HomeMy WebLinkAboutContract 28126�IiY �E������ L�- � .���
STATE 4F TEXAS § ��N����� � � " "-
COUI�ITY OF TARRAI�IT §
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TAX ABATEMENT AGREEMElliT FOR PR4PERTY LOCATED IllT A
rrErG�o�oon E�9wE�r�T zor�
This TAX ABATEMEI�IT AGREEMENT ("Agreement") is entered into by and
between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal
carpora�.an organized under the laws of the State of Texas and acting 6y and through
, its duly autharized Assistant City Manager, and the Fort Warth
Housing Finance Corporation, a non-prafit housing development
corparation. {"Owner"), acting by and t�raugh 7erome Walker, its duly
authorized �wners' Representative.
The City Cauncil of the City of Fort Wort�i ("City Council") hereby finds and the City
and Owner hereby agree that the fallowing statements are Crue and corr�ct and constitut�; the
basis upon which the City and Owner have entered into this Agreement:
A. Chapter 378 of the Texas Local Go�ernment Code allaws a municipality to create
a Neighborhood Empowerment Zone (NEZ) if the municipality determines that
the creatian of the zane wa�zld pramote:
1. The creation of affordable housing, including manufactured housing in the
zane;
2. An increase in ecanamic develapment in the zane;
3. An increase in the quality of social services, educatian, or public safety
provided ta residents ai the zane; or �
4. The rehabilitation of affordable housing in the zone.
B. Chapter 378 of the Texas Laca1 Governrnent Cod� provides that a municipality
that crcates a NEZ, rnay enter into agreements abating municipal property t�es
on praperty in the zone,
C, On �uly 3I, 2001, the City adopted basic incenti�es for property owners wha own
property located in a NEZ, stating that the City elects to be eligible to participate
in tax abatemenC and ineluding guidelines and criteria governing tax abatement
agreements entered inta between the City and various third parCies, titled "NEZ
Basic Incentives" ("NEZ Incentives"), which is attached hereio as Exhibit "A"
and hereby made a part af this Agreement for all purposes.
D. The NEZ Incen��es contains appropriate guidelines and criteria governing ta�c
abatement agreements ta be entered into by the City as cantemplated by Chapter
312 of the Texas Tax Cade, as amend�d {the "Code"). ,
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E. �n September I1, 2001, the Fort Worth C�ty Council adopted �rdianance No.
147C7 (the "Ordinance") establishing "Neighborhaod Empowerment
Reinvestment Zone No. 1," City af Fort Worth, Texas (the "Zane").
F. Owner owns certain real property lacated entire3y within the Zone and that is
more particuiarly described in Exhibit "B", a�Cached hereto and hereby made a
part of this Agreer�aent for all putposes (the "Prer►�ises").
G. Owner or its assigns plan io consiruct the Required Improvements, as defined in
Sectian 1.1 of this Agreement and as described in Exhibit "C", an the Premises to
he used for as a single-family residence that will be owner occupied. (the
"Project"}. � .
H. On September 28, 200Z, Owner submitted an application for NEZ incenti�es and
t�x abaternent to the City concerning the contemplated use of the Premises {the
"Application"), attached hereto as E�hibit "D" and hereby made a part of this
Agreement for al3 purpases. �
I. The City Council finds that the contempiated use of the Premises, the Required
Improvements, a� defined in Sectian 11, and the terms of this Agreement axe
� con�istent with encouraging development of the Zone in accordance with the
purposes for its creation and are in compliance with the NEZ Incentives, the
Resalution and other applicable laws, ordinances, rules and regulations.
J. The City Cauncil frnds that the terms of this Agreement, and the Premises and
Required Improvements, satisfy the eligibility criteria of the NEZ Incentives.
K. Writt�n notice that the City intend� to enter inta this Agreement, along with a
copy af this Agreement, has been furnished in the manner prescribed by the C�d�
to the presiding officers of the govei-ning bodies of eaeh of the t�xing units in
which the Pr�rnises is loeated.
1l10W, THEREFORE, the City and Owner, for and in consideration af the terms and
conditions set forth herein, do hereby contract, cavenant and agree as follows:
I. OWllTER'S COVENA�TTS.
1.1. Real Pronertv Imnrovemen�,��
Owner shall construct, or ca�se to be constructed, on and within the Pre�nises
certain impro�ements consisting of a single family residence, {i) of at least �,20Q square
feet in size, a�d (ii) having a conskruction cost upon completion of $ 6Q,D00 including site
development costs but �uch minimurn construction costs shall be reduced by any
constructian cost savxngs (collectively, the "Required Improvements"). �wner shall
pra�vide a survey of the completed home showing Required Improvements before the;
home is sold. The parties agree that the final aurvey shall be a part of this Agreement and
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sha11 be labeled E��bit E. Minor variations, and more substar�tial variations if approved
in writirig by both of the parties to this Agreement, in the Requir•ed Tmpravements irom
the d�scription provided in the Application for T.ax Abatement sha1l not canstitute an
Event of Default, as defned in Section 4.1, provided that the conditions in the first
sentence of this Sectia� 1.1 are met and the Required Impro�ements are used far the
purposes and in �he manner described in Exhibit "D".
1.2. Comnletion Date of Required Imnrovements.
Owner covenants to substantially complete construction of all of the Required
Improvemetats within two years from the issuance and receipt of the building permit,
unless delayed beeause of force majeure, in which case the two years shall be extended
by the number of days comprising the specific force majeu:re. For pt�rposes of tlus
Agreement, force majeure shall mean an event beyond Owner's reasonable control,
including, without lirnitatiqn, delays caused by adverse weather, delays in receipt of any
required permits or appro�ais from any gavernmental authority, or acts of God, fires,
strikes, t�atianal disasters, wars, riots and material or labor restrictions and shortages as
determined by the City of Fort Worth in its sol� discretion, which shall not be
unreasonably withheld, but shall not include constructzon dalays caused due to pureiy
financial matters, such as, without limitation, delays in the obtaining flf adequate
financing.
1,3. Use of Premises.
. Owner eovenants that the Required Improvements shaIl be constructed and the
Premises shall be sold so that it is continuously used as the prirnary residence af the
Home Buyer in accordance with the description af the Project set forth in Exhibit "D". In
addition, Owner covenants that througi�out the Term, the Required Impravements shall
be operated and maintained for the purposes set farth in this Agreement and in a manner
that is consistent with the general purposes of encauraging dev�lopment or
redevelopment of th� Zone.
�. ABATEMEIi�T AMOUN��. TERMS AND COI�DITIONS.
Subject to and in accordance with this Agreement, the City hereby grants to Owner a real '
property tax abatement on the Premises, the Required Impravements, as�specifically provided in
this Sect�on 2{"Abatemen�"). "Abaternent" of real property taxes anly includes City of Fart
Worth-imposed taxes and not taxes fxom other taxing entities.
�.1. Amount of Abatement.
Tt�e actual amount af the Abatement gz'anted under this Agreement shall be
based upon the increase in value af the Premises and the Required Impro�ements over
their values on January 1, 20�2 and according to the Tarrant Appraisal District, this
amount is $1,000 the yeaz in which t�is Agreement was entered ir�t,o;; ��
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One Hundred percent (1fl0%} of the increase in value from the
construction of the Required Improvements.
If the kotai construction CDSfS of the Required Ianprovements are less than as
pz`ovided in Section 1.1 af this Agreement, except that such minimum construction casts
shall be reduced by construcCion cost savings, �wner will not be eligible to receive any
Abatement under this Agreement.
2.2 Term of Abatem�nt.
The Ce�tn of the Abatement (the "Term") shall begin on 7anuary 1 of the
year following the calendar year in which the Required Impra�ement is sold to a
Home Buyer to be used as its primary residence �"Beginning Date")�and, unless
sooner terminated as herein provided, shal] end on December 31 immedia�ely
preceding �he fifth {5th) anniversary of the Beginning Date. Upon the sale to a
Home Buyer, City shall certify that the Required Impravements have been
completed in satisfaction of the terms of this Agreement.
Hawever, the Compliance Auditing Term will begin on th� date this agreement is
execUted and will end on the expi�ation date oi the Terrn.
�.3. Pratests Qver Annrais�ls or Assessment,�.
Owner shall have the right to protest and contest any or all appraisais or
assessments of the Premises andlor impravements thereon.
2.4, Abatement Apnlication Fee.
The City acknowledges receipt from Owner of the required Abatement
applicatian fee of twenty-five dollar5 ($25.Q0}.
3. RECORDS. C�,�TIFICATI�IV AND EVALUATION OF PRO,TECT,.
3.1. Inspection of Pre�ses.
Between th� executiot� date of this Agreement and the �ast day of the Term, at any
time during construction of the Required 7mprovements and following reasanable notice
to Owner, the City sha]1 have.and Dwner shall provide access to the Premises in order for
the City to inspect the Premises and evaivate �he Required Improvements to ensure
cotnpliance t�+ith the -terms and conditions of this Agreement. . Owner shatl cooperate
�u�ly with the City during any such inspection and/or evaluation.
3.�. Certifca�ion
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Property Owner, and Home Buyer once the property is sold, shall Certify an�ualiy
to the City that it i� in compliance with each applicabie term oi tYus agreement. Tkae City
shall have the right to audit at the City's expense the financial and business records of
Owner that relate to the Consiructio� of the Project and Abaternent terrns and canditions
(collectively, the "Records") at any time. during the Compliance Auditing Term in order
to deterinine carnpliance with this Agreement and ta calculate the correct percentage of
Abatement availab�e to Owner. Owner sha11 make all applicable Records available to the
City on the Premises or at anot�►er location in the City following reasonable advance
notice by ihe City and sk�a11 otherwise cooperate fully with the City during any audit.
3.3. Provision of Infarrnation.
On or before February 1 following the and of every year during the Compliance
Audi�ing Term and if requested by the City, Owner shall provide information and
documentatian for tk�e previ�us year that addresses Owner's campliance with eact� of the
terms and conditians of this Agreement for that calendar year.
Failure ta provide alt informatiQn within the contral of Owner required by tlais Sectian
�3.3 shall constitute an Event of Defattlt, as defined ir� 5ectiori�4.1.
3.4. De�erminat�n of Com��iance.
On or before August 1 of each year during the Compliance Auditing Term, tk�e
City shall make a decision and rule on the actual annual percentage of Abatement
available to Owner for the fallowing year of the Term and shall notify �wnez' a� such
decision and ruling. The actual percentage of the Abatement granted foz a given year of
t�ie Te�-nn is therefore based upon Owner's compliance with the terms and canditions of
this Agreement during the previous year of the Compliance Auditing Term.
4, EVEI�ITS OF DEFAULT.
4.1. Def ned.
Unless otherwise specified herein, Owner shall b� in default of this Agreement if
(i} Owner fails to construct the Required Improvements as defined in Section 1.1; (ii) ad
valorem real p:roperty taxes wiYh resp�ct to the Prernises or the Prajeci, or its ad valorem
taxc:s with r�spect to the tangible persanal property located on the Premises, become
delinquent and Ot�vner 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 primary residence once the
abakement begins {collectively, each an "Event of Default").
4.�. I�Intice to Cure.
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Subject to Sec�ion 5, if Che City determines that an Event of De�ault has occurred,
the City shall provide a wntten notice to Owner that describes the nattjre of the Eve�t of
Default. Owner shall have nir�ety (90) calendar days from the date of receipt of this �
written notic� to fully cure or ha�e cured the Event of Default. If �wner reasonably
believ�s that Owner will require additional time �a cure the Event of Default, Ownex shall
promptly notify the City in writing, in which case (i) after advising the City Cauncil in an
open meeting of Owner's effarts and intent to cure, Owr�er shall have one hundred eighty
(18�} calendar days from the ariginal date of reeeipt of the written notice, or (ii) if Owner
reasonably Y�elieves that Owner will require more than one hundred eighty (180) days ta
cure the Event of Default, after advising the Ci�y Cauncil in an open meeting of Owner's
efforts and inteni to cure, such additional time, if 'any., as rnay be offered by the City
Cauncil in its sole discretion.
4.3. Termin�tion for Event of Default and Pavment o� Liq�idated Da�a�es.
If an Event of Defa�lt which is defined in Section 4.1 has not been cured within
th.e time frame specifically allowed ander Section �4.2, the City sha11 have .the right to
terminate this Agrreement immediately. Owner acknowledgc;s and agrees that a� uncured
Event of Defaul� will (i) harm the City's economic development and redeveiopment
efforts on the Premises and in tha vicinity of the Premises; (ii) z'equire unplanned and
�xpensive additi�nal administrativa aversight and involvernent by the City; and (iii)
otherwise harm the City, and Owner agrees that the amounts af actual damages therefrorn
are specula�iv� in nature and wi11 be difficult ar impossible to ascertain. Therefo:re, upon
termination o� this Agreement for any E�ent of Deiault, Owner shall not be eligible for
the Abatement for �he remaining Term and Owner shall pay the City, as liquidated
damages, all taxes that were abated in accordance with this Agreement for each y�ar
when an Event of Default exis�ed and which otherwise would ha�e been paid to the City
in the absence of this Agreement. The City and Owner agree that this amount is a
reasonable approximation �f actual datnages that th� City will incur as a result of an
uncured Event of Default and that Chis Section 4.3 is intended ta pro�id� the City with
compensation for actual damages and is not a penalty. This amauni may be rec4vered by
the City thraugh adjustments made to Owner's ad valorein property tax appraisal by the
appraisal district that has jurisdiction ove:r the Premises. Otherwise, this amount shall be
due, Qwing and paid to the City within si�cty (60) days fallowing the effective date of
termination of this Agreernent. In the avent that all or any partion of this arnount is not
paid to the City within sixty (b0) days following the effective date of ternzination o� this
Agreement, Owner shal] also be liable for alI penalties and interest on any outstanding
amount at the statutory rate fnr delinquent taxes, as determined by the Cade at the time of
the payment of such penalties and inte:rest (currently, Section 33.01 of the Code). .
4.4. Termination at Wijl.
If the City and Owner mutually determine that the develapmant or use of the
Premises or the antieipated Required Impravements are n.o longer apprapriate or feasible,
or that a higher or better use is preferable, th� City and �wner may terminate this
Agreement in a written format �that is signed by both parties. In t�i-� �uenG; !a�) :f ��c �=�rm
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has comrnenced, the Term shaIl expire as of the effecti�� date of the termination of thfs
Agreement; (ii) there shail be no recapture of any taxes previously abated; a�d (iii)
neither party shall lia've any further rights or obligatians hereund�r.
5.
6.
City:
EFFECT OF SALE OF PREMISES.
The Abatement granted hereunder shall vest or�ly in �wner and carmot be
assigned to a new owner of alI or any portion of the Premises and/ar Required
Improvements without th� prior written consent of the City Council, which consent shall
not be unreasanably withheld pravided that {i) the City Cauncil �nds that the praposed
assignee is financially capable of ineeCing the terms and conditions af ttus Agreement and
(ii) the proposed p�rchaser agrees in writing to assume all terms and conditions of Owner
under this �greement. Owner may not otherwise assign, lease or convey any of its righ�s
�nder this Agreement. Any attempted assignment �vithout the City Council's prior
written consent shall constitute grounds for termination Qf this Agreement and the
Abatement granted hereunder fol�owing ten (1�) calendar days of receipt of written
notice frorn the City to Owner.
In no event shall the abatem�nt ter�a be extended in the e�ent of a subsequent sal�
or assignmen�
NOTICES.
All written notices called for or required by this Agreement shall be add�essed to
the foilawing, ar such other party or adclress as either party designates in writing, by
certified mail, postage prepaid, or by hand delivery: �
Owner:
City of Fort Warth
Attn: City Managex
1000 Throckmortan
Fort Worth, TX 76102
7. MISCELLANEQU�.
�.1. Bonds.
Fort Worth Housing Finance Corpoxataan
1000 Thrackmorton
Fort Warth, Texas 76IO2 '
The R�quired Ymprovements will not be financed by tax increment bonds. This
Agreement is subject to rights of holders of outstanding bonds af the City.
7.2. Con�icts af �nterest.
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Neither the Premises nor any of the Requiz'ed Improvements covered by this
Agreement are awned or leased by any me�ber of the City Council, any member of the
City Pianning oz' Zoning Comrnission or ar�y member of t�e gav�rning body of any taxing
units in the Zone.
'�.3.. Conf�icts Between Dacnments.
In the event of any conflici between the City's zoning ordinances, or other City
Qrdinances or regu�adons, and this Agreernent, such ordinances or regulations sha11
control. In khe event of any conflict between the body of t�is Agreement and Exhibit
"D", the body o� this Agreement shall cantrol.
�'.4. Fnture Application.
A portion or all of the Premises andlor Required Improvements may be eligible
for camplete or partial exemption from ad walarem taxes as a result af existing law or
future legislatian. This Agreement sl�all not .be � construed as evidence that such
examptions do nat apply to ihe Premises and/or Required Improvements. �
"�.�. Citv Councii Authqrization.
This Agreetnent was authorized by the City Council through agproval of Mayor
and Council Communication No. an , which, arnong other
�hings, authorized the City Manager t� execute this Agreement on behalf of the City.
'�.6. Estoppel Certi�icate.
Any party hereto may request an estoppel certificate from another party t�ereta so
Iong as the certificate is requested in connection with a bona fide business purpas�. The
certificate, which if requested will be addressed to the Owner, shalI include, but not
necessarily be limited to, staternents that this Agreement zs in full force and effect
without default (or if an Event of Default �xists, the nature of ihe Event of Defaalt and
curative action taken ancllar necessary to effect a cure}, the remaining terrn of this
Agreem�nt, the levels and remaining term of the Abatement in effect, and such other
matters reasanably requested by the party or parties ta receive the certificates.
q.7. Ovvner Stan�an�.
Ow�er shall be deemed a proper and necessat'y party in any litigation questioning
ar challenging the validity of this Agreement or any of the underlying lavws, ordinances,
resolutions or City Council acfiions authorizing this Agreement, and Owner shall be
entitled to intervene in any such litigation.
7.5. �enue and .Turisdiction. . _ _ _ _
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This Agreement shall be canstraed in accordance with the laws of the 5tate of
Texas and applicable ardinances, rules, regulations or palicies of the City. Venue for any
action under this Agreernent shall lie in ihe State District Court of Tarrant C�unty, Texas.
This Agreement is pe�rformable in Tarrant County, Texas
7.9. Recordatian.
A certified capy af this Agreement in recordable form sha11 be recorded in th�
Deed Records of Tarrant County, Texas.
710. Severabilitv.
If any provision af this Agreement is held to be invalid, illegal or unenforceable,
the validity, legality and enforceability af the remaining pro�isions shall not in any way
be affected or impaired. .
9.11. Headin�s Not Controllin�.
Headings and titles used in this Agreement are for reference purpases onIy and
shall not be deemed a part of this Agr�ernent.
'�.1�. Entiretv of Agreement.
This Agreement, including any exhibits attached hereto, and any docu�ents
incorporated herein by referenc�, contains the entire understanding and agz�eement
beiween the City and Owner, their assigns and successors in interest, as to the matters
contained herein. Any prior or contemparaneous aral or wriC�en agreement is hereby
declared null and void to the exkent in c�nflict with any provision af this Agreement.
This Agreement shaIl not be amended unless executed in writing by both parties and
approved by the City Council. This A,g�reement may be executed in multiple
count�rparts, each of which shall be considered an original, huC all of which shall
constihtte one instrurnent. �
9 ,.. ,
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���� i of Fart Worth
EXECUTED thi day af , 2002, by the C ty ,
Texas.
EXECUTED this �day of Sr p�w-.. (o ��
Finance Corporation.
, 2002, by Fart Warth Housing
CTTY OF FORT WORTH: FORT WORTH HOUSING FINANCE
CORPORATION:
By: '
Assistant City Manager
B � ���
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rer e C. Walker
ATTES�:.
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B}�: � � �� .1.' _� • r .� �
ity�Secr��etar� .
APPROVED TO FORM AND LEGALITY:
B �.
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Cynthia Ciarcia
Assistant City Attorney
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M & C: � ..- ' . IC�-
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ATTEST:
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STATE OF TEXAS §
COUNTY OF TARRANT $
BEFORE ME, the undersigned aut�ority, on this day personally appeared
��!d ��ro� , Assistant City' 1Vlanager of the CITY OF FORT W�RTH, a rnunicipal
carporation, lcnown to me to be the person and officer whose narne is subscribed to the %regaing
in�trument, and acknowledg�d to me that the same was the act of th� said CITY OF FORT
WORTH, TEXAS, a municipal c�rporation, that �e was du�y authorized to perform th� same by
appropriaie Mayor and Council Communication of the City Council of the City of Fort Warth
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 AND SEAL �F OFFiCE this ��_day of
oe� , �oa2.
,���.a�e�.
Notary Public in and for
khe State of 'I'exas
l�.Su /IA �� R 1V�'�
S�
Notary's Printed Name
��YpL�, �osE��ga��v�s
2o f,,.«.,��� t
�,��=�j fVOTARYPUBLIC
'�� �% � 5tate af Texas
�'�„o�;�,.�Comm. Exp. D3-31-2005
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STATE 4F TEXAS §
COUNTY OF TARRANT � §
BEFORE ME, the undersigned authority, on this day persflnally app�are;d�� ��� C� (_,�.� f�c�
��-� ��,.'� of the Fort Worth Hausing Finance Corporation, a Texas non- profit corporation,
known to me to be the person whose name 15 subscribed to � the foregoing in�trurnent, and
acknowledged to rne that he executed the same for the purpQses and consideratian therein
expressed, in the capacity therein stated and as ihe act and deed of the Fort Worth Haus�ng
Finance Carporatson.
GIVEN ER MY HAND AND SEAL OF OFFICE thzs
of 5� �-���,..��� , 20Q2.
1
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Notary Public in and for
t�e State of Texas ' " �" - -' �' � -� `Y�
�,.. . — � ���,,, s
Notary's Printed I�ame
�' �'�4 WILLIA�1 H�WITi
, _*: *' MY COMMISSIO�3 EX!'IRES
_ %��*r' Jonuary 27, 2€363
�„lu+�`_
��-�� day
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Exhibit A: NEZ �ncenti�es
Exhibit B: Property De�cription
Exhibit C: Project descriptian .including kind, number and location of the propos�d •
impravements.
Exhibit D: Application: (NEZ) Tncentives and Tax Abateinent
Exhi�it E: Final Sur�ey
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,�X�11,31 � l�
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C1TY OF F�T�T WORTFi
N�If�HBORH00� �IVIPOWERMEWT ZON� (N�} �AS[C [IVC�N7IV�S
Adopted by the Fart Worfh Cify Council �n July 39, 2009 (M&C G-93208 R)
Amended 6y the Forf Warth Crty Council on Apri12, 2002 (M&C G-93580), July 23, 2002
(M&C G-93682}
I. G�AI�RA�, PUR��S� AN� O�JECTI!!�5
Chap#er 378 of ti�e Te�s Locaf Government Code allows a municipal�ty fo create a
Neighborhood Empowermenf Zone (NEZ) w1�en a"..,municipality determines tF�at the creation
of the zone would promnte:
(1) �F�e creation of affordable hotasing, inc�uding manufactured housing, in the zone;
(2) an increase in eco�omic devefapment in the zone;
(3) an increase in tl�e quality af socia] services, ed�acatifln, or public safety pravided ta
residents of the zon�; or
(�) t�e rel�abilitation of afFordable hausing in the zone."
The City, by ac�opting the follawing incentives, will promote affordahle ho�siRg and
econamic developm�nt in the NEZ. N�Z incenii�es wilf not be granted after the N�Z expires as
defined in the resolution desigrtating fhe NEZ. For each NEZ, th� City Council may ap�rove
additional ferrns and incenfi�es as permitted by Chapter 378 of the Texas Local Go�emment
Co�e or by City Council r�solutian. However, any tax abatement awarded befare the expirafian
of a NEZ sha�l carry its fulf term according to its tax abatement agreement appro�ed by the City
Council. .
A� mandated by stafe law, the �raperty tax abatement under �his policy applies '�o the
ow�ers o� real proper�y, Plothing in the policy shall be construed as an oi�ligation by the
C�ty of �orE Wor�h fa approve any ta�c abatement appfication.
!I. _ �}��IMITIONS
uAt�afemenf' means the full or pariial �xernption from City af Fart Workh ad valorem taxes an
�ligibfe praper�ies fflr a periad of up to � d years and an amount of u� to 100% af th� increas� in
a�apraised value (as reflected an fihe ce�ified tax roll af the appropriate cflunfy appraisal district}
resulting from �mprovements. Eligible proper�ies must be facated in the NEZ.
"Base Value" is the �alue of tf�e property, excluding land, as determined by the Tarrant Caunty
Appraisal District, during the year ref�abilitatian occurs.
"Burldrng Stanrlards Commission" is t�e - commission created under Sec. 7-77, Article IV.
Minimum Buildi�g Standards Code ot the Fort Worth City Code.
"Caprtal lnvesfinenf" includes only real properiy impro�ements such as new facilities and
s#ructures, site improvements, facility expansion, and facElity modernizatian. Capital Investmenf
does NOT include fand acqu�sition costs anc�lor any existing im�rovements, ar personal pro�er�y
(sucFt as machinery, eauipment, andlor supplies ancE inventory).
"Gity of Far# Worth Tax Abatement Policy Stat�menf" means the policy adapted by City Cauncif
on February 29, 2000.
"Commercia!/Indusfrial Developmenf Profecf" is a devel�pment project whEch proposes to
canstruct ar r�habifiiate commerciallindustrial fac9lities on property that is (or mes#s the
requireme�ts �o be} zoned eomm�reial, industrial ar mix�d use as def�ned by the City of Fort
Wor�h Zoning Ordinance.
"Comrnunity Facility Development Project" is a de�elopmeni praJect which proposes to constr�ct
or re�abilitate community facilities on pro�erty that allaws sucl� use as defined by tF�e City of
Fort Wort� Zoning Ordinance.
"Eligible Reha611itatian" includes onfy physical improvements to real property. Eligible
Rehabilitaiion does NOT include �ersonal property (such as fumi#ttre, appiiances, equipment,
a�dlor supplies},
"Gross Floor Area°' is measured by taking the autside dimensfons of the building at each floar
level, except that portion of the basemenf used o�fy for ufilities or storage, and any areas wiihin
the building used for off-street parl�ing.
"Minimum Building Stan�lards Code" is Article IV of the For� Worth City Code ado�ted pursuant
to Texas Local Government Code, Chapters 54 and 214. �
"Minorify Br�siness Enterprise (MSE�" and "Women Busin�ss Enterprrse (WBE}" is a minority or
rnroman owned business that ha5 received certifiicatio� as eifher a certified MBE or certifieti
WBE by either the North Texas Regional Certi�ication Agency �NTRCA) or the Texas
D�partment of Transportation (TxDo�), Highway Division.
"Mixed-Use Development Project" is a deve[opment praject which proposes ta construct or
rehabilitate rnixed-use facilities in which residentia� uses constitute 20 �ercent or more of the
total gross floor area, and office, eating and entertainmeni, andlor retail sales and service uses
eonstitute '[0 percent or mare af tF�e total gross floor ar�a and is on property ihat is (or meets
the requirements ta be) zoned mixed-use as described by fhe Cify of �ort Vllar�h Zoning
Ordinance.
"Multi-family Developmenf Project" is a develapment pro�ect which pragoses to construct or
rehabilitafe multi-family residential living units on praper�y thafi is (or meets th�e requ�rement� to
�e} zoned mul#i-family or mixed use as defined by the City of Fort Worth Zoning Ordinance.
"Reinvestmenf Zone" is an area designate�f as such by the City of Far� Worth in accort�ance
wiih tY�e Property Redevelopment and Tax Abatemenf Act codifed in Chapter 312 of the Texas
Tax Code, or an area designated as an enterprise z�ne pursuant fo the Texas Ent�rprise Zone
Act, codified in Chapter 2303 of the Texas Government Cade.
III. NVUNICIPAL PFZOP�RYY �/�K l���4TEM€PlTS
,�. R�SID�PIi�A� PROP�RT[�S �OCpo'T�9 li� A iV��. �'U�� A�Ai�IVI�fVi F�� �
YEARS
2
�. For residential properky purchased before NEZ designation, a homeawner shal] be
eligible to apply for a ta�c abafement by meeting the following:
a. Proper�y is owner-occupied and the primary residence 4f the homeowr��r prior ta
the final NEZ designation. Homeawner shall provide proaf of awnersF�ip by a
warranty deed, affidavit of heirship, or a pt'obated will, and shall show proaf of
primary residence by homestead exemption; and
b. Homeowner must pertorm Eligib[e Rehabifitation on #he property after NEZ
designatian equai �o or in excess of 30% of the Base Value of fhe proper�y; and
c. Prop�rty is not in a tax-r�efinquent status when �he abatement application is
subm�tted.
2. Far residential property purchased af�er N�Z designafion, a homeowner shall be
elEgible to ap�fy for a tax abatement by meet9ng the following:
a. Property is newfy consfruct�d ar rehabilitated after th� date of final NEZ
� designation; and
b. Proper�y is owner-accupied and is the primary residence of fihe ham�owner.
Homeowner shall pro�ide praof af ownership hy a warranty d�ed, affidavit of
heirship, or a probated will, and shal[ show proof of primary residence by
homestead exemption; and
c. For rehabifitated property, �[igible Rehabilitation costs on the property shall be
equal to or in excess ofi 3a% of the Basa Valu� af the property. The s�ll�r or
owner shall provide fhe City infiormation to sup��rt rehabi[itaiian costs; and
d. Property is not in a tax-delinquent status w�en the abatement application is
submitted, ar�d .
e. Property is in conformance with the City af Fort Wortl� Zoning �rdinanc�. •
3. For investor owned single famify proparty, an investor shali be efigible to apply for a
tax abatement by meeting ihe following:
a.
b.
c.
d.
Prapariy is newly constructed or rehabilitated by the investor after NEZ
designation; and
For rehabi�itated �roperty, Eiigible Rehabilitaiian costs on the properfy shall be
equaf to ar in excess of 30% af fhe Base Value of the praperty; and
Rroperfy is not in a tax-delinquent status when the abaterrtent application is
submitted; and
Property is in conformance wiih ti�e City of Fort Warth Zoning Ordinance.
�. iV1U�iI��AIVII�Y ��V�LOP�VII�Pli PROJ�C�S �OCAi�D II� A N��
1. Fuii Abatemer�f tor 5 years.
In order to be eligible for a property tax abat�ment, u�on completion, a newly
construcfed or rehabiliiated multi-family development project in a NEZ must satisfy
the foifowing:
At least twenty percent {20%) of the total unifs constructed or rehabiliiated sl�al[
be affordable (as defined by the U. S. Department af Housing and Urban
Development) to persons with incames at or �e[ow eighty perc�ni (80%} of area
median income based an family size and such units shall be set aside fiar
persons •at or below 80°10 of the median income as defined by fF�� U.S.
Departmertt of Hausing and Urban De�elopment. Cit�r Council may wai�e or
reduce fhe 20% affordability requEremenf on a case-by-case basis; and
{a) �or a m�lti-famiiy de�elopment project cons�ructed after NEZ designation, the
pr�ject must provide at least five (5} residential living units OR have a
minimum Capiial In�estment of $20�,000; or
(b) For a rehabilitation project, the property must be re�abilitated after NEZ
designatian. Eligible Rehab[litatian costs on the property s�all be a# feast
30% of the Base Value nf fhe property. Such Eligible Rehabilitation costs
must come from the rehabilitation of at least five (5) residential living units nr
a minimum Capital Investment of $200,000.
2. 1'°/a-100% Abat�ment of City Ad Valorem taxes up to 1 D yeafs
lf an appl�cant appfies for a tax abatement agreement rrvitl� a term af more than fi��
years, ihis section shall apply.
Aba#ements for mUlti-family de�elopment projects for up to �0 years are subject to
City Council appraval, The applicant may apply with the Housing Department far
such abatemenf.
Years 1 throuah 5 of tF�e `iax Ahaicemenf Aqreemen4
Multi-family projects�shall be eligi�fe for 100% abaternent of City ad valorem taxes
for years or�e througi� fi�e af the Tax Abatement Agreement upvn the satis�action of
ti�e following:
At least twenty percent (20%} of the total units canstructed or rei�abilifated shall b�
afFordable (as defined by the U. S. Departrnent af Housing and Urbar� Deve�opment}
to persons with incomes at or below eighty percent (80%) of area median income
based on family size and sueh units shall be set aside for persor�s at ar below 80% of
tf�e median incame as defined by the U.S. Department of Housing and Urban
Development. City Couttcil may waive ar reduce �E�e 20% affordability requirement
on a case-by-case basis; and
a. �or a mufti-famiCy develapmenf project constructed after NEZ designafian, the
projeci must pro�ide at least five (5) residenfiial living uni#s OR have a minimum
Capital fnvestment af $200,QOQ; or
b. �or a rehabilitation projec�, the property must be rehabilitated after NEZ
designation. EEigible RehabilitatEan cvsts on the properky shafl be at least 30°fo of
the Base Value of the property. Such Eligible Rehab�lita�ion costs must come
from the rehabilitafian of at least five (�) residential living units or a minimum
Capifal Investment of $200,QOa.
Years fi throuqh '!0 oi� the iax Abafement �►qreement
Multi-family projects shall be eligible for a 1-100% abatement of City ad va[arem
taxes for years six thraugh ten af the Tax Abatement Agreement upon fE�e
satisfaction of the f��lowing:
a. At least twen#y percent (20%} of the tafal units constructed or r�habi[itaisd shali
be affordable (as defined by the U. S. Depar�ment of Hausing and Urban
Developmenf) to �ersons with Encomes at or below eighfy percent {80%} of area
4
median income based on family size and such units shall be set aside �or
persons at or below 80% ofi the median income as defined by the U.S.
D�partment of Housing and Urban Development, City Cauncil may waive or
reduce the 20% affordability requireme�t on a case-by-case basis; and
1. Fflr a multi-family develapmer�t project construc#ed after NEZ designation, the
project m�st provic�e at leasi five {5} residential Ei�ing units OR have a
minimum Capital lnvestment af $200,000; or
2. For a reF�abilitation praject, ff�e property must be rehabilitated after N�Z
designation. Eligible Rehabilitation costs on the praperty shall be at least
30% af the Base Value o� the property. Such Eligible Rehabi{itation costs
must come from the rehabilitation af at least �Five {5) residential living �nits or
a minimum Capi�al fnvestment nf $200,000.
b. Any other t�rms as City Council of the City of F'orf Worth deems appropriate,
including, 6ut not Gmited to:
1. utilizatiar� of Fort Worth companies far an agreed upon percentage of the total
costs for constructian contracts;
2. utiliza�ion af certified rr3inoriiy and wamen owned business enterprises for an
agreed upon percentage of the tatal costs far construction contracts;
3. property inspection;
4. commit to hire an agreed upon percentage af Fort War�h residenfs
5. commif ta hire an agreed upon perceniage of C�ntral City residents
6. landscaping; ,
7. tenant seiection plans; and .
8. management plans.
C. C�iVIIV��RClA�, IlV9USi�lA� /�Fl� COMMUNITY �ACILIii�S D�V�LOPM�NT
P��.��CiS �OCr4T�9 IW A N�.�
1. F�II Abaterri�nt for 5 years.
In order to be eligibEe for a prop�rty tax abatement, a newly canstructed ar
rehabilitat�d commerciallindusfrial and community facilities development project in a
NEZ must satisfy the following:
a. A cammercia�, indt�strial or a cammunity faciii#ies development project
� construc#e� after NEZ designation must haW� a minimum Capita] Investment of
$75,aao; ar .
b. For a rehabifi�atior� project, it must be rehabilitated after NEZ designation. Eligible
Rehabilitation cosfs an fhe property shall be at least 30% of t�e Base Vafue of
the pro�erty, or $75,000, whichever is greater.
2. 1°/fl-100% Abatemenf of City Ad Valorem taxes up to 10 years
[f an app[icant appfies for a tax abatement agre�ment with a term of more than five
years, this sectian s�al� a�ply,
Abatement agreements f.or a Commerc9al, Industrial and Community Facilities
Developmsnf prajects for up to 'i 0 years are subject to City Councii appro�ai. The
5
applicant may apply with the Economic and Community Development Depar�ment �For
such abatement.
Years 1 throuqh � c�f the �'ax Abatemenf Aare�m�nt
Commercial, lndustriai and Community Facilities Develo�ment projects shall be
efigible for 100% aba#errient of City ad valarem taxes for the first five years of fhe
Tax Abatement Agreeriment upon the satisfactian of the fol[nwing:
a. A commercial, ir�dus�ria� ar a comrriuniiy facilifies development project
constructed after NEZ d�signatian musf F�ave a minimum Capita� Investment of
$75,040; or
b. For a rehabilitaiian projecf, it must be rehabilitated af�er NEZ designation. Eligible
Rehabilitation costs on tf�e pro�erty shall be at leasi 30°/fl ofi the Base Vafue of
the Property, ar $75,D00, whichever is greater.
Years 6 throuqh 1� of t�e iax Abatement �►areement
Comm�rc9a1, fndustrial and Community Faciliiies Development projects sha�l be
eligibie for 1%-100% abafement of City ad valorem taxes for years six thraugh ten af
the Tax Abatement A�reement upon the satisfacfi�n of the fallowing:
a. A commer'cial, industrial or a community facilities development praject
constructed after NEZ designation musf Fta�e a minimum Capital Investmenf of
$75,OQ0 and mus# meet the requirements of subsectfon (c) below ; or
b. For a rehabilitatian project, it must be r�i�abilitat�d afte� NEZ designatian. Eligible
Rehabilitafion costs on the �roperty shall be at least 30% of the Base Value of
the property, or $75,04D, whic�ever is greater and meet �h� requiremen#s of
subsection (c} below.
c. Any other terms as City Council af the City of Fori Warth deems appropriate,
incfuding, bu� nat limited to:
1. utilization af �ort Worth companies for an agreed �apon percentage ofi fihe total
cosis for constructiot� can#racts;
2. utilization of cer#ified minority and women awned business enterprises for an
agreed u�on percentage of the fotal costs for construc#ion contracts;
3. commit fo hire an agreed upon percentage of Fori Worth residents;
4. commit to hire an agr�ed upor�� p�rc�ntage of C�ntral City residents; and
�. landscaping.
D. (ViIX�DaUS� ��1S�LO�M�[V� PROJ�CTS L4CAi�� iN A N��
1. Full Aba#ement for 5 years.
In order to be eligible for a property fax abatement, upon complefion, a newly
constructed or rehabilitated mixed-use devefopmenf project in a NEZ musf safisfy the
following:
a. Residential uses in the praject canstifiute 2D percent or more of fhe tofal Gross
Floor Area of th� project; and
b, OfFEce, eating and entertainment, andlor retai[ sales and serriice uses in the
project c�nstitUte 10 percenf or more of tl�e to#al Gross Floor Area of the project;
and
C�
(1 } A mixed-use development project consfructed after NEZ desi�nafion must
ha�e a minimum Capital Investment of $200,000; or
(2) �ar a rehabilitation project, it must be rehabEliiated. aft�r NEZ designation.
E�igible Rehabifitaiion cosfs on the praperty shall be ,at least 30% of the Base
Vaiue of th� property, ar $20�,Q00, whichever is greater.
2. 1%�100% Abatement of City Ad Valorem taxes up to 1 Q years
If an applicant applies for a tax a�atement agreement with a term of more than five
years, this section sha11 appfy.
Abatemer�ts agreements far a Mixed Use De�elopment pro�ects tor up fa �0 years
a�e subject to City CQuncil approval. The applicant may apply with ff�e Economic and
Community Development Departme�t fior sucF� abatement.
Years 1�hrouqh 5 of the T'ax Abatement Aqreemenf
Mixed Use Deveiopment projects shall b� �ligible for 100% ahatement of City ad
valorem taxes for ihe firsf fi�e years of the Tax Abatement Agreement upon the
satisfactian at #he following:
a. Residential uses in the project canstitute 20 percent or more of the total Gross
Floor Area of the project; and
b. Office, eat�ng and entertainment, and/or retail sales and service uses in fhe
project constitute 10 percent or more ot the total Grass Floor Area of the project;
and -
c. A new mixed-�se development project constructed after NEZ designation must
have a minimum Capital In�estment of $200,000; or far a rehabifitation praject, it
must be rehabilitated after NEZ designatior�. Eligible Rehabi�itation costs on the
property shall be at least 30°fo of the Base Value of t�e proper�y, or $2D0,000,
whichever is greater.
Years 6 fhrouah 1U af fihe iax �►bafiement Aqreemen�
Mixed Use Devefopment projecis shafl be eligi�le for 1-10�% aba#em�nt of City ad
valorem taxes for years six thraugh t�n af th� Tax Abatement Agreement upon the
satisfactian of the following: �
a. Residential uses in the project canstitute 20 percen� ar mtire of the total Gross
�loor Area af the praject; and
b. Office, eafiing and enterfiair�ment, andlor r�tail sal�s and service uses in the
proj�ct constitute 1 Q percent or more ofi fF�e total Gross Floor Area af the project;
c. A new mixed-use deveEopment project construcied after NEZ designafio� must
have a minimum Capital In�esfinenf of $200,000; or for a re�abifitation project, if
must be rehabilitafed after NEZ designation. Eligibls Rehabilitatian costs on the
prape�iy shall be at least 30% vf the Base Value af•the properEy, or $200,000,
whichever is greafer; and
d. Any other terms as City Council af the City of Fort Workh deems appropriafe,
including, �ut not limfted to:
1, .utifization ot Fort Worth companies for an agreed u�on percentage ot the
total casts for construction cantracts;
ri
2. utilization af eertified minority and women own�d business enterprises for
an agreec{ upan percenfage of the total cosfs for construction cantracts;
3. property inspectian;
4. commit to F�ire an agr�ed upon p�rcentag� of For� Worth residen�s
5. commit to hire an agreed upon percentage af Cenfra! City residents
6, landscaping;
7. tenant selectian plans; and
8. management plans.
�. ABAi�M�N f CL1[Q�LfN�S
9, ff a NEZ is laca�ed in a Tax Increment �inancing District, City Counci] will determine
on a case-E�y-case basis if fhe tax abat�ment incenti�es in Sectian ifl wilf be offerec�
to eligible projects. Eligible projects must mee# all eligi�ility rec�uirements specified in
Section III. �
2. In order to be eEigible to appfy for a tax abatement, fhe praperty owner/developer
m�st:
a. Not be definquent in paying proper�y taxes f�r ar�y property awned by the
ownerldeveloper ; and
b, Not have any City of Fort Worth liens fif�c� against any property owned by the
applicant pro�e�ty ownerldeveloper. "Liens" include, but are nvt limited ta, weed
li�ns, d�molition lier�s, board-u�/open structure �iens and pa�ing [iens.
3. Properties under a contract for deed are not eligible for tax abatement.
4. Once a NEZ property awner of a resideniial pro�erty (including multi-�'amily) in fhe
NEZ satisfies the criteria set farth i� Sections III.A, E.T. and E.2, and appfies for an
abatement, a property awner rriust enier in#a a tax aba�ement agreement with iF�e
Ci#y of Fort Worth. The tax abatement agreement shall automatically terminate if the
properiy subject fo the tax abatement agreement is in violation of the City of Fart
Warth°s Minimum Building Standards Gode and the owner Is convicted of such
via[ation.
�. A tax abatement granted under the criteria set forth in Section III. can only be
granted once for a property i� a NEZ far a maximum ferm of as spec9fied in the
agreement. If a prope�ty on which fiax is being abated is sold, the Gity wiEl assign the
fax abatement agreement far the r�maining t�rm once the new awner s�abmits an
applicatinn. .
6. A property ownerldeveloper of a multifamily de�eiopment, commercia[, Endustrial,
comm�nity faci�iiies and mixed-use development project in tF�e NEZ wha desires a
iax abatement under Sec�ions IEl.B, C or D must:
a. 5atisfy the criteria set for�h in Sections I[I.B, C or D, as applicable, and Sections
II1,E.1 E.2; and E3. and
b. FiEe an applica�ion with the Housing Department or the Economic and
Community Deveiopment Department, as applicable; and
0
c. Th� property awner mUst enter into a tax abatement agreemenf wifh the City of
Fort Worth. En addition to the oth�r i�rms of agr��ment, fhe tax abatement
agreement sha[� provide that the agreeme�t sf�al� autamatically termina#e i� the
nwner recei�es ane canviction of a violation af the City of For� Wor�h's Minimum
Building Standards Code regarding the proper�y subject to the abatement
agreement during the term af the tax abatement agreement; and
d. If a property in the NEZ an whicF� tax is being abated is soid, the new owner
may enter in�o a tax abatement agreement an the property for ihe remainirig
term.
�. /�����.�CAiIC)M FE�
1. The ap�alication fee for residential tax abat�men#s governed under Section IiI.A is
$25.
2 The application fee for m�lti-fami�y, commercial, industrial, community facilities and
mixed-use development projecfs �o�erned under Sections fll.B, G'[ and D.�, is on�-
ha[f of one percent {0.5°/a} of the pro�osed project's Capital Investment, not to
exceed $1,000. The application fe� will �e refunded upon issuance of certificate ot
final oceupancy and ance the properiy owner enters inia a tax abatement agreem�r�t
with the City. Otheewise, #he Appiication Fee shall not be credite� or re�unded to any
par#y for any reason.
1V. F�� Wr41V€R5
A. ��f(91��.� R�CI�IEAli51PROP�Ri1�S
1. In order to be eligible fo apply far f�e waivers, the property ownerldeveloper must
a. Not be de�inquent ir� paying praper�y taxes for any property owned by t�e
ownerlde�eloper or applicant; and
b. Not have any City liens filed againsf any praperty owned by the applicant property
own�Nd�vela�er, inc�uding but not limited ta, weec! liens, demolitiort ii�ns, baard-
Uplapen structure lierts and paving li�ns.
2. Properties und�r a contract for deed are not eligible for �e�elopment fee waivers.
3, !n arder for Develapment Fees andlor fmpact Fees to be waived far new canstruc�ion
or rehabilitatian projects located in t�te N�Z, a property owner rr�ust submit an
application fo the City.
Apqraval af the aoplicafion and waiver of the fees shall" not be deemed to be
approval of anv asp�c� o�' the aroiect. �efore construction, the appiicant mus�
ensure that fhe uroiect is focated in the correct zonina disfiricf.
B. ��VCLO�fV�EN�' F�ES
Once #he Application far NEZ Incentives has been approved by th� City, the folfowing
fees for services performed by the Ciiy af Fort Worth for projects in the NEZ are waivec!
for new cortstrucfion projects or r�habilitation projects that expend at least 30°10 of the
Base Value ot the property on Eligible Rehabilifation cosfs:
�7
�.
2.
3.
4.
5.
6.
7.
8.
A[I b�ailding permit re[ated fees (including Pfans Re�iew and lnspections)
Plat application fes {including concept plan, prefiminary plat, final plat, shart form
replat)
Board of Adjustmenf application fee
Demolifion f�e
Structure mo�ing fee
Community Facilities Agreement (CFA) application fee
Zo�ing app[ication fee
Street and utifity �asement vacation appiication fee
Other de�elopmen# related fees not specified abo�� wElf be cansidered for approva� by
City Council an a case-by-case basis.
C. [MPACY F��
1. 5ingle family and multi-family residential development projects in the N�Z.
Automafic � 00% waiver of water and was#ewater impact f�es will be applied.
2. Cammercial, industria�, mix�d-use, or community facili#y development projecis in the
N EZ.
a. Automatic 1�D% waiver ofi water and wastewater im�act fees up to $Sb,QQO or
eqtaivalent ta two 6-inch meters far each commercial, industrial, mixetf-use or
camm�r�ity faciiity development project.
b. If the project requests an impact fee waiver exceeding $5�,000 or requesting a
waiver for larger andlor more than twa 6-inch m�ter, then City Counc[I appro�al is
required. Applican� may request �he additionai amount af impact fee waiver
through �he Housing Department.
1l, ��L�/�SE O� C[�Y L�[�NlS
The �vllowing Cifiy liens may be released for eligible properties ar projects in a NEZ:
A. WE1�D LI��IS
The follawing ar� �ligible ta apply for release of weed lie�s:
1. Single ur�if awners perFo�ming rehabilitation fln their properties.
2. Builders or devefopers cQnstrucfing new homes on vacant lofis.
3. Owners performing rehabilitation on multi-family, cammercial, industrial, mixed-use,
or communiiy facility properti�s. �
4. �evefopers cor�structing new mufti-family, commercial, industriaf, mixed-use or
community facility developme�t projects.
B. D�MMOLITIOP� �IEWS
�o
Builr�ers or cfevelopers developi�g or rehabilitating a property are eligible fo apply for
reiease of demafition liens for up to $3D,OOQ. Release of demolition �iens in excess of
$30,000 is s�bject to City Councif appraval.
C. �O/�R�tlUP10PEN STRI�CTI.lRE L.iEfVS
The fallawing are eligible to apply for release �f board-uplapen structure liens:
1. Single uni# owners perfarming rehabifiiaiion on their properties.
2. � Bui�d�rs or developers constructing new single family homes on vaca�i lats.
3. Owners perForming rehabilitation on muE#i-family, commarc�al, industrial, mixed-use,
or cammurtify faciliiy properties.
4. �evelapers constructing multi-famify, commercial, �ndustrial, mixed-use, or
cammunity facility prajects.
p. PAVEIVC LIENS
The fol�owing are efigibie tfl apply fQr refease of par�ing liens:
1. Single unit awners pertorming rehabiliiatiot� an #heir properiies.
2. B�ilders or developers constructing new homes an vacant lots.
3. � �wners perfQrming rehabili#ation on multi-famify, commercia�, industrial, mixed-use,
or cammunity facility properties.
�4. � Developers canstructing mult�-family, comm�reial, indusirial, mixed-use, or
community facility pra�ects.
�. ��IGI��� R�CIPI�NiS1�RO��RTIES
1. In order fo b� �ligibfe to apply for release of Cify liens, th� prop�rty ownerlde�eloper:
a. musf not be delinquent in paying property faxes for any property owned by
the ownerf�eve�ap�r �.
b. must nafi have been subjecf to a Building Standards �Commissian's Order af
Demoli�ion where the property was demalished within the last five (5) years; and
c. must not ha�e any City of Fort Worth liens fifed agair�st any other praperty awned
by the applicant property awr�erldeveio�er. "Liens" includes, but is not limited ta,
weed liens, d�molition liens, baard-uplopen struc�ur� liens and paving liens.
2. Properties under a contract for deed are not eligible for re[ease of Ciiy liens.
VI. �ROC�DURA� S [��S
A. APF�LICA710N Sl1�M[S�I�N
The applicant for NEZ in�entives under Sectians III.A, B, C. D., IV, and V must
corr�plete and submif a Ciiy of Fort Worth "AppGcation far NEZ Incenfives" and pay
the appropriate application fee to the Housing Department or #he Economic and
Community De�elopment Departm�nt, as applicable.
11
2. The applicant for incentives under Secfions I11.C.2 and D.2 musf also complete and
submif a City of Fort Wortf� "Application for Tax Abatement" and pay the a�propriate
a�piicatior� fee to the Economic and Community DEvelopment Department. Th�
applicatian fes, review, e�aluation and approval will be governed by Ciijr of Fort
Wor�h Tax Abatement Policy Statement for Qua�i�ying Development Prajects.
�. CE�iIFiCA710N5 FOR A.PPL[CAiIORlS UND�� S�C�IONS IIL�,, �, C.1, �.1, N,
AND V
�. The Housir�g Department will review the ap�lication for accuracy and
completeness. Once comp�ete, Ho�sing Department wiil certify eligibi�ity of the
application based on the criteria set forth in Section III. A, B, G.1, D.1, IV, and V af
this policy, as applicable. Once an applicafion is certified, the Hausing Department
wil� infiarm appropriate departments administering the incentives about the certified
application. An orientation meeting with Ci�y d�par�ments and the applicant may be
sc�edufed. The depa�irr�ents includ�:
a. Housing Departme�t: praperty tax abatement for resicier�tia[ properties and multi-
family developmenf proj�cts, release of City liens.
b. Economic and Cnmmunity Development Depa�#ment= prop�rty tax abatement far
cammercial,
industr�al, community faeilities or mixed-use develapment projects.
c. Development �eparimen#: development fee waivers.
d. VVater Department; impact tee waivers.
e. O#her appropriate departmenfs, if applica�le.
2. Once Deve[opment Department, Water Depar�ment, Econamic and Community
De�eiopmsnt Depar�ment, and/ar ofher appropriate c�epartment recei�e a certified
applica#ion from the Housing Department, each departme�tloffice shafl fill out a
"Verification of NEZ Ir�centives for Certified NEZ Incentives Application" and return it
ta the Housi�g �epartmen# for recard keeping and tracking.
C. A�PLIC�►710N R�VI�W ANQ �VALUA�IOiV �'O�t A►PP�ICAiIOAlS
1. Property Tax Abatement for Residential Prop�rties and Multi-family De�efapment
Projects �
a. For a campleted and certified appfication for no mare than five years af fax
abatemen#, wiih Cauncil approval, the City Manager shall execute a tax
abafem�nt agreemenf wifh tf�e applicant.
b. For a completed and certified multi-family dev�lopment project applicaiion far
more than five years of tax abatemer�t:
(1) The Housing Department wil[ �valuate a compieted and certifed app�ication
based on:
(a) The project's increas� in the value of the fax base. �
(b) Costs ta the City (such as infrastructure partieipation, etc.),
{c) Percent of car�struction con�racts committed to:
{i) �'ort Worth based firms, and
(ii) Minority and Women Owned Business Enterprises (M/WBEs).
(d} Other iiems which may be negotiated by fhe City and #he applicant.
12
(2} Considerafion by Council Commitiee.
Based upon the outcome of the evaluation, Hausing Dapartmer�t may present
the applicafion to fhe Cify Cauncil`s Economic De�elopment Committee.
Sho�ld #he Housing Department present the applEcation �fo the Economic
Development Commitfee, the Committe� will consider fhe applicatian at an
open meeting. The Committee may:
(a) Appr�ve tE�e applicatian. Staff wilf ther� incflrporate th� applicatian into a
tax abatement agreement wnich wifl be sent to the City Council with #he
Committee's recommendation to approve the agreement; ar
{b) Requesf modifications io tf�e application. Housing Department staff will
discuss the suggested modifications with the applicant and t�en, if the
requested modifications are rnade, resubmit the m�difiad applicafion to
the Committee for consideratEon; ar
(c} Deny the application. The appEicant may appeal fhe Committee's fi�ding
by requesting the City Courtcil to: (a) disregard the Committee's finding
and (b) instruct city staff io incorporate the application into a tax
abatement agreement for futur� cansideratian by the City Councif.
(3) Consideration by the City Gouncii
The City Co�ancil retains sole autharity to approve or deny any tax abatement
agr�ement and is under no �bligation to approve any tax abatement
application ar tax aba#ement agreemen#. Th� Cify of Forf Wor�h is under na
abligation to pravide tax abatement in any.amaunt or value to any applicar�f.
c. Effective Date for Approved Agreements
All tax abatements approved by the City Counci! will become effective on
Jan�ary 1 af the year fnllowing the year in which a Ceriif�cate of Occupancy (CO)
is issued for t�e qualifying de�elopment project {unless otherwise specified in the
tax abatement agreement). Unless ofF�erwise speci�ed in the agre�ment, taxes
I�vied during the consfructiart of the project shal[ be due and Payable.
2. Property Tax Aba#ement for Commercial, [ndustriaf, Community Facilities, and
Mixed-Use Deve[opmeni Prajects
a. For a comp�efed and c�rtified applicatian far no more than five y.ears of tax
abafemer�t, with Councif appro�al, the City Manager shall execute a tax
abafement agreement witf� the applicant.
b. For a compieted and cer�ifiecf ap�lication for more than five years of tax
ahatemen�:
(1) The Economic and Community D���lopment Department wilf evafuate a
completed and cer�ified appfication based on:
{a) The project's increase in the vafue of ihe tax base.
{b) Costs to the Cify (such as infrastrucfure participation, etc.}.
(c) Percent of eanstruction contracts commift�d to:
{i) Fort Wo�h based firms, and
(ii) Minority and Women owned �usiness Enterprises (MIWBEs}.
(d) Other items which may be negotiated by the City and the a�plicant.
'I 3
(2) Consideration by Councif Committee
Based upnn the outcame of the e�aluation, the Econamic and Community
Development Department may present the application to fhe City Council's
�conomic Dev�lopment Commiftee, Shauld the Economic and Community
Development Department present the application �o the Econamic
Deve[opm�nt Committee, the Committee will consider #he application at an
open meeiing. The Committee may:
(a) Approve the appfication. Staff will fihen incorporate the applicatian inta a
tax abatement agreement w�ich will be sent to the City Council with the
Commitfee's recammendation to approve the agreement; or
(b) Req�esf madifications to the application. Econamic and Commu�ity
Development Department staff wi[f discuss the s�ggested modificat�ons
with the applicant and then, if the requested modifrcations are mad�,
resubmit the modified application io the Committes for cansideration; or
{c) Deny tF�e application. The applicant may appeal fhe Commiitee's finding
by requesting the City Council to: (a) disregard the Committee's fnding
and (�} i�struct city staff to incorporafe the applica�ian i�to a tax
abatement agreemer�t for future consideratian by the City Councif.
(3) Considerafion by the City Cauncil
The City Caunci� retains sole authority to approve or deny any tax abatement
agresment and is under na � obligation to ap}�rove any tax a�a#ement
application or tax abatement agreemenf. The C�ty of Fort Vllarth is under no
obligation to provide tax abatement in any amoun# or value to any applicant.
c. Effective Date for Approved Agreements
All tax abatements approved by the City Council will �ecame effecti�e on
January 1 of the year followir�g the year in which a Certiticafe af Oceupancy (CO)
is iss�ed for the qualifying de�elo�ment project �unless otherwise specified in t�e
tax abatement agreemenf), lJnless otherwise specified in the agreement, taxes
[e�ied d�ring the consfructian of the project shal[ be due and payable.
3. Development Fee Waivers
a. For certified applications of development fee waivers thaf do not require Council
ap�ra�al, the Develapment Department will review ihe certified applicanYs
applicaiion and grant appropriate incentives.
b. �or certified applica#ions of development fee waEvers that r�quire Council
a}�proval, Cify staff will review the certified applicant's application and make
appropriate recommendafions to the City Council.
4. Impact Fee Waiver
a. Fnr certified app�ications of impact fee waivers that do not require Counci�
approval, the Water Depar�ment will review th� c�rtifi�d applicant's applicafion
and grant appropriate ince�ti�es.
14
b. For ceriified applications of im�act fee waivers thafi require Couhcil approvaf, the
Water Department wil[ review the certified applicant's appiication and make
appropriaie recommendations ta the City Cauncii.
5. Release of City �.iens
For cer�ified applica#io�s af release of City liens, the Housing Department will refease
the appropriate liens.
VlI. O�'H�R F3UL�S ��F�`IaAIRlING YO �RDPER�Y iA,X A��►i�IVI�Ni
A. R�CAPiURI�
If t�e ferms of the tax a�afement agreemenf are nat met, the City Cauncil has the right to
cancel or amend the abatement agreement. In t�e event of cancelfatian, the �ecapture of
abat�d taxes shall be limited �o the year(s) in which tl�e default occurred or continued.
�. INSP�CTION AAID FrI�ANCIAL V�RI�ICAiION �'OR �L1LTId�AMI�Y, COtVi��RCIALI
I�I�USiRI/�L, COI�A1ViUM[iY FACILI�I�S �1M9 l4lICX��-US� D�V�LQPiVY�N�'
�R�JCCiS
The terms of the agreemen# shal� include the City af Fort Worth's right �a: {1} re�iew and
verify �he applicant's financia! s�atements ir� each year dt�ring the life of the agreement
priar ta granting a tax abafement in any given year, (2) canduct an on site inspection of
the projec# in-�each year during the life of the abatemen# to verify cnmpliance with the
terms of the tax abatemenf agreement.
C, EV�.�UATIOW FQR 1ViULTIoFA�IIILY, CQNi�ERC1A�1 INDlJSiF21A�, COIV�lIflURlIiY
�ACI�IiI�S �� MIX�DnUS� ��V��OPM�I�i PR�J�CTS
Upon. completian of construcfiian of the facilities, the City shafl no less than annually
evaivat� each project r�c,eiving abatement to insure compliance with the ferms of the
agreement. Any incidents of non-compliance will be reported to the City Co�r�cil.
On or before February 'Ist of e�ery year during the life of ihe agreemenf, any
indtvidual or entity receiving a tax abafiemeni firam the City of �or� IMarth shall
provide information and documentafion which details the property awner's
compGance rrvith the ��rms of the respective agreement anc� shali certify tha� �he
awner is in compliance with each applicable term of �he agr�emen�. �ailure to
reparf this informa#ion and �o pro�ide the �required cer�ificafiion by fihe above
deadline shall result in canceClafian of agreement and ar�y �axes abat�d in �h�
prior y�ar beir�g due and payable.
D. �FF�C7 OF SAL�, ASSIGf�MENT OR LEASE �� �RO��RTY
ff a property in the NEZ on which tax is being abated is so3d, the new owner may enter
inta a tax abafem�nt agreement on the property far the remaining term. Any sale,
assig�ment or lease o� the property which is not permitted in the tax abatement
agreement results in cancel�afion of the agreement and recapture of any taxes abafed
after the date on which an unspecified assignment occurretl.
15
Vlll. OTHER INC�AliIVkS
A. PEan reviews of p�oposed d��elopmenf projects in the NEZ will be expedited by the
Develapment Department.
�. The City Council may add the following incentives ta a NEZ in the Resol�tion adapting
the NEZ:
�. Municipal sales tax refiund
2. Hamebuyers as�istance
3. Gap financing
4. Land assembly
5. Conveyance af tax foreclosure properties
6. lnfrasfr�cture improvements
7. Support for Law Income Housir�g Tax Credit {LIHTC} applications
8. Land use incentives and zoninglbuilding code exemptions, e.g., rriixed-use, density
bonus, parking exemption
9. Tax Increment F'inancing (T1F}
10. P�blic lmpravement District {PID)
11. Tax-exempt bond fi�ancing
� 2. New Model B�ocks
13. l.oan guaranfiees
14. Equity investments .
15. Other ince�ti�es that will effectuate the intenf and purposes of NEZ.
16
Exhibit B
31Q4 �astcrest Court Lot 9, Blocic � Eastcrest Addition
Exhibit C
Project Description
Single Family Residence
90% Brick Veneer
1500-1900 square feet
3 Bedroomsl2 Baths
Two car garages
Arched Windows at Front of House
Front Yard Landscaped
Microwa�e with built-in Vent-A-Hood
Wood Burning Fire Place
Buil#-in Security Sysiem
Comp�ter Area with CPU & Printer witl� a dedicafed telephone line
Vaulted Ceiling in Master Bedroam and L.iving Room
French Doors �
Separate Tub/Shower in Master �atY�room
Garden Tu� �n Mater Bathroom
���:� �
_ � .. F`oRr �oRTx �
� V
AppZication No. �� � �U�J � � �
� ' cxT� oF ���.�r w�RTx
� N�IGHBQRHO�D E�P��WERNXENT ZON� (N�Z} PROG-RAlVI
PRQJECT CERTTFICATION APPLrCAT'�ON
� FORM B FOR ZNVESTOR O'oVNE�tS (SING�,E FA�IL�' O1�LY)
I. A.PPL�CATTON CHECI� LIS�`
.please submit the_ �oI�owing documentation wi� each prape�ty requesied:
�"�s' ". 9` �- .4 � L �
A eomp�eted�"appl�ca�ir�t�;fo�ii -3- 5 �'-v' '
,-� «;�[]-_ ..ti A list o£all�.pzflpertie�, o�taed,by the applicant in Fort Worth �
(� Apglication fe� af $2�:00 (for ta� ahatement �.pplic�.tions �ax�y) �
❑ Proof of ownershig, s�.ich as a�arranty deed, affidavit of heirship, or a probafed will 4R
. evidenee of site•canfirol., sn�h. as aptzan to buy - - ��
[( Title abstiacf=of �a.e �pxaperty (vpi�o�aal) � � ' • ' ' '
For Rehabi�itation I'i`oiects Uzzlv: ` _
'❑ �'or a projeef in the planning stage, please submit a coFnnleted s�� ofl�e�iabi�i�.tian. .
.• ��(Remodel) �lan and:a list of elf�ble.r.eha��.iiatiori���sts'�:�(fo� a�r�lications o#'fa� �•
abaiements �nd development fee wai�vers for rehab grojects on�y)
[] Once a projec� is cornpleied, piease subrnit praof of �the eligible rehabilitation costs�` such
as i�vvices, aoniracts, or xeceipts. (�or applicaiions of taz abaiements onIp) �
'� Efigible rehahilita�.on includcs ouly physical improvements to real groperty. It rloes N�T inolude personal
property such a.s fuzniture, app�isnees, equipment, and/or su,ppIies_ �'otal eligible rehabilitation casts shall ec�l
� ta or exeeed 30% af the Taixant Counfy Appraisal Distriet (TAD}, appraised value of �e� siructure during the
� year rehabilftation occurs. �
. pp .
].. Ap�licar�i: � � �l v,�t�t.� ��i.,t�1�;������utact Person: � f� ���'
3. Address: �
f��� ���,���� S�- ���`' ��;�. rY �-���Z
. S�reet � ���� _ City. State _ Zip �� .
Q�. �hone na.: �J� d�7�-�3"I.� _: 5. Fa�c 1'�0.: �f7�� �t�
f. Email: .
���,� D� ��. �r--�t���. -�Y: r�s
'�. A.gent (if a.ny) . �
8: Address: - - - -
�� II A �icant ! A��N'T �NFi}1t�VSA.TY�N ' � � — ! — —. � — � - � ^� .
Sixeet
9: Phane no.: ," � � �
�.i. Em�li:
� City - State� Zip
10. Faz Na.: '
a
.. : ii you nead further inforz�ia#on or elariixcatian, please contact Chun-I �u at (81'� �71-7381 � ar
Bea Ce�ra at (81� 871-8036. - �
�
1
�
�
� O�RT'�QRTH - . �
iII. PROPERTY ELIGI�ILTI'Y i
�. Ple�se �ist dow� fhe addresses and lagal descriptinns of the property where you are applying
�c�r NEZ incentives and otfiex praperties you o�vn in Fort Worth. Attach rnetes and bounds
description i�f no address or legal deseripiio.n is available.
Table 1 Property Ownership
A.ddress ,
� (Prnject Locaiaon) _ -- -
i �. -
� - -
�
_i
Zip � Leg�l Descripiio�a
Code ��bd.ivisian Lo� No.
_.� � _�I - �- -
� -��.��� �����. , - -
�--. � i �
--- -� �������-�,��� --
� ._ �
- . ._' , - - - --
- ,_
'� -
_ I
Slock No. I
� .� ��
-� �
(Please attacin additianal skeeis of paper as needed.) ' � �
�� � 2. F�r -e�c� proper�ties listed zn Tab��e� 1;°please c�eck �he bpxes belaw fo iniiicate if: �•
o tb.ere are taxes du�; oz jl� �� � �
� there are City liens; or ��
o you have b�en subj�ect to a Bui�ding Standards Gommi�sion°s brder af Dernolitzan vvhere the
property �was demolished within the Iast five years. �j" Q
Table 2 Prapert.y Ta�es and City Liens �
. , Addxess Properiy I City Liens on Praperiy �
.':. <°, ., ' :��: :�: _ � Tages �==qV:ced Baa[�d-up/Open , .Demoiitian•= Pavzng , -- �r.der bf-. I "��--
. .- "° �.,. ` . . '� ,. �'�,. ; - :: -:Due .- N f �iens -�S�ucture Liens � I Liens •� :� Liens Demoliiion� ' . .. ..
�I . -�- ' :0 -- , ri --- �- 0 � .- -
1J
um ,:� �:u.. - ' :,"_` t'' - ' . . � ' �' �,}_ ;', .,�r: R 'Ll � '�f; . � : ' . . .;�, ' '. ❑ �- ❑ --- �
„ a. , . , I,- :Y�,> . a• K �•� _� .,— � � . . �,9 � � ❑ .
� : . � � ' -� . - ' .' � � : � —p :..�. -: ..: .� � �='- � -'- � —� - .
I _. . . • �� � � + � --� . I ❑ I ❑
� �
� . . -- ,- - � - � -o - o_ , . _ , ti .o..:_ .:� o _ � - -
� . , - � - .o-- .5. � .. -o - _ .-. , o Y - � - -- � -
I I 0-- 0 1 ❑ --❑ -� 0- ❑
I I I
.(Piease attach additional shee#s nf gaper as needed.)
3. D� you owu other properiies under a�her aaames? ❑ Yes�o
� If Yes, please specify ,
�4. Does the proposec� development confarm with Cif�* af Faz-t Worth Zaniag? +[] Yes
.� `�� 5, is Ehis property i�nder a cvntract for deed? [] Yes � �No
��
❑ No
�
s �4RT �ORTH
�
b. Has t�e canstruciio�a on the properi�' been caax�pleted or i.s it fn the planning stage? Wha�
iype of constrnction? ,
❑ Consir�ct�on Comniet�d r'�I iJnder Cnnstructi _o_n �C In Plannin� Sta�e
❑ Naw Construction �] Re�ab ❑ New Constr�ictian ��] Reh:a� � New Construetian [] Rehab
7. �' th� construct�on an the property has bean conr�pleted whe� this applicatiQn is subrr�itteci,
vvhen vvas the work done? �
8. . If it is a� rehab praperty, does (or will} ihe rehabiU�tataoA wark* �one on tihe propez-#y equal
tv at least 30°fo of the Tarrani Couuty Appraisai Dis#rict (TAD) assessed value flf the
str�uc�ure during the year re�iabiiitation (remndeled} o�curred? ❑ Yes �] No
*Only physical xmp�ovements to real prpperty is eligibl�. DO N�T include personal praperty
su.ch as furni�re, appliances, equipment; and/or supplies.
�V. .r�,.T1�TC�NTTVES — — — — : . - . . . : . . . � .
. ~ 1. �ha�•rncentives are you applying far?; - . ,. � � . .
� Mufiicit�-aI Pronertv Taaz Abatemen�s �� � � ' � '
� Devclonment Fee'Waiv�rs • � �
� �' t�ll bui�ding pe�nit relaied fees (including Plans Revievv aiid inspect�ions)
How much is your tatal develo�meni casfs? $: j� ��`� �� ..
n � H a w m U c h z s t h e t o t a l s q u a r e f o o t a g e o f � o u r pr a ject? ���,�,��_ s���� ��t
�.� Plat appiication fee (including conce�t plan., praliminary p�at, fina7 plat, short fozxn replat)
� 13oard of Adjustment appliaa#ion fee
❑ Demolition �ee �
�
_ �._ �] Structu�e z�novuag fee � .
.. . , � Coznmunity Facilities:Agreament-{CFA) a�plicatian:£ee. - , � _ -• � .-
� � .�oning appli�aiiQ�t fe� � � � � � - . '; , � ' '
_ �Street and utility easement
, �
� �iaapact F`�e VVai�rez-s . �
� Xznpact fee waiver �� : .
, IV.Ceter Si�e „��� How many meters? ��; �:
: 1.2e���se of Citv Liens �
❑ Weed liens .
� �] � Board uplopen str�cture liens,
. . ` , [� � Derriol�tian liens . �
: ' � ❑ Paving Ziezzs — — —� — — —. , _ — . . �. _... — �
3
�
�
#
�ORT �ORTH
_
v. Acxivo�En ��rrT� - - - i - _ ' — - - — —. - -, - .
Z hereby certify that the information provide� is frue and accurate to the besi of my knowledge, I hereby
acknow]erige that I�ave receix�ed a copy o�'�Z Basic Iz�centzves, which governs the granting of ta,x
abateznen�s, fce�waivers and. ireleasc o�' Ciiy Iiens, and that az�y VZOLATION of �he te�ns of the 1�Z
Basic �c�n��es ox MI�REpRESE�'ATz�N shall constztute grounds for r�jectibn of an app�ication ox
termination of incentives.at the discretion of the City. � �
I understand that the approvaZ af fee waivers a�ad othar incentives shall no� be deemad ta bc approval af
az�y aspect of the p.roj ect. I undersf,ana that I am r�sponsible in vbtainirig required permits azid
inspections from the City and in ens�g �e project is locateci in the correct ,�oning district.
I agree ta provic�� any addifional information for detezxnining eligibility as requ�sted by the City.
..� ��x�t � �. ��l���,� .
. .: Y -- ����.����� .
�('I` P�ED NAMEj (A ORIZED Si�NATURE — ������
_ ) (!SA'�`E}
_ M1�f__ _ _ _ � � � .
~a�=;�=�=` _ . �'� _ - � . _ .I'I�:rse ni:xi�, fii� ��i'r- i.���i;���� �ir�r 1 � � - - �- - -
_ -_ - _ _ . . ,, �� .. '����lChl`i{FC3 tfk; �� _ _- ,'
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Electronic version af this form z� avaiIable by request. Please caY1817-871-738 � to request a capy.
For Office Use Only _- __ --- - — - - , -- �
•�p�laca�on No.. � .�
���,' �� � In which NE�? � �'jj� CO?IiUTF]i WItI1�Z017111 � ^ � �
TAD ID • ' � g• ��Yes ONo
� :� Contract for deed? .❑ yes L]� No T�e? ' j�'j,Nevs, constraction ❑�Reh�b �
Cons�-uc�ion comp�etion date? ❑ Sefore NEZ [�.After NEZ Ownership � Yes [f No
Relaab at or higher than 30%? ❑ Yes ❑ Na Consistent with the NEZ plan? � Yes
Tax cur�rent on this. ro e? . x i� No`
P. A rtY � Y�s ❑ No Tax currei�t an other properties? � Yes [� No .�
City �ens on �is pzoperiy? Czty �iens `on�o�Zer properties? -
o Weed lien;s ❑ Yes � Na �
Weed liens ❑ I�es � No
o Board-up/open structure Iiens ❑ yes '
� �o � Board-up/open structure Iiens �] 'Yes � No -
.� Demolition Iiens ❑ Yes k No �
� De�:oli�ion liens ❑ Yes � No
� Pavz�g liens ❑ Yes [� Na o pay�g Iiens �
❑ Yes � No
� Order af dert�olztian ❑ Yes 7[�' No � Orde;r af demoiition
Certzfed7 . ❑ Y'es [� No
❑ 1'�s � No Certified bp . Date certification issued? �� ��� �
7£not certified, rEason ,� � � - �
Referred to: �Economic Development []Housing �D�velopment �,Water ❑Gode 7'PW
�
Revised Augusi 23, 2DOX . — — — — ._...�
�
W
City o�'Fort Worih, Texas
M�yar a�d Counc�i Cor�mun�cat�or�
. pATE RE�ERENCE Nl]MBER LOG NAME PAGE
9/101�2 ��� ��3� I� . QSNEZ � 1 of 3
� sueaEc� AUTHORIZATlON TO ENTER lNTO TAX ABATEMENT AGREEMENTS WITH THE
F�RT W4RTH HOUSING FINANC� CORPORATION �OR THE �DEVELOPMENT OF
S-1XTEEN SING�.E-FAMiLY HOMES FOR THE EASTCREST SUBDlV�510N LOCATED
lN �THE ST�P SIX NEIGHBORHOOD EMPOWERMENT ZONE �
RECQMMENDATION:
Ifi is recomme�ded that the C�i#y Council;
Ap�rove the Fort Vllorth Ho�sing Finance Cor�aratian {FWHFC) application far Municipal Praperty
Tax Abatement for the Eastcrest Subdi�ision; and �
2. �ir�d that the statements set forth in the reci#als of the attached Tax Abat�ment Agreaments (the
Agreements} �vith FWHFC are true and correct; and � .
3. Authorize tF�e City Manager to enter into tax abatemenf agreements with
of sixteen sirigle-family homes in the Eastcrest Subdivision located in
Empawerment Zone (NEZ), in accordance wi#h the NEZ Basic lncenti�es.
D15CUSSI�N:
FWHFC for the de�elopment
the S#op 5ix NeighborhoQ�
The FWHFC is #he deve�oper/owner of the Eastcrest 5u�division in tF�e 4700 Black of East Berry Street
and Eastcrest Gaurt lacated in NEZ Na. 1�. � �
The FWHFC applied for municipal property tax abatement under the NEZ Basic lncentives {M&C G-
13208R dated June 5, 2002, M&C G-13580 dated April 2, 2002, as amended, and M&C G-13662R
dated July 23, 2Q02, as amended). Tha Ho�sing Depa�tment has rsviewed the application and�certified
that the praper�y meets the eligibility criteria to receive NEZ municipa! �roperty tax abatement. The
NEZ Basic Incentives offers a fiv�-year municipal praperty fax abatemen# of the increas�d vaiue of
impro�ements to a derieloperlowner af a�y new ham� constr�cfed�within a NEZ.
Upan execution af the Agreements, the totai assessed value of eact� hame in the Eastcresfi Sub�i�ision
used for caicu{ating mu�icipal properky tax will be froz�n for a five-year period, starting on January.'I, o#
t1-�e year follawing the year in which the home is sold, at the pre�Empro�ement val�e af each lot as defined
6y the Tarrant Appraisal District (TAD} on January 1, 2002, as foilows:
� Pre-lmprovement TAD Value of lmprovements $ -0-
o, Pre-lmpro�ement TAD Valu� af Land $�,OQO�per lot .
� Tatal Pre-Impravement TAD Value $�,�00 per lot
+�'ity a�'�Fo�t �Yo�th, Texas
Mayor ar�d Caunc�l Com�n�n�ca�lor�
QATE REFER�NCE NUMBEft. LOG NAME �q��
9110102 ,��7 9�35 � 05NEZ , 2 of 3
-sug��cr AUTHORIZATION TO ENTER WT� TAX ABATEMENT AGREEMENTS WITH THE
FORT WDRTH H4USlNG FINANGE CORP�RATI�N F4R THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILI'_ HOMES FOR THE EASTCREST SUBa1VISION LOCATED
lN THE STOP SIX NEIGHBQRHOOD EMPOWERMENT ZONE
Address
310Q Eastcrest Court
3901 Eastc�est Cour�
3104 Eastcrest Cour�
3105 Easficrest Court
3'108 Eastcrest Caurt
31 Q9 Ea�tcrest Cour�
3� 12 Eastcrest Court
3113 Eastcrest Caurt
31 'l 6 Eastcrest Court
312Q Eastcresi Courk
3124 Eastcrest Court
3128 Eastcrest Court
3132, Eastcrest Court
3133 Eastcrest Co�r�
3'�36 Eastcres� Court
3137 Eastcrest Caurt
Leqai Descrintian
Lot �0, Block 1, Eastcrest Addition
Lat 6, B9ack 2, Eastcrest Addi�ion
Lot 9, Block 1, Eastcrest Additian
Lot 5, Bloek 2, Eastcrest Addition
1 ot 8, Block 1 T Eastcrest Addition
Lat 4, Block 2, �astcresfi Add9tior�
�.ot 7, Blocit 1, Eastcrest Addition
Lot 3, Block 2, Eastcrest Addition
Lot 6, Block 1, Eastcrest Additiar�
I�ot 5, Block 1, Eastcrest Addition
Lot 4, Block 1, Eastcrest Addition
Lot 3, Blocic 1, Eastcrest Add�tion
Lot 2, B1ock 1, Eastcrest Addifian
Lot 2, Block 2; Easfcrest Addition
Loi 1, Block 9., Eastcrest Addition
Lot 1, Bloek 2, Eastcrest Addifian
FWHFC expects to campiete canstruction an or before June 30, 20Q3, and sell th� sixteen hames tfl
new owners. Upon #h� sale of each home by FWHFC, the Hc�usi�g Qepartment staff will present t��
prQposed assessment of tn� tax abatement agreements to the City Council for approval if the r�ew
owner meets al1 efigible criteria as �stated in �the NE2 Basic lncentives.
FWHFC will invest $'i,600,�0(} tp construc# sixteen single-famify homes in the Eastcrest �ubdivision.
The lacation of the praQosed develapment,..typical ele�ation, and project description are attached tc� #1�is
Mayor and Counci� Communicatian. The municipal proQerty iax on the improved �alue is estlmated at
$558 per house per year or a tofal t�f $44,640 over the fve-year periad. -
On August '! 3, 2002, the above proposal was endorsed by the Economic and Cammunity Developmenf
Gommitkee for City Council approval.
The Eastcrest S�bdi�ision is located in COUNC�L DlSTRICT 5.
�`ity af �'ort �oYth, Z'exas ~
M�yor ��d Caunci[ ��ommu�icatior�
DATE REFERENGE NUMBER LUG NAM�E P�AGE '
91�a1o2 , C-'19235 �_ � �SNE� � 3 af 3
sus��cT . , AUTHORIZATIQN TO ENTE� fNTO TAX ABATEMENT AGR�EMENTS 1N1TH THE
F4RT W�RTH HOUSiNG FINANCE CORPORATiON FOR THE DEVELOPMENT OF
S1XTE�N SfNGLE-�'AMiLY HOMES FOR THE EASTCREST SUBDlV1S10N LOCATED
1N THE STOP SIX NEIGHBORHOOD EMPOWERMENT 2QNE
F15CAL INFORMATION/CERTiFICATIQN; "
The Fir�ance ❑ir�cto� certifies that�this action wi1{ have no material effect on City funds.
I:T`�i
0
Submitted for City M�nager's � FUND , ACCOlTNT , CE�+iTER � AMOIJNT
Office by: , (to)
Raid Rector 6! AO I
Originutin� Departrneat �iead: �
� �
lerome Waiker 7537 � (from}
Additioual Information Cantact:
3�rome Walker • 7537
CITY S�C�tETARY
APl'ROVED 091101Q2
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