HomeMy WebLinkAboutIR 7078 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7078
to;?? To the Mayor and Members of the City Council
Subject: TAXABLE VALUE OF CENTREPORT PROPERTY
1879
On June 5, 1980 the City executed City Secretary Contact No. 11107
whereby an option was granted to Centreport Development Company for
the purchase of certain City-owned real estate formerly known as
Greater Southwest International Airport(G.S.I .A.) . This option to
purchase covered 77 release parcels totaling 1222.259 acres. Under
terms of the agreement Centreport is required to make annual option
payments to the City over the twelve-year life of the contract with
actual transfer of title to occur as the property is developed and
sold to other parties. The first option payment was received by the
City in June, 1980 and the first parcels were released in early 1983.
Following the release of each parcel and transfer of title from the
City all property should be added to the tax rolls. None of the
property released in 1983 appeared on the initial 1984 tax roll
received from Tarrant Appraisal District(TAD) . After learning that
TAD was as much as one and one-half to two years behind in reflecting
changes in property ownership the City established a procedure of
notifying TAD as each G.S.I.A. parcel is released so that it might be
added to the tax rolls .
In 1984 five parcels were added to the tax roll . These parcels had a
total assessed value of $8,254,202 which 'produced $55,840 in City
taxes. The 1985 tax roll includes twenty-four parcels with an
assessed value of $42,293,988 and taxes of $312,553.
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Should additional information be desired, it will be furnished upon
request.
,�Douglas Harman
City Manager
- ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS