percentage of all uses in the pro]'"ect in the
following table.
Table 5 Percentage of Uses in a Mixed-Use Project
M5,W-2%
24
Not
Residential
Office
Eating
Entertainment
Retail sales,
Service
VON"
M;rt
"Pik" -,g la
VA
ml
N
linm&" LWOW
TV. INCENTIVES
1. What incentives iare you applying for,90
I
Muni 0 Property Tax Abatements
5 years, «"• �•.« ,ar «6.0�,�."... ,..-.�,�;., ,"a�"�,.r.,."...� �. �s«..�.^"�.�.�°:..:�*,..,.w,�. ,.,�".:..- �„"';,,w�A cm -z'” V ell -'ft';J%
More than 5 years
Development Fee Waivers
All building permit related fees (including Plans Review and Inspections)
Plat application fee (including concept plan,preliminary plat, final plat, short form replat)
Board of Adjustment application fee
Demolition fee
Structure moving fee
E� Community Facilities Agreement (CFA) application fee
Zoning application fee
Street and utility easement vacation application fee
Impact Fee Waivers
Impact fee,waiver
Meter Size How many meters?
Release.of City Elms..
Weed liens
B oard up/op'en structure liens
Demolition'liens
Paving liens
4
n '
�i. WORTH
V. AC.'�OWLEDGMENTS .
hereby certify that the information provided is true and accurate to the best of my knowledge. I hereby
n '
acknowledge that I have received a copy of NEZ Basic Incentives, which o',verns the granting of tax
abatements, fee waivers and release of City liens, and that any VIOLATION of the tenns of the NEZ
Basic,Incentives or IS SENT shall constitute grounds for rejection of an application or
termination of incentives ves at the discretion of the City.
I understand that-the approval of:sec waivers and offer incentives shall not be deemed to be approval of
any aspect of the project. I understand that 1 am responsible in lobtaining required permits an'd
inspections from the City and in ensuring the project is located in the correct zoning district.
agree to provide any additional information for dete 'ning eligibility as requested by the City.
Jan IA
(TYPED (AtTRORIZED SIGNATURE') ATE
VQ
x.'�'r�"".r�;n.m "" n a .�,,'�' r..„p„. ar S-. i%ri✓t,, � '� 'S w� � w n r' ?
K �' , w«C.,« 1. cif X w i. A �$, II A. ,F rta, � w . 5• � w�
,. r � lu ��. ,P Nx' w'•• n x. ���r d A !.' i,� tr
r � t , btl« ♦:��.� y.: wrM'�,.:' , n, rvh".'x � -�. I�wM. � ..�.. .w � rM �.:+ �: ; a
a
e- x
a, �" el..: w IR. ,ffx.: w,«I �p �n'm• ;;� � >� �""" A�..a, , ,. ,,..� �� I.,. .,, '»,
r�
,. wl^. Y -.r r'J. .. ♦ x yy ; 4: 4
,
M,
�S w +hJ4,, Im dr
NMI
w i
•� �, rx, i d ��,..Y :,. v .AAY Y., 9 r. �x:. ,. ,' ,...Wa '� � � ,�'b. IF ^.F.,. �..� �y��
Eectronic version of this foimi is available b re uest. Please call 817-392-7507 to request a copy. For more
information on the NEZ Program,pilease visit our web site at www.fortworthgov,org/housing.
For Office Use Ondy .,
�°d �� « +.'��.:•q.���r�� „:."1 x.' '"`.� ., ':� « ,.:. � A� '.. + -+� w+X,..,S ..:1,�.�',w�«w,.•..'ti«:�r..�.n.,w„w«r.�.,„,:,. A�' +w;r wf�.„,..�., w� .......,.°
.,. --Applicatw No. � � � Lux vbich NE
Application Completed Date(Received Date).- Conform with Zoning? Yes DINo
Type? 9 S,F EJ Multifamily Commercial [:]' Industrial Community facilities 0 Mixed-Use
Construction completion date" El Before NEZ X After NEZ Ownership/Site Control 0 Yes El No
TAD Ac onnt No. � Consistent with the NEE plan? Yes No
,
Meet of ordab iity test's E Yes, ,0 No Minimum Capital Investment? Yes No
Rehab at or higher than'30% "des No Meet "xed-use definition Yes No
Tax x
current on this property Yes No Tax current on Iother properties? El Yes No
City liens on this,property. City liens on ether properties?
• Weed liens Yes No * Weed liens 0 Yes No
• Board-up/open structure liens Yes N * Board-up/olpen structure liens [:j Yes No
• Demolition n liens Ye's No e Demolition liens Yes R No
• Paving liens El Yes 9 No o Paving liens El des RI No
• Or de r of demolition El Yes N No f Order of demolition E:1 Yes No
Certified es ed e
No y Date certification iss .ed? � " � 3
Tf rtl
not nertife . -rt nn
Referred d to [:]Economic Development Housng KIDevelopment Water RCode TP�'
Revised Der-ember 31,2002 «
5
.,,FORTWORTH
.... ........
V. ACKNOWLEDGMENTS
I hereby certify that the information provi I aea is true and accurate to the best,of my knowledge. I hereby
0
acknowledge that I have received a copy of NEZ Basic Incentives, which governs the granting of tax
abatements, fee waivers and release of City liens, and that any VIOLATION of the terms of the N-EZ
IN I
Basic Incentives or MISREPRESENTATIO shall,consfitute grounds for rejection of an application or
termination of incentives at the discretion of the City.
I understand that the approval of fee waivers and other incentives shall not be deemed to be approval of
any aspect of the project. I understand that I am responsible in obtaining required permits and
& 0 -
inspections from the City and in ensuring the project is,located in the correct zoning distnct.
I agree to provide any additional information for determining eligibi,lity as requested by the City.
9 RI R U C,4 M 1111 F...A
(TYPED NAME) (AUTHORIZED SIGNATURE) (DATE)
6�`
P
r
4§1;
9 ,
P.
,",4
t
1,774
K,
12
j",
)011,Th�l q
09
S 42-, "'7 8
aw
all
r, 9�1
Electronic version ofthis,fonn is available by request. Please call, 817-392-7507 to request a copy. For more
0
information on the NEZ Program,please visit our web site at w�ww.fortworthgov.oror/hous'i"ng.
For Office Use Only
Application No. Council District
1Q Inwh*chNEZ9.
Q .I 1 10
Application Completed Date(Received Date): Conform with Zoning.9 X1 Yes ONo
T pe9 SIF El Multifamily Commercial Industrial 7-' Community facilities MLixed-Use
Y L-i
After NEZ YesEl
Construction completion date? EJ Before NEZ N O�wners,hip/Site Control L-J No
TAD Account No. Consistent with the NEZ plan? X Yes D No
Meet affordability test? E Yes E]No Minimum Capital Investment? Yes, No
Li
Rehab at or higher than 3 0%'? [:] Yes No Meet mixed-us,e definition? Yes No
Tax current on this property? Yes [:]No Tax current on,other properties? Yes, No
Li
City liens on this property? City liens on other properties?
• Weed liens, El Yes N No * Weed liens Yes No
':�l No lens E Yes, Ej No
• Board-up/oplen structure liens El Yes F' 9 Board-up/open structure I"
Llf�j
Yes No
• Demolition liens LJ a Demolition liens El Yes 0 No
• Paving liens 0 Yes, No * Paving liens 0 Yes, 2 No
• Order of demolition El Yes 2'No * Order of demolition Yes El No
Certified? El Yes, [I No Certified by Date certificati 'n
Z
14
Tf not nprtifip.d rnn.-qon
71�7 I U
to: ElEconomic Development XHousing MDevelo, ent,,7 o0e TKTPW
Referred p
rjT 11
A U
Revised April 15,2003
5
_'E"XHIBIT D
Project Description
a Is
Standard Am enities
EXTERIOR,
• 8' insulated front door with glass, insert.
0 16' metal overhead doors.
0 Metal awnings.
0 Lawn sprinkler systern, coon�munity controlled (pirivalte backyards optional).
0 Private back yards (select townhomes).
• Balconies on all, 3-story townhomes.
0 Wand 6' privacy wood' fencing,
0 Ful�l lands,c lin g.
a Guttering on front and rear.
& Comm nity pool.
Brick and cementuous siding construction,.
INTERIOR.
0 1,0' ceilings on Liv�ing, Rm. floors and 9' ceillings on other f'loors.
0 2-car attached garage with opener.,
0 Recessed can lighting throughout,,
0 Art niches.
9 TV and telephone pre-wire.
0 Security system pre-wire.
0 Audilo and home theater pire-wire.
0 Nickel door hardware.,
• Vinyl clad wire shelving.
0 Gera rnictile entry.
KITCH EN
0 Oak ,cablinetry.
0 41" tall upper cabinets.
0 Granite slab countertops.
0 Ceramic the floor,
0 Stainless steel sink with dlispioser.
0 Moen upgraded pull-oult faucet.
Whirlpool appliances
0 Gas dry slide-In rainge.
0 Dish washer.
0 Microwave built-in,
01 Un,der-cabinet lighting pre-wire.
0 Full size pantry closet.
Island with raised granite bar top (standard on select town heroes).
0
BATHROOMS.
0 Ceramic the floor in Master Bath & Powder Room.
0 Roman, tub i'n Master Bath.
0 Separate 48" walk-in, shower in Master Bath.
a Upgraded faucets in Master Bath.,
0 Full height mirror in Master Bath.
0 Solid surface countertops.
0 2 drop-in china bowls in Master Bath.
0 36" high vanity cabinets.
Recess can lighting.
0 Separate to,illet room in Master Bath.
0 Decorative Picture frame mirror in Powder Room.
0 Pedestal sink in Powder Room.
60" tub / shower in Guest Bath.
QUALITY CONSTRUCTION:
Engineered foundation.
Engineered floor and roof trusses,
2
Copper water lines.
Copper electrical wiring.
2 hour fire wall assembly between townholmes,
ENERGY FEATURES:
0 50 Gallon gas water heater.
0 2 gas HVAC systems.
R-30 blown insulation in attic.
0 R-131 blatt, insulation in perlimeter walls.
R-11 batt insula,tion in bath walls.
OPTIONAL UPGRADESI:
0 Gas fireplace.
0 3 d Bedroom package.
a Built-in cabinetry in Study.,
0 Island with raised granite bar to (standard on select to,wnhomes)
0 Countertops, flooring, electrical, plumbing! and blinds.,
OTHER FEATURES-
0 1588 to 2270 sq. feet
• Minimum 2 bedrooms, 2 bathrooms
3
Cfty of Fort Worth, Texas
j0% — a ■
Mayor and Council %,ommunication
1111,11 Man
-1 moo"
COUNCIL ACTION.- Approved on 11/181/2003
DATE: Tuesday, November 11 8, 2003
LOG NAME: 05BLVD BUILDERS REFERENCE NO.: C-198164
A
SUBJECT,
Approval of Tax Abatement Agreement with Ridglea Place, LP for 55 Real Estate Properties
Located" in, the Ridglea Village/Comol Neighborhood Empowerment Zone
RECOMMENDATION-.1
It is recorrimended that the City Council.:
1,. Approve a, five-year Miunicipal, Property Tax Abatement for each of 55 Real properties listed in Exhibit,
"A", owned by Ridglea Place, LP and located: in the Ridglea Village/'Colmo Neighborhood Empowerment
Zone (NEZ,)for the development of townhomes' and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Ridglea
Place, LP are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Ridglea Place,
LP for each of the properties listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy and
Basic Incentives.
DISCUSSION.,,
Ridglea Place, LP is the owner of the 55 properties listed in Exhibit "A". The real properties are located in
the R,idgliea Village Como NEZ and Neighborhood Empowerment Reinvestment Zone No. 2. Ridglea Place,
LP applied for a five-year mu,nicipal, property tax abaitement, under the 1 E Tax Abatement Policy and Basic
Incentives (M&C G-132 R, M&C G-13580 and M&C G-13662, as amended). The Housing Department
reviewed the application and certified that the properties meet the eligibility criteria to receive NEZ municipal
property tax abatement. 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 home constructed within a NEZ.
Ridglea, Place, LP will invest, at a m,inimumr , $6,1215,00101 to construct 55 town homes in the Ridglea/Como
NEZ. In order for Ridglea Placel LP to qualify for the tax abatement, Rid lea Place, LP must construct the,
townhomes with a minimum of 17010 square feet that will appraise for $140,0001. A more detailed description
of the homes to be constructed is attached as Exhibit "B". The form of the Tax Abatement Agreement is
attached as Exhibit C
Upon execution of the agreement, the total assessed value of the home used for calculating municipal
property tax will be frozen for a five-year period, starting, on January 1,, 2004,1 at the estimated pre-
improvement value as defined by the Tarrant Appraisal District, (TAD) on January 1, 2003, for each one of
the properties as follows:
Pre-improvement TA ID Value of Irriprovements $0
Pre-improvement Estimated Value of Land $17,040
Total Pre-improvement Estimated Value $177 4O
The municipall property tax on the 'improved value of the homes is estimated at $684 per year on each
property for a total of $,188,,100 over the five-year period for the 55 hiomies. However, this estimate may be
diff erent from the actual tax abatement value, which will be'calculated based on the TAD appraised value of
the
pr o�pert . Upon the sale of the, ho�me�, the agreement, will be assigned to the new owner, so long as, the
Y
new owner meets, alil, eligible criteria as, stated 'in the NEZ Tax Abatement policy and Basic Incentives. The
Tax Abatement Agre en:t provides that the agreement may be ass,igined without subsequent City Council
approval to Ridglea, Place, LPs first mortg age e, or to a homeowner who will use the required improvements
as his/her primary residence or the h,omeowner's, miortgagiee. All other assignments must, be approved by
the City Council.
Ridglea Place,, LP is located in COUNCIL DISTRICT 3.
FISCAL INEORMATI,ON/CERTI,FIC,AT'ION-.1
The Finance Director certifies that this action will have no material effect on City funds.
TO IF �nd/Acc,ount/Centers FROM Fun,dWAccountICenters
...........
Submitted for Citv Manager's Officq by: Reid Rector (6140)
Oir"ginatinc Jerome C Walker (75,37),
I i-Depaftment Head.
Additional Information Contact: Jerome C Walker (7537)
Elizee Michel (73361)
'Rome 1011MIm"I 1101,11 1000 MOOOM"Ip Ippol jppjjft401 ppll$ r lwq"Oiq limp N t"