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Home My WebLink AboutContract 28116STATE OF TEXAS § ��YY ��'�� C�NiR�CY � . A . _ � , �., COUniTY OF TARRANT § �� :. ,. TAX ABATEMEl�TT AGREEMEI�IT FOR PRUPERTY LOCATED IN A 1�TEIGHBO�H�OD EIVIPOWERMENT Z�NE This TAX ASATEMENT AGREEMEI�T ("Agreement") is entered inta by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal cor�or�tion organized under the laws of the State af Texas and acting by and through , its duiy authorizecF Assistant City Manager, and the Fort Worth Housing Finance Corpor.ation, a non-�rrofit housing de�elopment corporation, ("Owner"), acting by and through Jerome Walker, its duly authorized Owners' Representative. The City Councii of the City of Fort Worth {"�ity Council") hc;reby finds and the City and Owner hereby agree that the following statements are true and correct and constitute the basis upon which the City and Owner have �ntered into �is Agreemer�t: A. Chapter 378 of the Texas Local Government Code allows a municipality to create a Neighbarhaod Empowerment Zone (NEZ) if the municipality determines that the creation of the zone would promote:, 1. The creation of affordable housing, including manufactured housing in the zone; � • 2. An increase in economic development in the zone; 3. An �ncrease in thc quality of social services, educataon, or public safety pra�idec� to residents of the zone; ar �4. The rehabilitation of affordable housing in the zone. B. Chapter 37$ of the Texas Local Government Code provides that a�unicipality that creates a NEZ, rnay enter into agreements abating municipal property taxes on property in the zone, C, On Ju�y 31, 2001, the City adopted basic incentives far property owners who own proper�y located in a NEZ, stating that the City elects to be eiigibl�; to participate in tax abate�nent and including guidelin�s and criteria governing tax a�atement agreements �ntered into between the City and various third parties, �iCled "NEZ Basic Incentives" ("liTEZ Incenti�es"), whzch is attached hereto as Exhibit "A" and hereby made a part of tl�is Agre�ment for all purpases, D. The NEZ Inc�ntives contains appropriate guidelines and criteria gaverning taac a6atemen� agreements ta be entered into by the City as contemplated by Chapter 312 af the Texas Tax Code, as amended (the "Code"). . _. ____ 1ir� �l��G°�� I ��1� � � �� . � , Y:� - E. On September i 1, 2001, the Fort Worth Ciiy Council adopted Ordinance No. I4767 (the "Ordinance") establishing "Neighborhood Empowerment Reinvest�nent Zone No. 1," City o�' Fort Worth, Texas (the "Zone"). � F. Owner awns certain real property lacated entirely vvithin the Zone and that is mora particular�y described in Exhibit "B", attached hereto and hexeby made a Part of this Agreement for all purposes {the "Premises"). G. Owner or its assigns plan ta construct the Required �mprovaments, as defined in Section 1,1 of this Agreement and as dascribed in Exhibit "C", on the Premises to be used far as a single-family residence that wil� be owner occupied. (the "Project"). � H. On September 28, 2001, Owner submitted an application for NEZ incentives and tax abatemant to the C�ty concerning the contemplated use of the Premises (the "Application"}, attached hereto as E�ibit "D" and hereby made a part of this Agreement for all purposes. I. The City Council finds that the contemplated use of the Pz'emises, the Required Tmprovements, as defined in Section 1.1, . and the terms di this Agreement are cansi�stent with encauraging develapment of thc Zone in aceordance with the purposes for its creation and are in compliance with the NEZ Incen�i�es, the Resolutian and other applicable laws, ordinances, rules and regulations. J. The City CounciI finds that the terrns of this Agreement, and the Premises and Required Improvements, satisfy the eIigibility eriteria of tl�e NEZ Incentives. K. Written . notice that the City intends io enter into this Agreemen�, along with a copy of this Agreement, has been furflished in the manner prescribed by the Code to the presiding afficers of the governing bodies af each of the taxing units in which the Premises is located. I�TOW, THEREFORE, the City and Owner, for and in consideration of the terms and conditions set forth herein, do hereby contract, cov�nant and agr�e as follows: 1. 0►'T,L\F,l\rS l.�Yl'ii\ti.11lG7. 1.1. Real Proaertv Imnro�!e�mg��s. Owner shall construct, or cause to be constructed; on and within the Premises certain improvements consisting of a single �amily residence, (i) of at least 1,20� square feet in size, and (ii) having a construction cost upan completion of $ 60,000 including site development casts but such minimum constructian casts shaIl b� reduced by any canstruction cost savings (callectively, the "Required Improvements"}, Own�r shall provide a survey of the completed home showing Req�ired 7mpravements before the home is sold. The parties agree that the final sur�ey shall be a pa� r�=�r..n�s ��s��r� �n� � � IJ �.rrU �, � 2 I�''�i 1��1i # As 1�r („ shall be IabeIed Exhibit E, Minor variations, and more substantial variatians i� approved in writing by both of the parties to this Agreement, in the Requir•ed Improvements from the description provided in the App�ication for T_ax Abaiernent shall not constitute an Event of Default, as defined in Section 4.1, provided that ihe conditions in the first s�ntence bf� this Section 1.1 are rnet and the Required Irnprovements are used far the purposes and in the manner described in Exhibit "D". l.ti. Camnl�tion Da�e v� Reauired Impravements. Owner co�enants to substan�iajly complete const�ction of aIl of the Required Improveinents within two years from the issuance and receip� of the building perniit, unless delayed because of force maje�re, in which case thE two years shall be extended by the. number of days comprising the specific force majeure. For purposes of this Agreement, force maj�ure 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 apgro�ais from any governmental authority, ar acts of God, fi�es, strikes, nationa! disasters, wars, riots and material or labor restrictions and shartages as determined by the City of Fort Worth in its sole ciiscretion, which sliall not be unreasonably withheld, but shall nat incl�de construction delays caused due tn purely financial matters, such as, without limitation, delays in th� obtaining of adequate financing. L3. Use of Premises. Owner covenants thaC the Requi�red Improvements shall be constructed and the Premises shall be sald so that it is continuously used as the primary residence of the Home Buyer in accordance with the d�scription of the Project set forth in Exhibit "D". Tn addition, Owner covenants that throughout-the Term, the Required Improvements shall be operated and maintained for the purposes set forth in this Agreement and in a manner that is consistent with the general purposes of encouraging developmant or redevelopment of the Zone. � 2. ABATEMENT AMO[J�1TS, TERMS AND COliTDITIOliTS. Subject to and in accordance with this Ag;reement, th� City hereby grants to Owner a real prpperty tax abatement on tI�e Premises, the Required Improvements, as�specifically pravided in . this Section 2{�iAbatem��t"). "Abatement" af real property taxes only includes City of Fort Worth-irnposed taxes and not ta7ces from other taxing entities. 2.1. Amount of Abate�g�. The actual amount af the Abatement granted under this Agreement shall be based upon the increase in value of the Premises and the Required Improvernents over their values ort January 1, 2002 and according to the Tarrant A}2praisal District, t1�is amount is $I,DOQ the year in which this Agreernent was entered in�i+:.; . :::. ` UtL _ ...'s.'r--k I fi� f�r .� �'i Ck� f. �� F � iil�bl � � , {�, I One Hundred percent {lOQ%) of the increase in value from �he construction of the Required ImprovemenCs. If the total construction coats of the Required Impro�ements are less than as provided in Sectian 1.1 of this Agreement, except that such minimum construction costs shall be reduced by canstruction co�t savings, Owner will not be eligi�ble to receive any Abatement under this Agreement. 2.2 Term af Abatement. The term o� the Abatem�nt (the "Term'°) shall hegin on 7anuary 1 of the year foliowing the calendar year in which Ehe Required Trnprovement is sold to a Home Buyer to be used as its primary residence (`Beginning Date")_and, unjess sooner terminated as herein provid�d, shall end on Decernber 31 immediately praceding t�c fifth {5th) anniversary af the Beginning Date. Upon the sal� to a Home Buyer, City shall certify that the Required Improvernents have been completed in satisfaction o� the terms of this Agreemen�. However, the Campliance Auditing Term t�vill begin on the date this agreement is executed and will end an the expiration date of the Term. 2.3. Prote�ts Over t��nraisals or Assessments. Owner shall have the right .to � protest and contest any or all appraisals ar assessments of the Premises and/or improvements therean. 2.4. Abatement Apulication Fee. The City aclrnowledges receipt from Owner of' the required Abatement application f�e of twenty-five dollars ($25.00�. 3. RECORDS., CERTIF�CATION AND EVALUATION 4F PRO.TECT. 3.L Tnsuection of Premises. Between the execution date of this Agreement and the Iast day of the Term, at any time during cflnstruction af the Required Tmpro�ements and following reasonablc notice to Owner, the City shall have and Owner shall provide access to the Pre�ises in arder for the City to inspect th� Premises and evaluate the Required Improvements. to ensure compliance with the -terms and canditions of this Agreement. Owner shall cooperate fully with the City during any such inspection and/or evaluation, 3.�. Certifieation � `, - -- ', ;,�I � — ,�. �� 1( ��r�1�L�11�`� a , G'� �"}�'�rM- �� Property O�vner, and Home Buyer once the property is soId, ,shall c�rtify annually to ihe City that it is in compliance with each applicable term of this agreement. The Gity shall have t�e rig�►t to audit at the City's expense the financial and business records of Owner that relate to the Canstruc�ian of the Project and Abatement terms and condrtti.ons (collectively, the "Records") at any time durin� the Compliance Auditing Term in order ta determine compiiance with this A,greement and to calculate the correct percentage of Abatement available to Owner. Owner shall make all applicable Records available to the City on the Premises ar at another �acation in the City foilowing reasonable ad�ance natice by the City and shall otherwise cooperate fully with the City during any audit. 3.3. Pro�ision of Information. . On or bafore February 1 foilowing th� end of every year during the CompIiance Auditing Tezm and if requested by the City, Owner shall provide information and documenta�ion for the previous year that addres�es Owner's coznpliance with each of the term� and conditions of this Agreement for that calendar year. Failure to provide all infarmation within tlae control of Owner required by this Section 3.3 shall canstr'iute ar� Event of Default, as defined in Sectiora 4.I. 3.4. Determination of Comuliance. On or before August l. of each year during the Cornpliance Auditing Terin, the City stiall make a decision and rule on the actual annual percentage of Abaternent available to Ow�ner far the foliowing y�ar of the Term apd shall notify Owner of such decision and ruling. The actual percentage of the Abaternent granted for a given year of the Term is therefor� based upon Owner's compliance with the terms and conditions of this Agreement d�ring the previous year af khe CaYnpliance Auditing Term. 4. EVENTS OF DEFALTLT. �.1. Defiined. Unless Qtherwise specified herein, Owner sha11 be in default of this Agree�ent ii {i) Owner fails ta construct the Required Impravements as defined in Section 1.1; (ii} ad valorem real property taxes witl� respect to tha Premises or the Project, or its ad valorem ta�ces with respect to the tangible personaI property Iocated on the Premises, became delinquent and Ownar does not timely and properly follow the legal procedures for pratest and/ar contest of any such ad valorem real property or tangible personal property taxes or {iii) Home Buyer daes not use the Premises as primaty residence once th� abatement begins {collectively, each an "Event of Default"}. 4.2. l�otice ta Cure. . rf, , �r. �� - ��', ��d � � 5 . "�� Subject to Section 5, if the City determines that an Event af Default has occurred, the City shall �rovide a written notice to �wner that describes the nature of the Event of DefauIt. Owner shall �ave ninety (90) cal�ndar days from the date of receipt of this written notice to fully cure or ha�e cured the Event of Default. If Owner reasonably beli�ves that �wner wiI] require additional time to cure the Event of Default, Owner shall promptly notify the City in writing, in which case {i) after advising the City Council in an open meeting of Owner's efforts and intent ta cure, �wner sha�l have one hundred eighty (180) �calendar days fram the original da.te of receipt af the written notice, ar {ii) if Qwner reasanably 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 oper� meeting of Owner's efforts and intent to cure, such additianal time, if any, as may b� offered by the Ciiy Council in its sale discretion. � 4.3. Termination for Event oi Default and Pavment o#' Liauidated Dama�es. If an Event af Default which is defined in Section 4.1 has not been cured within the time frame specifically allowed tinder Section 4.2, the City shail have the right to terminate this Agreement immediately. Owner acknowledges and agrees that an uncured Event of Default will {i) harm the City's ecanomic development and redevelopm��t efforts on 'the Premises and in the vicinity of the Premises; (ii} require unplanned and expensive additional administrative oversxght ar�d involvemant by the City; and (iii) otherwise harm the City, and Owner agrees that �he amounts of actual damages therefrom are speculative in nature and will be difficult or impossible to ascertain. Therefore, upan terrnination of this Agreement for any Event af Default, Owner shall not be eligible for the Abatement for the remaining Term and Owner shaii pay the City, as liquidated damages, aIl taxes that were abated in accordanee with this Agreement far each year when an E�ent of Default existed and which otherwise would have been paid ta the City in the absence of this Agreement. The City and Owner agree that tt�is amaunt is a reasonable appraximation of actual damages that the City wi1� incur as a result of an uncured Event of Default and that this Sectian 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 jurisdictian aver the Premises. Otherwise, this amount shail be due, owing and paid to the City within sixty (60} days following the effective date of ternunation of this Agrreement. In thc �vent that al� or any portion o� this amount is not paid to the City within sixty (60} days foilowing the effective date of termination af this Agreement, Owner shall also be liable for all penalties and interest on any outstanding amounC at the statutoty rate far d�iinquent taxes, as determined by the Code at the time of the payment of such penalties and interest (cu:rrently, Section 33.01 of the Code). 4.4. Termination at Will. If the City and Owner mutually determine that the development or use of the Premises ar the anticipated Required Improvements are no longer appropriate or feasible, or that a higher or better use is preferable, the City and �wner may tertninate this Agreement in a written fQrmat that is signed by �oth parties. In t�r�= .-:��rtri, �'��_'�� i �u4 � ~ � ll�o has comrnenced, the Term shall expire as af th� �ffective date of the terntination of this Agreement, (ii) there shall be no recapture o� any taxes previously abated; and (iii) neither party shall have any further right� or obligations hereunder. 5. 6. City: E�'ECT OF SALE OF PREMISES. The Abatement granted hereunder shall vest only in -Owner and cannot be assigned to a new owner af all or any portian of the Premises and/or R�;quired Improvements without the prior written consent of the City Council, which consent shail not be unreasonably withheld pravided that (i) the City Council find,� that the px'oposed assignee is financial�y capab�e of ineeting the kerms and cor�ditions of this Agreement and (ii) the proposed purchaser agrees in writing to assume aIl terms and conditions of Owner under this Agreement. Owner may not otherwise assign, lease or canvey any of its r�ghCs under this Agreemenk. Any atternpted assignrnent without the City Council's prior written consent shall constitute grounds for termin.atian af this AgreeFnent and the Abatement grant�d hereunder following ten (10) calendar days Qf receipt of written nokice from the City to Owner. In na event shall the abatement term be extended in the event of a subsequent saie ar assignment. � IiTOTICES. All written notices called far or required by this Agreement shall be addressed to the following, or such nther party ar address as either party designates in writing, by certified rr�ail, postage prepaid, or by hand delivery: � Owner: City of Fort Wor�h Attn: City M�nager 100Q Throckmorton Fart Worth, TX 761Q2 7. MI5CELLANEOUS. '�.1. Bonds. Fort Worth Housing Finance Corporation �a00 Throckmorton Fort Worth, Texas 76102 The Required Iznprovements will not be financed by t� increment taonds. This Agreement is subject to rights o� holders af outstanding bonds of the City. 7.2. Canflicts of Interest. 7 ,7�� .�I��I�'�' , ':r, ;��'�.� ;�; 1 � I'r;+�1 ' � �Gi�` � Neither the Premiscs nor any of the Required Improvements covered by this Agreement are owned ox leased by any member of the CiCy Council, any mernber of the City Pla.nning or Zoning Commission or any rnember of the governing body of any taxing units in the Zone. 7.3. Conflic#s Between Documents. In the e�ent of any conflict between the City's zorung ordinances, az' other City ordinances or regulations, and this Agreement, such ordinances or reguIations shall cantrol. In khe e�ent of any canflict between th.e body of this Agreement and Exhibit "D", the body of this Agreement shall control. 7.4. Future Abuli�ation. A portion or all of the Premises and/or Required Improvernents may be eligi�ble for complete or partial �x�mption from ad valorem taxes as a result of existing 1aw or future legislation. This Agreement shaIl not be � construed as evidence that such exemgt�ons da not apply ta the Premises andlor Required Impravements. 7.5. Citv Council Authorization. This Agreement was authoriz�d by the City Council through agprnval o� Mayar and Council Comrnunication No. an , which, among other things, authorized the City Manager to execute this Agreement on i�ehaIf of the City. 7.6. Estou�el Certificate. Any party hereio may request an esto�pel certificate from another party hereta so �ong as the certi�cate is requested in cannection with a bona fide t�usiness purpose. The certificata, which i� 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 defau�t {or if an Event of Default exists, the nature of the Event of Default and curative actian talcen and/or necessary to effect a cure), the remaining te�m of this Agreemeni, the Ie�els and remaiming term of the Abatement in effect, and such other matters reasonably requested by the party or parCies to r�ceive the certificates. 7.7. Owner Standia�. Owner shall be deemed a proper and necessary party in any litigation questioning or chaIlenging ihe validity of this Agreement or any of the underlying laws, ordinances, resolutions or City Council actions authorizing this Agreement, and �wner shalI be entitled to zntervene in any such litigatian. '�.5. Venue and Turisdiction. u.��'J'�Vl�� u; _ _. . , ; $ •.:�� .� � � , . This Agreement shall be construed in accardance witl� the laws af tile State of Texas and applicable ordinances, rules, regulaiions or policies of the City. Venue fvr any action under this Agreement shail lie in the State District Court of Tarrant County, Texas. This Agreernent is performable in Tarrant County, Texas 7.9. Recordation. A certified copy of this Agreement in recordable form shatl be recorded in the Deed Records af Tarrant County, Texas. 7.10. Severabilitv. If any provision oi Chis Agreement is held to be invalid, illegal or unenforceable, the �alidity, legaiity and enforceability of the reinainiztg provisians shall not in any way be affected or impaired. i.I1. Headin�s Not Controllin�. Headings and titles used in this Agreement are for referenee purposes or�iy and shall not be deemed a part oi this Agreement. '�.1�. Entiretv of A�eement. This AgreemenE, including any exhibits attached hereto and any docun�ents incorporated herein by reference, cantains the entire understanding and agreernent betweer� the City and Owner, their assigns and successors in interest, as ta t�e matters contained herein. Any prior or contemporaneous oral or r�rittEn agreement is haxeby declared null and void to the extent in canflict with any provision of this Agreement. This Agreernent shal� not be amended unless executed in writing by both parties and appro�ed by the City Council. This Agreement may b� executed in mulriple counterparts, each of which shaIl be considered an original, but aI� of which shall constitute one instrument. � 9 ' � ,, EXECUTED this da of �� , 2002, b the Cit af Fort Warth, Y � Y Y Texas. EXECU"TED this �day of s�� '�e �..., .��,r , 2002, by Fort Worth Housing Finance C�rporatian. . CITY OF FORT WORTH: FORT W4RTH HOUSING FINANCE CDRPORATION: � : � Assistant City Manager ATTF�S"�'; � . l:/��T/ �` � B . � " �'1 � -- .�J.6�%� y. . . � �Gity Secretary � .�� ' �er me C. Walker ATTEST: : APPROVED TO FORM AND I.�GALTI'Y: B: � Y Cynthia arcia Asszstant City Attorney � -i _ - - - � , M&C: � ` ► ► , .� io ,` II� '�,v1 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, th� undersigned authority, on this day personally appeared .�. R,P c:T'vT�,,, Asszstant City� Manager of the CTTY OF F�RT WORTH, a m�nicipal corporatian, knawn to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said CITY QF FORT W�RTH, TEXAS, a municipal corporation, that hc was duly authorizcd to perform fhe same by appropriate Mayor and Cc�uncil Communication o£ the City Cauncil o� the City of FQrt Worth and that he executed the same as th� act of the said City for the purposes and consid�ration therein �xpressed and in the capacity therein statec�. ' GIVEN UNDER MY HAND AND SEAL OF OFFICE this f�� day of fD �1�-�� , 2002. . /��.a.��C�., t�3[.�.�..�--.� Notary Public in and fvr the State of Texas R a Se.l! 14 �1� R N�S Notary's Pr�nted Name �1 xo��'�p�� ROSELLA BARNES �, NOTARY P�BLIC �� State of 1"exas �,,,,p N�`r Comm. Exp. 03-31-�005 l� i ��V'�'ai l.'S. �aR)'�� oe c�- _ c:�ro�•VL'u� i��4^n � „ ` + i I.�,� � � .: , 1 STATE OF TEXAS § COUlliTY OF TARRAIlTT � $ BEFORE ME, the undez'signed atttharity, on this day personally appeared��e�-o� ��• �4f 1�N� ��.-. �~ af the Fort Worth Ho�sing Finance Cozporatian, a Texas non� profit corporation, known to me to be the persor� whose name is subsc�ibed to ti�e foregoing instrriment, and acknowledged ta rne that he executed the samc for the purposes and consideration therein exp:ressed, in the capacity therein stated and as the act and deed of the Fort Worth Housing Finance Corporatian. . GIVEN UNDER MY HAND AND SEAL OF OFFICE this I� �{� day af S �� ,,,, �, H � , 2002. f-✓ r t��7R Notary Public in and for ;� ,.... .,,.�,.,-� �-�-.�:.�� the State flf T�xas ;�� w{LI,IqM HEw�rr ; � � �"�€ MY CQMMI5SI4N EXPIRES 4:� r January 27; 2043 ,Ri�„ ' , , . ., . .._.... ,�. . , ,�� Notary"s Printed Name � 12 � i� Exhibit A: NEZ Incentives Exhzbirt B: Praperty Description E�hibit C: Praject descripiian incluciing kind, number and location of the praposed improvements. Exl�ibit D: Application: (NEZ) Incentives and Tax Abateinent Exhibit E: Final Survey i � � 13 . �'�11,31 A f� � cir�r o� �oR� vvoR�w NEICHBORHOOD �NiPOWERM�NT ZON� (PlEZ) BA51C If�C�1VTIVFS Adopfed by the Fort Worth Gity Council on July 31, 2009 (M&C G-93208 R) Amended by the Fart Worth City Counci! an Apri12, 20�72 {M&C G-13580), July 23, 2002 (M&C G-13682} !. G�IV�RA� PURPOSE AFVD O�J�C�f1/E5 Chapfer 378 of the Texas Local Gavernment Code aflows a m�nicipaliiy to create a Neighborhood Empawerment Zone {NEZ) when a".,_municipality determines fhat the creation of th� zone would promote: {1) the creat�on ofiaffordabl� housing, including manufaciured (2) an increase in economic develapment in the zone; (3) an increase in the q�ality of social services, education, or residenfs of the zone; ar (4} the reha�ilitatian of affardable housing in the zor�e." hausing, in the zone; public sa�€efy provided to The City, �y acfopting fh� �Following incentives, wili promote a�fardable housing and ecc�nomic development in the NEZ. NEZ ince�tives wiil not be granted after the NEZ exp�res as defined in the resalufion designating the NEZ. For each NEZ, the Ciiy Councii may approve addiiional terrns and incentives as permitted �y Chapter 378 of the Texas Local Govemment Code or by Cify Ca�ncil resolution. Hawever, any #ax abatement awarded befor� tF�e expiration of a NEZ s�all carry its fiull ferm according fo its fax abafement agreement approved by fhe City Council. . As manclated by state law, the property tax abafemen� under thas policy applies io �he owners o� real property. Nof�ing in fihe policy shall be cansfrued as an obligation by �he Gity of I�ort Illdorth #o approve any tax abafemen� app�icaiion. lf. DEFI�'1TI(��VS "A6atement" means the full or partial exemption from Cify of Fork Worth ad valorem taxes on eligible pr�perties far a period of �p to 10 years and an amount of up fo 100% af the increase in appraised value (as reflected �n the certified fa�t rol! af the appropriate co�nty appraisal district) resulting from improvem�nts. Eligible properties must be located �n ti�e NEZ. "Base Ualue" is the value of the property, exciuding land, as determined by �he Tarrant Caunty Appraisal Districf, d�ring fhe year rehabiEitatian occurs. 'Building Standards Commission" is the commission created under Sec. 7-77, Arkicle iV. Minimum Buiiding Standards Code of the For� W4rth Ciiy Code. ' "Capital lnves.tmenf" ir�cludes oniy reaf property improWements such as new fiaeilities and sfructures, sife improvements, facility expansian, and facility madernizatioR. Capital [n�estmenf does NDT incfude land acq�isition costs and/or any sxisting improvements, or personal property (such as machinery, equipment, andlor supplies and invenfary). "City of Fort Worth Tax Abafemerrt Palicy 5fatemenf" means #he po[icy adopted by Ciiy Council on February 29, 2000. "Commercia!/lndus#rial Development Project" is a deve{opment project which proposes to eanstruct ar rehabilitate commerciallindustrial �acilities on property that is (or meets the requrrements to be) zoned commercial, indusirial or mixed use as defined by the City of Far� Worth Zoning Ordinance. "Communify Facility Developmen# Project" is a devefopment project which praposes to canstruct or r�habilitate community facil�ties an property that alfows such use as defined by the City of Fnrt Worth Zoning Ordinance. "Eligible Reha6ilifatiorr" Rehabilitation does NOT andlor supplies). includes only physica! improvements to rea! property. Efigibfe indude personal property (suc� as furniture, appliances, �quipmen#, "Gross Floor Area" is measured hy taking the outside dimensiorts of the building at �ach fioor leve[, except that portion of the basement used or�fy for utilities or storage, and any areas within the building used tor off-str�et parking. "Minimum Building Standards Code" is Article IV of the Fort Warth City Code adopted pursuant t� Texas Local Goverr�ment Code, Cnapters 54 and 214. "Minority Susiness Enterprise (MBEj" and "Women Business Enterprise (WBEj" is a minorify or woman owned business that has received certification as either a certified MB� ar certified WBE by either the North Texas R�gional Certification Agency {NTRCA) ar the Texas Department of Transportation {TxDot}, Highway Division. "Mixed-Use Development Project� is a development projecf w�ich proposes �o construct or rehabifiiate mi�ced-use facilities in which residential uses cans�itute 20 percenf or more of the total gross floor area, an� affice, eaiing and entertainment, ant�lar retail sales and service uses cansfifute 10 percent or mare of the total gross floor area and is on pro�erty �hat is (ar meefs the requiremen#s to be) zoned mixed-use as described by the City of Fort Worth Zoning Ordinar�ce. "Multi�family Developmenf Project" is a develapment project w�ieh prapases to constr�ct or r�F�abi[itate multi-family residential living units an properfy that is (or meets the requ�rem�nts to be) zoned mu�ti��amily or mixed use as defined by the City of Fort Warth Zaning Ordinance. "Reinvesfinent Zane" is an area designated as such by the City of Fork UVar�h in accordance wiih the Property Redevelopment and Tax Abatement Act codified in Chapter 312 of the Texas Tax Cocfe, or an area designated as an enterprise zone pursuant to the Texas Enterprise Zone Act, codified in Chapter 2303 of fhe Texas Government Code. III. f�IIUPIlCIPAL PROP�RTY TAX �►��►T�M�NiS A, ��SIDEAfiIA� PRO��R�I�S �.00Ai�� [N A N�Z. FUI�L A�A7�M�FV� �OR a YEARS � 7. Far resideRtial property purchased before NEZ designation, a ham�awner sha�l be eligible fo a�ply for a tax abatement by meefing the following: a. Property is owner-occupied and the primary residence of the homeawn�r prior ffl the final NEZ d�signation. Homeown�r shall pravide praof of ownership by a warranty deed, affida�it af heirship, or a probated w�ll, and shall shaw proo� of primary residence by homestead exemption; and b. Homevwner must perform Eligible Rehabilitation on the �raperty after NEZ desi�nation equal to or in excess of 30% of tF�e Base Value of the property; and c. Property is not in a tax-delinquent status when f�te abatement application is su�mitt�d. 2. For residential praperty purchased after NEZ designation, a homeowner sF�all be eligible ta apply for a tax abatement by meeting the fo[lawing: a. Property is newly cons#rucfed ar rehabi[itated after the dafe nf fi�al N�Z � designation; and � b. Properly is owr�er�occupied ar�d is the primary residence of the homeowner. Homeowner shalf provide proof af ownership by a warranty deed, affidavit of heirship, or a probated wifl, and shall show proof of primary residence by homesi�ad exemption; and c. �or re�abilitated property, Eligib[e Rehabilitation costs on the property shall be �qual to or in excess af 30% of �Y�e Base Vaiue of the property. The s�ller or owner shall provicfe �he City infarmation to support rehabi[itation costs; and d. Property is not in a iax-delinquent status when the abatement applicatior� is submitted; and e. Praperty is in con�Formance with the Ciiy af Fort Worth Zon�ng Ordinance. � 3. For investor owned single family property, an in�estar shall be eligible ta a�ply for a #ax abatement by meeting the following: - a. Property is newly constructed ar rehabili#ated by the investor after NEZ designatian; and b. F'ar reha�ilitateci property, ElEgib[e Rehabilitation costs on the praperty shaA be egual to or in excess of 3a% af the Base Value af the property; and c. Praperty is not in a tax-�elinquent status when fhe abaismenf applicafion is submitte�f; and d. Property is in conformance with tne City of Fart Worth Zoning Ordinance. �. MU�i1��AflIII�Y ��1/�LO�M�N� �R�J�CiS �OCAi�� 1[V A iV�� 1. Full Abatement for 5 years. In order to be eligible for a praperty �ax abatemenf, upon completion, a newfy constructed or rehabiiitated muiii-famiiy developmenf project in a NEZ must satisfy the following: At least twenty percent (20%) of fhe total units constructed or rehabiliiated sha[I be affiardable (as defined by the U. S. Department of Housing and �rban Developmenf} to persons with incomes at or below eighty percent {$0%) af area median income i�ased on family size and such units shall be se# aside for persons at ar below 80% of the median iricome as defined by the U.S. [c3 ❑�partment of Ho�sing and Urban �evelnpment. Cify Council may waive or reduce thE 20% affordability requirement on a case-by-case basis; and (a) For a multi-family de�elopment projeci construcfed after NEZ designation, the projecf must provide at least fve (5} residential fiving units OR have a minimum Capital [n�estment of $200,000; ar (b} For a rehabilitation �aroject, the praperty must be re�abififated after NEZ designatian. Eligible Rehabilitation costs on the property shall be at Eeast 30% of the Base Valu� af the praperty. 5uch Eligible Refrabilitation costs must come from #he re�a�ilitation of at least five {�} rEsidential living units or a minimum Capita! Invesfinent of $200,OOD. 2. 1%-100% Abatement of City Ad Valorem taxes up fo 10 years if an applicant applies for a#ax ahatement agreeme�t with a term of more than five years, this section shall apply. Abatements f�r multi-family d�velopment projects far up ta 1� years are subj�ct to City Cauncil approval. The applicant may ap�ly wifh tF�e Ho�sirtg Department fvr such abatement. Years �[ throuph 5 of the 'fax A�a�emen4 �►areemen� Multi-famify praj�cts shall be aligible for 1�0% abatement of City ad �a4orem faxes for years ane through five of the Tax Abat�m�nt Agreement u�on the sa�isfaction of the following: Af ieast �fwenty percer�t (20%) of th� to�ai units constructed or r�habilitated shal� be a�fordabfe (as defined by the U. S, Departmertt of Housing and U�ban Develapmenf) to persons wi#h incomes at or below ei jhty percent (SO%) nf area median income based on family size and s�ch unifs shall be s�t aside for persons at ar b�low 80% af t}�e media� incame as defiined by the U.S, Departrnent of Housing and Urban Deve{opment. City Council may waive or reduce the 20°/a aff�rciab�lity req�irement an a case-by-case basis; and a. F'ar a mulfi-family de►�elopm�nt project constructed after NEZ designatian, the project must provide at least five (5) resid�ntial li�ing units OR ha�e a minimum Capital Investment of $2D0,000; or b. �or a rehabilitation project, the property must be rehabilitated after NEZ desEgnafion. Eligible Rehabiiitation costs fln th� prQp�rty shall be at l�ast 30% of the Bas� Value af the properfy. Such L�ligihle RehabiGtafion costs must come �rom the rehabili#ation of at least five (5) residentiaf living units or a minimum Capifial [nvestment of $20Q,000. Years 6 ihrouah 1 U of �tte iax Abatemen� Aareem�nt Multi-family projects shall b� eligibfe far a 1-1a0% abatement of Cify ad vaforem taxes for years six thro�gh ten of ihe Tax Abatement Agreement upo� the satisfaction of the follawing: a. At least twenty percent (20%} af the tofal units constr�acted or rehabilitated shall be affordabl� (as defined by the U. S. Department of Housing a�d Urban Developmenf) to persons with incomes at or below eighfiy percent (80°/a) of area 4 median income based on family size and such uni#s shall be set aside for persons at or below 80% of the median income as defined by the U.S. Department af Housing and Urban Developmer�t. City Co�[ncil may waive or reduce �he 2Q% a�fordability reguirement on a case-by-case basis, and 1. Far a multi�family development project constructed after NEZ designation, the project must pravide at least five (5) residentiaf living units OR have a minimur� Capital Investment of $200,000; or 2. For a rei�abiiitation project, the proper�y must be rel�abilitafed affer NEZ designatian. Eiigible Rehabiiitation costs on the property shafl be at least 30°/a of the Base Value of the properiy. Such Eligible Rehabilitatior� costs must coms from the rehabilitation of at least fiive (5) residential [i�ing units or a minimum Capifal investment of $200,000. b. Any other terms as City Council of the City of Fort Worth deems appropriate, i�cluding, bufi not limited to: 1. utilizatian vf Fort Wort� companies for an agreed upon percentage of the fotal casts for construc#ion cantracfs; 2. utilizati�n of cer�ifie� minority artd women owned business enterprises for an agr�ed upon percer�tage of ti�e total costs for construction contracts; 3. property inspection; 4. commit to hire an agreed upan percentage of Fart Worih residents 5. cammit ta� hire an agreed upon percentage of Central City residents 6, landscaping; . 7. tenant selectian plans; and 8. management plans. C. COiVIM�RCIAL, [NDUSiRIp,� APl9 COMMIUI�li1( �/�CI�IiI�S D�V��PIUIEHT �iaOJ�C�S LOCA7�D IW A 1VkZ 1. FuII Abatementi for 5 years. Ir� order to be eligible for a praperty tax a�atement, a newly construcfed or rehabiiitated commerciallindustrial anc� cornm�niiy facilitiEs development proJect irt a NEZ must satisfy the following: a. A commercial, ind�strial ar a community faciiities development prnject � cor�stTucted after NEZ designation must ha�e a minimum Capital Investment o� $75,OOQ; or b, For a rehabi�itation prnject, it must be rehabifitated after NEZ desi�naiio�. Eligibie Rehabilitafion costs an the property shall be at least 30% of fhe Base Value of the property, or $75,000, whichever is greater. 2. �%-100% Abatement af City Ad Valorem taxes up to 1� years If an a�plicant applies for a tax abatement agreement with a term of more than five years, this section shal[ apply. Abatement agreements for a Commerciaf, Industrial and Community Facilities Development projects for up ta � 0 years are st�bject to Cify Council apprnval. The 5 appficant may apply wifih the Economic and Cornmunity �evelapment Depar�men� for such abaiement. � Years 1 throuah � oi the iayc A,ba�ement Aqreem�ni Cammercial, ]ndusfria[ and Community �acilities De�elopment projects shall be eligible tor 100% abafement of City ad val�r�m taxes for the first five years of the Tax Abatement Agreement up�n the satisfacfiart of the follawing: , a. A commerciaf, industrial or a community faciiities develo�ment project constructed afiter NEZ designation must have a rninimum Capital Investm�nt of $7�,dOQ; or b. Far a rehabilifiaiion praject, it must b� rehabilitated af�er NEZ designation. Eligible Reha�ifitation costs an the property shall be at least 30°/n ot ti�� Base Value ofi �he property, or $75,OD0, which�ver is greater. Years 6 thrauah 1 D o� the iax Aba#emeni Aareemen� Comm�rcial, Industrial and Communi�[y Facififiies Develapment prajects shall be eligible for �%-100% aba�ement of City ad valorem taxes for years six through ten of the Tax Abatemen# Agre�ment upan the satisfaction of fhe foElowing: a. A cammercial, industrial or a community facilities deve�opment projec# consfructed after NEZ designation must nave a minimum Capital Investment of $75,000 ancE must meet the requirements of subsection {c) be[ow ; or b. For a rehabilitaiian prnject, it must be reF�abilitated after NEZ designation. Eligible Rehabilitation costs on the property shall be at least 30% af the Base Val�e of the proper#y, or $7�,000, whichever is greater and meet t�e requirements nf subsectior� (c} below. � c. Any other terms as City CouncEl of the City of Fort Worth deems appropriafe, incl�ding, huf not [imited to: 1. ufilization ofi Fort Worth companies for an agreed upon percentag� of th� fotal costs for cQnstrucfion contracts, 2. uti�ization of certified minority and wom�n owned business enterprises for an agreed upon per'ceniage ot the total costs for constructlon contracts; 3. commit to hire an agreed upan percentage of �ort Worth residents; 4. cammit to hire an a�reed upon percentage of Central City residen#s; and 5. landscaping. D. IVIiXED�US� DEVELOP�IIENi PROJ�CTS �OCA�'�� lN /� N�Z 1. Fuil Abafement for � years. In order to be eiigibfe for a property tax abatement, upon compietion, a newly constructed or rehabilitated mixed-use d��elopment project in a N�Z must satisfy tf�e following: a. Residential uses in the projec� constitute 20 percenfi or more of the total Gross Floor Area of the praject; and b. Office, eating and enterta�nmeni, and/or re#ail sales and sarvice uses in the project constitute 1 D perc�nt or mare of ihe to�al Gross Floor Area of the p�oject; and [� (1} A mixed-use dav�lopment project constructed after N�Z designation must F�a�� a minimum Capital Investment of $200,000; or (2} Far a rehabilitation project, if musti be rehabilitated. after NEZ designafian. EJigible Renabi�itatifln cos#s on the proper�y sha�l be .af least 30% of the Base Val�e of the property, ar $200,000, whichever is greater. 2. 1%�100°/p Abatemenfi of Cify Ad Valorem taxes up to � 0 years I� an applicant applies for a t�x abatement agreement with a term flf more than five years, this section shafl apply. Abafements agreements far a Mixed Use Development proj�cfs for up to 10 years are subject to City Council approval. The appficant may apply with the Economic and Community Development Department for such abatement. � Years �I thrauah 5 0� the Tax Abafiement Aareeme�t Mixed Use Deve]opm�nf projects shafl be eligible for 1(}0% abatemen# af City ad valorern taxes far the first five years of the Tax Abatement Agreement upon the satisfaction of the fallowir�g: a. Rasidentia! uses in the project constiiute 20 percent or more of the tota[ Gross Flaor Area af the projecf; and b. Office, eating and entertainment, and/or r�tai� saEes and se�vice uses in fhe project constitufe 1D percent or more of the tataf Grass Floor Area af the project; and� c. A new mixed-use de�elopment proj�ct constTucted afker NEZ designatior� must have a minimum Capital In�esttnent of $200,DQ0; or for a rehabi[iiation project, it must be rehabilitated after. NEZ designation. Eligib�e Rehabilitatian casts on the prvperty shall be at least 30% of the Base Vai�e of fhe prop�rfy, or $200,OOD, whichever is greater. Y�ars 6 throuqh 1 Q of the iax Abafement Aureement Mixed Us� D��eEopment projecfs shall be eGgible for '[-100°/n abatement of Cify ad valarem #axes #or years six thraugh �en of the Tax Abatement Agreemer�t upon the satisfaction of fhe following: a. Residentia! uses in the project constitute 20 percent Qr more of the tota� Gross Fioor Area af the projeci; and b. OfFice, eating and enteriainment, andlor re#ail safes and service uses in the �roject constitute 90 percent �r more of the tata� Gross Floor Area of the project; c. A ri�w mixed-use development project consiructed afier N�Z designation musf have a mihimum Capital Investment of $20�,OQ0; or far a rehabilitation project, it must be rehabilitated after NEZ dEsignation. E�igible Rehabilitation costs an the pro�eriy shall �e at (east 30% of the Base Value of fF�e proper�y, or $200,000, whichever is greater; and d. Any other terms as City Council of tF�e City of Fort Wo�F� deems appropriate, including, �ut not limited to: 1. utiiization of Fort Worth eompa�ies for an agreed upan percentage of the to�al costs for canstruction contracts; 2. utilization of certified minarity and women owned business enterprises tor an agree� upon �aercentage of tt�e total casts fnr construction contraets; 3. property inspection; 4. cammit to hire an agreed upon percentage of Fort Worth residents 5. commi� to hire an agreed upan percentage of Central City resid�nts 6. landscap�ng; 7. tenant salection plans; and 8. management �ians. �. ABAT��i1�Ni CUI�}ELIA��S 1. ff a NEZ is located in a Tax Increment Financing District, City Councif wifl determine an a case-by-case basis if fihe tax abatement incentives in Section III wil! �e afFered to eligEbie projects. Eligib�e projecfs must rrreet all efigibility requ�rements specified in Section I I L � 2. In arder to be eligible ta appiy for a tax abatement, #he property owner/developer musf: a. Nat. be deiinquent in paying praperty taxes for any properiy owr�ed by the ownerlde��la�er ; and b, Not have any City af Fort Worth liens tiled against any grope�ty own�d by fhe applicant property ownerldeveloper. "�iens" include, but are not limi#ed to, weed liens, demalition liens, board-uplopen structure lisrts and paving liens. 3. Properti�s under a contraci far deed are not eligible for tax a�atemenf. 4. Once a NEZ property flwner of a residential property (inciutfing m�lti-famiiy) in the NEZ satisfies the criteria set forth in S�ctians I]I.A, E.1. and E.2. and applies for an abatement, a property owner must enter into a tax abatement agreement wi#h the City of Fort Worth. The �ax abatement agreement shafl automatically terminate if the property subject to fhe fax abatement agreement is in vioiation of the City of �ort Worth's Minimum Building . Standards Code and tF�e owner is convicted of such violation. 5. A tax abatement granted under t�re criteria sef forth in 5ection lll, can only be granted once for a properly in a NEZ far a maximum term of as specified 'm the agreement. If a property an which tax is beir�g abaf�d is sold, the City will assign the tax a�atement agreement for the remaining term once the new awner submits an application. . 6. A property �wnerldeveloper of a multifamily development, commercial, industrial, communi�y facilities and mixed-use deve�opmen# pro�ect in the NEZ who desires a tax abatem�nt under Sections I[I.B, C or D must: a. 5atisfy the criteria set forih in 5ectiorrs IILB, C ar �, as applicable, and Sections III.E.1 E.2; anc! E3. and ' b. �'i�e an application with the Hausing Depar�ment or the Ecor�omic and Community Development Department, as applicable; and E:� c. The property owner musf enier into a tax abatement agreement with the Ci#y of Fort Worth. In addi#ion to the other terms af agreEme�t, the tax abatemenf agreement shaf� provide that the agreement shall aufomatically te�minate� if #he owner recei�es one conviction of a �iafation af the City of F'art V`Iorth`s Minimum Building Standards Code regarding the property subject to the abatement agreement during tha term of the tax abatement agreement; and d. If a proper�y in the NEZ on which tax is being abafed is sold, the new owner may enfer inta a tax abatemeht agreement on the property for the remaining term. �. APP�ICAiION h EE 1. TF�e application fee far Tesidential tax abatements governed under Section EII.A is $25. 2. The �a�plicatinn fee for muiti-famiiy, commerciaf, industrial, cammunity facilities and mixed-use d��e(o�ment projects gov�rned under Seciians III.B, C.1 ar�d D.1, is ane- ha�f of ane percent (�.5%) of the proposed praject's Capital Investment, nat to exce�d $1,000. The application fee will be refunded upon issuance of certificate ot finai occupancy and once fhe property owner enters into a#ax abatement agreement with the City. Oth�rwise, the Appiication Fee shall not be credifed or ref.unded to any party for any reas�n. IV. F�� WAN€RS A. �LIGI�� RECI�I�WiSIPRO��RiIES 1. �n order to be eligible to apply for fee waivers, the praperty owner/cEevefoper must a. Nof be delinqu�nt in payir�g property taxes for any proper�y awned by the awnerldeveloper or applicant; and b. Not t�a�e any City liens filed against any property owne� by the a�plicant property ownerldeveloper, ir�cluding but nat limited to, weed liens, demoliiion liens, baarc!- up/open structUre liens ar�d paving liens. 2. Properties under a contracfi for deed are not eligibfe for development fee waivers. 3. In order for Development Fees andlor Impac# Fees to be waived for new construction or reha�ilitation proj�cts located in the NEZ, a property awner must si�bmit an application to the City. �aprova� of ihe apalication and waiver o� fhe fees shall' not be deem�d to be aanroval ot anv asnect of the proiect. �efore cons�rucfion. �he ann�icani mus� ensure that �he proiec�r is located in the correct zo�inq distriai. B. C]�V�LUPM�N� ��S Once the Appiication for N�Z lncentives has been approved by t[�e City, the follawing fe�s for services perfarmed by the City of Fort Worth for projeets in the NEZ are wai�ed for new construcfion projects or rehabiiitatian projects that expend at least 30°/n of the Base Value o�F the proper#y on Eligible R�habilitation costs: �3 1. All building permit related fees (inc[uding Plans Review and Inspections) 2. Plat appfication fee (including concept plan, preliminary plat, final plat, short form replat) 3. Baard of Adjustmenf applicatio� fee � 4, Demaiition fee 5. Structure moving fee 6. Community Facilities Agr.eerr�ent (CFA} application f�e 7. Zoning application fee 8. Street and �fility easement vacatian application fee Other development related fees nat specified above will be consid�red far approval by City Council on a ease-by-casa basis. G [�APAC�' �� 1. 5ingle family and multi-fami�y residentia� d�velopment prajects in the N�Z. Aut�matic 100% wai�er of water and wastewater impact fees will be applEed. 2. Commercial, industrial, mixed-use, or cammunity faeility deve�apment projects in the N EZ. a. Autamafic � a0°/Q waiver of water and wastewater impact f�es up to $�5,000 ar equEvalent to two 6-inch meters for eac� commercial, industrial, mixed-use or cflmmunity facility development pro�ect. b. If the praject reqUests an impact fee wai�er exceeding $55,000 or requesting a waiver for farger andlor more than two 6-inch meter, then City Council a}aproval is required._ Applicant may request the addit�onal amount of impact fee wai�er thraugh the Hausing Department. . V. R�LEASF O�' C�iY �I�1VS The following City liens may be released for eligibie properties or projects in a NEZ: �►. W�� LI�NS The foilowing are eligible ta apply for release of weed liens: '!. Single unit awners perForming rehabilitafion on their p�oper�i�s. 2. Builders or de�elapers constrt�cfiing new homes on �acant lots. 3. Owners perf'orming rehabilitation on mulii-family, commercial, industrial, mixed-use, or community facifiiy praperties. 4. �e�elopers cor�strucfing new mui�i-�Family, commercial, industrial, mixed-use or community facility development projects. �. D�MOL.ITFON �1�NS 'f 0 B�i�cfers or de�elopers developing ar rehabilitating a property are eligible to apply for release af demolition liens for up to $3Q,000. Release of demolifion IEer�s in excess of $30,OOD is s�bj�ct to Ci#y Council approval. C. BOAR�nUP1�PEN S�'�UCiIJRE �.�ENS The following are eligibEe to app�y for release of baard-up/open structure liens: 1. Single unit awners p�rforming re�a�ilitation on their properties. 2. = Builders ar develapers consfructing new single family homes ort vacant lots. 3. Owners performing rehabilitafion an mul�i-family, cammercial, industrial, mixed-use, or communi#y facility properties. 4. Developers constructing muf�i-family, commercial, industrial, mixed-use, or community faciiity projects. �. ��►VIfdC LI�WS The fal�owing are eligible to apply for release of paving liens: 1. Singke unit awners }aerforming rehabilitation on their properties. 2. Builders or de�e�opers eonstructing new hames an vacant lots. 3. Dwners pertorming rehabiiitation an multi-family, commercial, industr�af, mixed-use, or cammuni#y facility pro�er�ies. 4. Developers cor�structing m�lti-famiiy, commercial, industrial, mixed�use, or community facility projects. �. ��IGI�� R�CI�[�IdYSIPROPERTi�S 1. !n order to be elig�ble ka apply for re�ease of City li�ns, the property awnerldeveloper: a. must not be delinquent in payi�g proper#y taxes for any pro�et�y owned by #he ownerldeveloper �. . b. must nvt have been s�bject to a Building Standards Commission's Order of Demolition w�ere the property was demolished within the last five (5) years; and c. must nof have any City af Fort Worth Eiens filed against any other property owned by the appiicant praperty ownerldeveloper. "�iens" includes, but is not limited to, weed liens, demofiiion fiens, board-up/oper� struct�re [iens and paving liens. 2. Properties under a confract for deed are not efigible for release of City liens. !!f. PROC�DURA� Si��S A. AP�LI�A�ION SUBIV�ISSION 1. The applicant for NEZ incentives under Sections III.A, B, C. D., IV, an�! V must complste and submit a Cify af F'ort Worth "Application for NEZ Incentives" and pay the appropria�e application fee to the Housing Department or the Economic and Community Developmen# Deparfinent, as applicable. 1� 2. The applicant for incenti�es und�r Sections III.C.2 and �.2 must also complete and stabmit a City of Fort Worth "Applicafion for Tax ?,L�atement" and pay the appropriate appl�cation �ee to fE�e Economic and Community Development Departmant. The appiication fee, review, evaluation and apprava[ will be govemed by City of For� WortF� Tax Abaiement Policy Statement for Qualifying Development Projecfs. �, CERTII��CATfOfVS FOR AP��ICA,iIO�IS UND�R S�CiIOAlS 11[.A, �, C.1, �.1, IV, AN D V The Housing Department wi[l review the application for accuracy and camp�eteness. Once compiete, Housfng Departr�ent will cer�ify eligibility a�F ihe ap}�lication �asecE �n the crfferia sef forth in Sectian IIl. A, B, C.�, �.1, [V, and V of this policy, as appiicable. Once an application is ce�iifi�d, the Hausing Department wil[ inform appropria�e departments administering fhe incentives about the c�rtified application. Ar� orienfaiian meeting w�th City departments and the applicant may be schedufed. The departments include: a. Housing Depar�ment: prope�y tax abafement for resideniial properties anc� multi- family de�elopment projects, Telease of City liens. b. Economic and Community Development Department: property tax abatement fo� commercial, � industrial, communiiy facilities or mixed-use de�elop�nent projects. c. Development Departmenf: development fee wa�vers. d. Vlfater Deparkment: impact fee waivers. e. Other appropriate depar�ments, if applicabie. 2. Once De�elapment Depar�ment, Water Department, Economic and Community Development Depar�ment, and/or o�her apprapriate de�ar�menf receive a cerkified appfication from the Housing Departmenf,. each depar�ment/office shall fill out a "Verification of N�Z Incentives for Certified N�Z Incentives Applicaiion" ancE return it to t�� Hausing D�partment for record keeping and tracking. C. APF�l.1C,�TIOW R�VIE!!V �.ND EVALUAYION �OR AP��ICI��IONS 1. Property Tax Abatement for Residan#ia� Properties and Multi-fami[y Der�elapment Projecfs � a. Far a completed and ceriified a�plication for no more than five years of tax abatement, with Council approval, the City Manager shall execute a tax abatem�nf agreemenf wifh fhe app[icant. b. �or a completed and ce�ti�ed multi-fiamify development project appCication for more than five y�ars of tax abatement: (1} The Hausing Department will evaluate a completed and cer�ified application iaased on: {a} The project's mcreas� in the value of the tax base. (b} Gosts ta fihe C�ty (such as infrastructure participation, e�c.). (c} Percent ofi construcfian contracts committed to: {i} �ori Worth based firms, and {ii) Mir�orify and Women Owned Business Enterprises {MIWBEs). (d) Other items w�ich may be negotiated by the City and the applicant. �2 (2} Consideration by Cour�cil Comrnittee. Based upon the outcome of the evaluation, Hausing Department may present the application to the City Co�nci�'s Economic Developmer�t Committee. Shoufd the Housirtg Department present the appfication to the Economic Development Cnmmittee, the Committee wiil consic�er the application at an open meefing. The Commiftee may: (a} Approve the application. S#aff will fhen incorporate the app[ication into a tax abatement agreement which will be sent to the City Cour�ci� with tF�e Committee`s recomm�ndation to appro�e tF�e agreeme�t; or {b) Request modifications to tlie applicaiion. Housing Deparkment staff wil! discus� the suggested modi�cations with the applicant and then, if the requesfed madifications are made, resubmif the modified application to the Commft�ee for cansideration; ar (c} Deny the applicatiort. The appiicant may appeal th� Commitfee's finding t�y requesting fF�e City Counci! to: (a) �isregard the Gommittee's find'[ng and (�} instruct city staff to incorparate the applicatian inta a fax abatement agreement for future consideration by tF�e City Councif. {3} Considet-ation by the City Cauncil The City Council retains sole author�ty to approve or deny any tax abatement agreement and is und�r no obiigation to appro�e any tax abatemenf application or #ax abafement agreement. The City af Fort Worth is under no obligation to pro�ide tax abatement in any amount or vai�e to any applicant. -c. Effective Da#e for Approved Agreements AI� tax abat�ments appro�ed by th� Cify Counci� will become effective �n January 1 of the year fallowing #he year in which a Certificate Qf Occupancy (C4} is issued for the qualifying develo�ment project {unless otherwisa specified in the tax abatement agreem�nt). Unless otherwise specified in the agreemertt, taxes levied during fhe construction of the projecf shall be due and payable. 2. Property Tax Abatemeni for Commercial, ]r�dustrial, Community F'acilities, and Mixed-Use Develapment Projects a. For a completed and c�rtified ap�lication for no mare than five years of tax abatement, with Council appro�al, the City Manager shal! execute a tax abatemeni agreement with the applicant. b. Far a completed and certifiied application for more than five years af tax abatement: (1) The Econamic and Community Development Departmeni will evaluate a completed and certified appfication based an: � (a} The prajec�'s increase in the value of the tax base. (b) Costs to the City (such as infrastructure participation, etc.}. (c) Percent af construction contracts committed ta: (i} Fart Wor�h based �irms, and (ii) Minority and Women owned Business Enferprises {MIWBEs). {d} Other ifems whicl� may be negotia#ed by fhe City and the applicant. 13 (2} Consideration by Councii Cammittee Based �pon #he outcome of the evaivation, the Economic and Community Development DeparEment may prEsenf th� applicaiian to the City Council's Economic De�e3apment Corr�mittee. Sho�id �he Ecor�omic and Community Developm�nt Department present the appficafian to the Ecanomic Development Committee, the Committee wi[I consid�r the application at an open meeting. Ti�e Committee may: {a) Approve the application. Staff will then incorparate the application into a iax abatement agreement which wilf be sent to the Ci#y Council wifh the Committ�e's recommendation to a�prove the agreement; or (b) Request modifications to #h� applicatian. Economic and Community Development Depar�ment staff will discuss the suggesfed modifications with the applicant and then, if the re�Uested modifications are made, resubmit the modified app�iea#ion to the Committee for consideratio�; or (c) Deny the application. The applicant may appeal the Committee's finding by requesting th� City Council to: (a} disregard the Committee's finding and (b) instruct city staff to incorporat� the applicafion into a#ax abatement agreemenf for future consideration by the City Cnuncil. (3) Consideratian by the City Council The City�Council retains sole authority ta approve or deny any tax abatement agreement and is und�r na � obligation ta approve any tax abatement application or tax abatement agreement. The City of Fort Warth is under no ab[igafion to provide tax abatemen# in any amount ar �aiue #o any applicant. c. Effective ❑ate for Approved Agreement�s All fax abatements a�pro�ed by the City Counci� will become effective on January 1 of the year following the y�ar in which a Cer�ifiicate of Occupancy (CO) is issued far the qualifying development project (unfess otherwise specified in the �ax abatement agreemeni). Unless atherwise specified in t�e agreement, ta�ces levied during the construction of the project sl�al� be due and payable. 3. Deve�opmer�t Fee Waivers a. For certifi�d applications of devefapment fee waivers that do nat require Cauncil appravai, fhe Development Department will review the cer�ified appficant's application and grant apprapriafe incentives. b. For cerfified ap�lications of cfevelopment fee waE�ers tha# req�ire Council approvaf, City staff will review the certified applicani's appGcafion and make appropriate recammendations ta the City Counci[. 4. fmpact Fee Waiver a. For certified ap�lications of impact fee waivers that do not require Council appra�al, the Water Department will re�iew the certified appiicant's appiication and grant appro�riate incentives. 14 b. Far ceriifie� applications of impact fee waivers thaf require Council approval, the Water Department wil[ revi�w the c�rtified applicant's applicafion and make appra�ariate reeommertdations to fhe Gity C�Uncif. 5. Re4ease of City Liens For certified applications of release of City liens, the Hausing Department wiq release the a�propriate �iens. VII. O�H�R RUL�S P�RTAf R��NG i0 PROP�RTY TAX A,�p,i�Illfl�NT A. RECAPTUFZFc If the terms of the tax abatement agreement are nof inet, the City Council has fhe r9gf�t to cance� or amend the abatement agreement. fn the e��r�t afi eancellatio�, th� recapture of abated taxes �hal! be limited to #he year(s) ir� which tne cfefault occurred or continuecE. �. INSP�CTIOIV AN9 ��IVAIVClAL V�RI�ICl��'IOA! �OR MU��'Id�AIU�I�Y, COIV��RCIA�I IN�US�'Rl�.�, COMMUNiiY �AC[�fi[�S Af�D M�XED-US� D�V�L.OPMENi �ROJ�CiS The terms of the agreement shall include the C�ty o� Fort Warth's right to: (1) review and �erify the applicant's irnancial statements in each year during the life of the agreement prior to granting a tax abat�ment in any given y�ar, (2} conduct �n on site inspection of the project in- each year during the life af the abatement to verify compiiance with the terms af fhe tax abatement agreement. C. E1/�LUATI01� I�CJR IIRULiI��►MILY, COhflMEF2CIA�I [NDIJSiRIA�, COMMUfV1iY �ACI�IiI�S �� M�X�D�US� ��V�LQPM��i F'ROJECiS Upan. completion af constructifln of the facilifies, the City shal[ na less than annually evaluate each p�aject recei�Eng abatement ta insure compliance with the terms of the agreement. A�ty inc�dents of non-compliance will be reported to the City Cauncil. O� ar before �ebruary 'Ist of e�ery year d�ring the life af the agreemen�, any individual or entity reeeivi�g a�ax a�aieme�� rom the City of` �ort Wot�h shall pravide informa�ion and documentation which details the property owner's compliance with the terms of the respective agreemen� and shall cerkify tha� the owner is in compliance wi�h each appticab�e term ofi �he agreement. �ailure fo repart this information and to pro�ide #he �reqwired certifica�ion by the abave deadlin� shaf[ resul� in cancellation of agreement a�d any fax�s abated in fhe prior year befng due and payable. D. �k�FECi OF SALE, ASSIGNM�Ni O� ��AS� O� �RO��RTY If a property in the NEZ on which tax is being abated is sold, ihe new owner may enter into a tax abatement agreement on the property for the remaining term. Any safe, assignment or lease of the property which is not permitted in the tax abafement agreemenf results in cance�lafiion of the agreement and recapture of any taxes abated after the date on which an unspecEfied assignm�nt occurred. '( 5 VIII, OTF;E� 1fVC�NTNES A. Plan !'�ViEWS of proposed de�elopment projects m the NEZ wiil be expedited by the Development Department. �. The Cify Cauncil may add the folfnwing incentives to a NEZ in the Reso[ution adopting fihe NEZ: 1. Municipal sales tax refund 2. Homebuyers assistance 3. Gap fnancing 4. Land assem�ly �. Con�eyance of iax for�closure �raper�ies 6, Infrastructure impravements 7. Support for �ow incame Housing Tax Credit (LIHTC} applications 8. Land use incentives anc� zoning/building code exemptions, e.g., mixed-use, densi�y bonus, parking exemption 9. Tax incremen� Financing {T�F) i0. Public Impro�ement District {PID) 19. Tax-ex�mpf band financing 12. New Madel Blocks 9 3. L.aan guarantees 14. Equity in�estments 15. Dther incentives that wilf e#fiecfuate the intent and purpases af NEZ. 1B �xhibit B 3120 Eastcrest Court Lot 5, �lock 1 Easicrest Addition Exhibit C Project Description Single Family Residence 90% Brick Veneer , 1500-1900 square feet 3 Bedrooms/2 Baths Two car garages Arc�ed Windows at Front af House Front Yard Landscaped Microwave with built-in Vent-A-Hood Wood �Burning Fire Place Built-in Security System Computer Area with CPU & Printer with a�edicated telephone line Va�]#ed CeiGng in Master Bedroom and Li�ing Room �rench Doors � Separa�e Tub/Shower in Master Bathroom Garden Tub in Mater Bathroom ��RT �O�TH � �� Applicati.on No. �� ! � {� CITY C�F FORT WO�tTH � 1VEZGHBdRHO�D EN.CP{IWERME�7T ZONE {N�Z) PR4G-RAM PROJ�CT CERTIF�C�,TIOiri APl'LZCATTON FURM B FOR I�ESTOR O'W1YER5 (�TNGL� FA�.PVII�,Y' 4NL� . L APPLICATION CHECK LIST -, Please sub�rnit th�_ �o�lowing d4cumentation wit� eac� properiy r�quested: � A com�leted `apphc�n�o�ifca� �-'''. °_�� z� w -'` . � �,�,�[]_, ._� A list af�ll�p�operties,ova�ed.by the applica�t zzi Fart �JVortii • - _ •, � - .� [�( App�ication fe� vf $�5:�?0 �far taz abatement agplicatioins �only) ❑ �roaf of owners�:ip, such as a�varranty deed, affid.avi� of hezrship, or a p�obaied wi�l -�R ev�rience of site°cnntro�, s��h� as apfion to b�y - - �� ❑ Tit�e abstract�of 1�ae properry (npticr�n a�) . _ : , . • ' For Rehabilitatian Pr'viects Oaal�: � � ❑ �or a project i�ri �he planning stage, please submit a cozs��leted set ofReha�ilrta�on � . ..�(�.exnod�.Ii Plan and a la�t of eli�ble z-ehak�il�ta�iori,�osts*: �(fo� agplications o� ta� �-• abatezuents and dev�Iopment fee wai�r�rs for rehab prajects only) � ❑ Once a pro3ect is completad, please submit proo� tif #he eligible rehabilitatian costs* such a$ invoices, contracts, or receipts. (far applications of tax at�afements a�[y) � .�� .� . '� Eligible rehabiiztati�n inoludes onl� physical �ovezn.ents to real pzoperty. It does NOT inalude pet�sanal property such as fiunii�re, appfiances, equipment, and/ar supplies. Total elig�ble rel�abilitation costs sha�i eq�zal to or excced 30°l0 of the Ta�ant County Appraisal District (TAD}, appraised value of the siructure during the � year zehabziitatzcsn occurs. . " � II. —Applicant / A�EN'T INF�lRN1ATIa1�I . - —. � — — — — - i. A�giica�t: ��,T � � ��v�,iC�aNtact Person: ��ic��[Afl C.�6'� 3. Address. ' � � �DZ . Street ify. St�te Zip � � . 4. Phor�e na: �l� n�7l-��J3° � 5. Fax �to.: �I�� -�3� 6. Email: . � - � ��'� f�i��l.� l�t��r�l/.%t: (JS � - � 7. Agent (i.� any) � . 8: A�iciress: � - - - - - , � � , . . - Sfreet - - City- State Zip - _ �r 9�. Phone zzv.: -�� • 10. Faz No.: 11. Emaal: - �� If you n�ed. further information ar c�aa-i#'zca#iou, piease contact Chun�I Ln at tS17) �71-73�1 or �3ea Cuxa at (8�7) 871-8036. � � -P .. � 1 � � v F�QRT �ORTH � �k1�'•1� ; -� � 1�� Apgiication No. �� ; � "(� � a CxT� oF �o�T�wo�Tx � I�Ez�I�BC?R.�i40D EMPOWERMENT ZON� �NEZ} PROGRAM ^ ^- PRO,rECT CERTIFZCf4T�O�N APPLxCATIaN ' - FO� B FORIl�CVESTOR O�NERS (SIN+GLE FAMILX ONLY}_ I. APPLIGATION CAECKLIST ,Please submit the follawing docurnentatian wit� each property reqtiested: � -� � ��.. . .. � � A campl�ted'appl�eation,f4zni �.�5� `• � � : -' • . . ' -,.;, ; . . , • :,,_ ;,��0,- .A iist oisall,.properties..or�rned..b.y:t�e� applica�t in Fart'�Nortli � _ . , . � � � �,- . . . . � . [� Applica.tion fee of $2.S.OQ (1'or ta�c abatemen# app�ications nnly} , -• ., ❑ Praaf of vwnership, such as a wazranty deed, affidavit o�heirship, or a probated �wi11 �R , evidence of site� contral, such. as optian to buy • •' - [j � Title ab�tract�of'the properiy (optianal}� � ' � • ' � � ` For Rehabilitation Proiects Oniv: . - . ' ' . ' . �❑. For a project in the pIarining stage, pleasa submit a camnleted set af Rehabilitation '. � :• �lR�er•nodel� Pian anci a list of eli�ible �ehab�ilit�tion.c.osts*:;-(for applications of i�ix ��• abatemen#s �nd developrnent fee waivexs for rehab projec�s only) • � ..� -� �� Once a project is completed, �gl�a.se subznit proo£ df �the eligible rehabilztation costs�. suah � as invoices; contracts, oz�receigts, {for �pplications of tax ahatez�a.ents only) ' . . }' . , . '" Eligible rehabilitatiou includes pnly.physical improvernents to real property. 'It daes NOT include peisonal praperty sucYt as fur�iture, agpliances, equipment, and/or supplies. Totat eli.aibl�. rehabilitation cvsts shail eqnal . to ar exeeed 30% of-the T�arranC County Appxaisal District (TAI7) ap.praised valc�c of tlte structure during the. , year rehabiiitation occurs, � . � � y��. �X. 'A�pIica�nt ! AGENT �NFORMATYON � � . - _ .'.. � 1. Applicant: � 2. Con#act Person: ' � �dE� jS/�rld �1Qus��GC° � T�a��m�u ��uAC.A�C�d'�' 3. Address; � 11� ��`7xlo�.�lG�E'�zrt�$�i �a�.� a��,N�u ��Z � � . . Str.eet � C`ity. State Zip . 4. Pha�e no.; 5. �'a,x No.; � F�I7 — 97I -T3�3 �17�6'T� -�3� . s. E�a�z: ��' Df� ��.� � �.�Y��'Sr1S 7. Agent (if �anyj 8. Addr�ss: . � � Street . _ City 9. Phone no.: � 10. Fax Na.: :11. Ema�l: � � . n State Zzp r#' you neeci further information nr clarification, piease contact Chun-Z ��u at. (817)� 871�7381 � or' . . Bea� Cuxa at {817) 871-8036. � ' • � . � � .Y � �`ORT �ORTH PROPERTY ELIGIBILr'I'Y � � 1. Please list dovctn the addr�sses and legal descriptinns af the property �wb.ere you are applying for 1`+TEZ incentives and ather praperCfes you own in Foxt Wortli. Attach metes and bouncis descript�on if no address or lega� descriptio.n is available. 'S'able 1 Prapert;y� Owner�hip. � Address , Zip � LegaI Description � . � Code Subdi�visi.on Lnt No. Block No. � (Project Locatian) _ - - - - � � - --- - - - � , - I _ � � - .- - . f �� - �� , - - - +-- - . � . � - ... I. _ _ -� � - �� = y�� - r� � � I I � .. � � � - - - - - � � - � --= - �_ - . I - - - - I -: �- - �- - (Please at�ach addit�anal sheets of paper as needed,) ' - Z. �or e�ch pra�er#ies tisted ixi Tab1�e 1;•pleas� ch�e�ck the boxes balow ta indicate��£: � there are taxes due; or �-0 � , � ttiere aze City Iiens, or �„� � . • you hav,e been subj�ect to a Builciing Standards Co�is�ion's Ordex af Demoli�ion where ilxe pxaperty was demolished within the last five years. �¢ Table � .Property Taxes and CFiy Lie�es � .� �, Address Proper#y � City Licz�s an Property � _ .�:: •:.3a. _. ' :;:�: :�. _ i T�es ��==��ed S�at�rr�-t�pl0pen:,.,Derua�ition�� Pavfng .. - . , . " ? .. -�-.. , -:. -:Du� _ T:,iens + ��Siuctu�-e Liens ��+ T,,iens �� :-� Liens � _ '� 1j ❑ . � � ❑ ❑ ❑ x�'?` , .� '4 k . - I __ - - _ . - t - - ,��: ;��>:. = �: . - . � � �, ��' ;�y. WO-� .i:� , � Q z., ' � . � n . . ' [� � :� + , �: . - _. :�- � .r�; � ��• - . 0 - _ � -- ❑ -- _ ❑ � - - . I - . . 1'-_ ., � . -_ � : - __. . � ' . . . -_ �.: - ❑ _ � �-I - � � _. - v . o � Q� - ❑ -- � . � . ❑ . . � ❑ + . . . - � � � � - � . - -. � �� . �-- ; l . _.� , I ' 1 � _tu�_' .Y �.. - �' R.� _ �x � -- � _ � ' . � ❑ .� �' -. ❑-.> .-_ ... ❑ " __❑ - � � I .{Please �ttach additionai shee#s of paper as needed.) �. b� yan ov�vn ather propearties under o�her names? ❑ Yes �Io �f' Yes, pl��se specify m�. Or.der bf •. Demolition� 0 , ❑ - ❑.. Q � -� . _ ❑ ❑ - �. , � � " ...�.. 4. Does the proposed development co�.form with Cfty o�Fort Warth Zoning? �� Yes ❑ No �- � 5. Ts�fihis property under a contract for deed? Q Y�s � �No �� f �4RT�ORTH 6. Has the construction an the property been completed oX is it in the planning stage? What type of construction� ❑ Constnictior� Gamnleted �l Under Constructian �In Planninr� Sta�e ❑ New Construction � Rehab ❑ New Canstruction [� Rehah � 1`�ew Cazastructian [] T�elaab ?. Z�' the constr�ction on th� property has been completed w�en this appSicatia�a is submitted, when was the work do�e? � 8. - Yf it is a rehab property, does (or vvi11) th� rehabilitation work* done an fhe properfy eqnal ta at least 3�% af t�e Tarrant Cvunty Appraisal Disfrict (TAD) assesseci value of the structure during the yeax rehabilita#ion (renaadeled) occurred? � 0 Yes ❑ No *Only physical improvements to reaI property is eligible. DO NOT include personal property such as furniture, appliances, aquipment, and/ar supplies. � IV. . _ INCEl`�ITIVES - � � � � . , . . s _ �. . . 1. What�iz��cenLives az-e you applying for? � � �- � Munici�a� Property Tax Abaternents ` � � Developrnent Fee Waivers � ' � AlI building permit related fees (includir�g Plans Re�iew and Inspections) How�much is your totai developrnent easts? �$ j��'�� How much is the tota] square foi�tage of your project? � squaxe feet � Plat applxca�ion fee (incXuding cancept plan, prelirninary plat, final plat, short forni replat) � Board nf Adlustment application f�e ❑ Demolition fee ❑ Struciur� moving fee - : � Cornmunity, Facilities Agireert2ent (CFA) application .£ee.. - . . . � � . � � 7oning applicatiQn fea- � ' . � • , � Street and utiiity eascrnent Imtaact Fee Waivers � Sinpact fee waiver �� Meter Size �/� How rnan� metexs? �� .' Release of Citv Liens � ❑ Weed li�ns ❑ Board up/apen structure liens ❑ Demolition liens ❑ �a�ing liens � „ —. _ _ ,., — _,, � � 3 s � F�oRT �oRTx V. ACKNOWLEDGMENT� -' -- - I hereby certify that the information pravided is frue and aecurate to the bes# of �zy l�owtedge. I hereby acl�owledge that T have received a copy oiNEZ Basic Zncentives, �hich governs ihe granting o#'#ax abatements, fee�waivers and'release of City �iens, and that any �OLAT70N of the terms of the IVEZ Baszc Inceniives ar NII�REPRE�ENTATI�N sha.lI const�tute grounds for xej�ction Qfar� application or ierxnination of inceniives ai the discretion of the Ciiy, - I unc�ers�and that the approval af fee waivers and other zncenrives shalI not be deezned to be approval af any aspect of the project. I ur�derstand that i arn r�sponsib�e in obtainirig required permits and inspectians frorn the Ciiy and in ensuring the pro��ct zs located in t�e correGt zoning district. T agree to provzde any ac�ditional informaiion for determining eligxbility as requested by the City. ..� �� . 1 ��t��',� =�� l �a � � � ,` �T�YP`ED NA.N�) (AU � ORI,�ED� S�aGNATURE ` �� _ � .� ��t � A� _ ) � .iYti' - - -- - , - - � � � � �__�� — ��',��.. -,. _— �#�C:itiE 37�:11�: �:�� p!' �'a!l:i�f 1'tfil' . `-- . . . . —— — . _. — — - ' _-ry �'1= _ _ - ' ' . .�. :i.�}�}�9C', Cl{}fl '�ll.� _ — — " *: -x� � w�,:= = •�� . ('i � �� cFi f � �r�-�� l�, � ' � , _ ___ _, J:; :,. - ': _ _�_,=-'T _ ��--- � ..: � .71��!l1 'r •r� • - � � '�br-[Pt,.l��u;ir�� i�lc}��r�:n�c�t�t� _- - - _ .J - ,. J4=��° '-' � ti_�.-,..�T_'_�___��,;.,:. , ]�i _{�i��u�r�t��r� _��r�t3t,�l��Y't 1�'�r•�I�,'f�:�.��.�.7tsJfh?. . . _ _ _ _ _ - - ��` -_`3-=_ . . � � � . S:`�] i � �`l'��-7:i{�. . � _ �. _ � = t:s-� . , _ -_ - �. - _ _� - .____-- . � Lu�'(?i;t�a�.f;�rf-��a��-rl�_�.�,�r� � � _� _-� -- y - _-..��- . ' � • -- .-- _ �-, _=-.-.. -.{_ - . Eleclxonic version ofthis form is available byrequest. P�ease ca11817-871-7381 to re estra co - - � �Y For Offrce Use Only - � -- �-' -- -- � �-�Lpplication No, �,�(,'�� ' � which NE�? , � TAD ID . . �ii� Confoz�m wifh Zaning? ��.Yes 3� �Na � :� Contract �ar c�eed? : ❑ Yes � No T - e? �� 3�P � �.New constr�ction ❑ Reh�b Construe�ion completion date? ❑ Befar� NEZ .. [.'-�.After NEZ Ownership ��] Yeg i� No R�hab at ar hi.gher thari 30%? ❑ Yes ❑ No Cansistent with the NEZ pla�? � Yes Tax cLurent on fhis.property? $� Na � Y'es ❑ No Tax current ori other prop�z�s? Yes � City �icns on this prap�rty'? ��- •: � F 0 No .� - City liens'on'o�er p�roperties? e Weed liens - ❑ Yes � No . Wesd �iens . . � BQa�'d up/open struciure Iiens ��'�S � No ❑ Yes � No � .� I�ema�ition liens ❑ Yes � No � Faving Iiens ❑ Yes � No � Order of demol'zfinn ❑ Yes Q No Certi��d? ❑ Yes ❑ No Certified by , � If z�o� certified, reason � . Referred to: ❑Eco�omic Developrx�ent Revised August 23, 2001 • Board-up/Qpen. str�ciure Ziens [� Yes f� No • DcmoIition liens ❑ Yes �/ No � Paving Iiens ❑ Yes � No o �rder of dennoIition ❑ Ye� �'J No Datecertifcationissued? ��1� f ! �Housing �DeveIopznent (�,Water ❑Co�e �TPW 4 City of 1�'o�t Wo�th, Texas Mayor and Counci[ Con�municat3or� �ATE R�FER�NC� NUMB�R LOG NAME PAGE s�� 0�02 C�1923� . oSNEZ � 1 of 3 ' SUBJECT AUTHORIZATlON TO EN7 1� iNTO TAX ABATEMENT AGREEM�NTS WITH THE FORT WORTH HOUSkNG FINANCE CORP�RATION FOR THE DEWE�OPMENT OF �IXTEEN 51NGLE-FAMlLY HOMES F4R THE EASTCREST SUBDlVI51�N LOCATED IN THE ST�P SIX NEIGHBORHDOD EMPOWERMENT ZONE � � RECOMMENDATION: It is recommended that t�e City Co�ncil: 1. Approve the Fort WortF� Housing Fir�ance Corporation (FWHFC} a�plication fnr Mun�cipal Fraper�y Tax Abatement for the Eastcrest S�tbdirris�on; and - 2. Find that the statements sei forth ir� the recitals of the attached Tax Abatement Agreements (the Agreem�nfs) with �WHFC are true and correci; ar�d � 3. Authorize the City Manager ta �nter into tax abatement agreements with FWHFC for the de�relopment of sixtee� single-�Family homes in the Eastcrest 5ubdi�ision Ibcated in .the Stop 5ix Neighborhaod Ernpowerment Zone (NEZ), in accardance wiih the NEZ Basic l�cent�ves. DISCU5S10N: The FWHFC is the developerlar,vner of the Eastcrest 5��i�ision in the 4700 Black �of East Berry Street and Eastcr�si Court located in NEZ No. 1�. � � The FWHFG applied for m�nicipal property tax abatement under the NEZ. Basic lncenti�es (M&C G- 13208R datec� June 5, 2D02, M&C G-13580 dated April 2, 2�02, as amended, and M&C G-13662R dated �uly 23, 2002, as amended). The Ho�sing Department has reviEwed the appl�catian and certEfied that the property meets the eligibility criteria to receive NEZ m�nicipaf praperty tax a6atement. The NEZ Basic Incentives offers a fi�e-year municipaf property tax abatement of ti�e increased �alue af improvements to a developerlowner of any new home construcied within a IVEZ. Upan execu#ion af the Agreem�nts, the total assessed value af each hame �n t�e Eastcrest 5ubdi�ision used for calcula#ing municipal property tax wiii 6e frozen for a ft�e-y�ar petiad, starting on �anuary 9, of th� year �ollowing the year in wi�ich the home is sold, at the pra-impror�ement Walue of eaci� lat as defined by the Tarrant Appraisal District (TAD) an January 1, 2002, as f�liows: � Pre-impro�ement TAD Value of Impr�vements $ -4- �. Pre-lmprovement TAD Vafu� of Land $1,OOQ�per lot . � Tataf Pre-improvement TAD Valu� $�,.Q�O per !of City of Fort YYorth, Texas Mayor �nd Cou�cil Gommun�catior� DAYE RE�ER�NCE NlJM6ER LC]G NAME PAGE 91� Q102 , C49 923� , �SNEZ � 2 o�f 3 � suB.��cr AUTHORlZATf�N TO ENTER �NTO TAX ABATEMENT AGREEMENTS WITH THE � �ORT 1N�RTH HOiJSING FINANCE C�RPORATION FOR THE DEVELOPMENT �F SIXTEEN SINGLE-�AMILY H�MES FOR THE�EASTGREST SUB�lVIS10N LOCATED IN THE STOP SIX NEEGHB�RHOOD EMPOWERMENT ZONE __ Address 3� 00 Eastcrest Cou�i 31 a1 Eastcrest Court 310�4 Eastcrest Caurt 3105 Eastcrest Caurt 3108 Eastcrest Courfi 3'f Q9 Eastcrest Caurt 3112 Eastcrest Cour� 3113 Ea�stcrest Court 3116 Eastcrest Court 3120 Eastcres� Court 3124 Eastcrest Court 3128 Eastcrest Court 3132, Eastcrest Court 3133 Eastcrest Cou� 3�36 Eastcrest Court 3137 Eastcrest Court Leaal Descri�tian Lot 10, Black 1, Eastcrest Addition Loi G, Blocfc 2, Eastcrest Additivn Lot 9, B1ock 1, Eastcrest Additian Lat 5, Bloek 2, Eastcrest Addition Lot 8, Blocic 1, Eastcrest Addi�ion Lat 4, B1ack 2, Eastcrest Addition Lot 7', 6lock 1, Eastcrest Addition Lot 3, Bloc1� 2, Eastcrest Additian Lot 6, Black 1, Eastcrest Addition Lot 5, Block 1, Eastcrest Addition Lot 4, Block 1, Eastcrest Addiiion Lot 3, Block 1, Eastcrest Addition Lot 2, Block 1, Eastcrest Addition Lot 2, Block 2, Eastcrest Addition Lot 1, Block 1, Eastcrest Add�tion Lot 1, Blocft 2, Eastcrsst Addition FWHFC ex�ects ta complete co�structian an or before June 30, 20fl3, and sell tne sixteen F�ames ta new owners. U�on ihe sale of each home �y FWHFC, the Housing Department stafF will present the pro�osed assessment of the tax abatement agreements to the City Caur�cil for appro�ai i� the new owner meets all eligible criteria as'stated in�the f�EZ Bas9c fncentives. FWH�C will invest $1,64�,Q00 ta cvnstruct sixteen si�gle-family homes in �he Eastcrest Subdivisior�._ I The location o� the proposed develapment,.,typical elevatio�, and project description are attached to iMis Mayor and Council Communication. The municipal property tax an the improved value is estimated at $558 ger house per year or a total of $44,64� over the five-year period. On Aug�st 13, 2fl02,� the above propasal was endorsed by the Econamic and Commu�ity Development Committee for City Couc�cil appraval. . The Eastcrest Subdivision is located in COUNCIL D15TRICT 5. City o,f �o�t �orth, T�'exas i�1�yo�and �our�ci�-Commu�fcatson DAT� R�FER�NCE NllMBER LOG NAME PAGE 911 QIQ2 �-19235 05NEZ � 3 of 3 sua��cT . AIJTHOR{ZATION T� EN ER (NTO TAX ABATEMENT AGREEMENTS WITH THE ��0�2T W�f�TH H�USING FINANCE CORPORATION �OR THE DEVELOPMENT O� SIXTEEN S1NGLE-�AMILY HOMES FOR THE EASTCREST SU6DiVlSION LOCATED � iN THE STOP S{X NEIGHBORH40Q EMPOWERMENT ZONE _ _ FISCAL VNFORMATIONICERT{FIGATi�N: . , � The Finance Director certifies tha#�this actian wii{ have no material efifect on City ftands. RR.n � , � Submitted for City ManAger's Offiee by: . Reid Rectar Originating Depar#tnent Head: 3emme Walker Addition�i Information Contact: lerome Walker • � FUP[D � ACCDUNT � � (to) 6140 � I` � 1 7537 � (fram) � CENTER � AMOUNT M CTTY SECRETARY � 7537 ( � APPROV�D 49/10/02