HomeMy WebLinkAboutIR 9129 INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 9129
To the Mayor and Members of the City Council October 1 , 2009
Page 1 of 1
SUBJECT: Review of Neighborhood Empowerment Zone Tax Abatement
For Property Located at 1527 Alston Avenue
The purpose of this Informal Report is to provide City Council with information regarding a proposed
Neighborhood Empowerment Zone (NEZ) residential tax abatement.
Chapter 378 of the Texas Local Government Code provides that a municipality can offer an abatement of
municipal property taxes for properties located in a NEZ.
1527 Aston Avenue
Shawn Fite(Property Owner) is the owner of the property described as Lot IA, M.C. Males Subdivision, an
Addition to the City of Fort North, Tarrant County, Texas, according to the Plat recorded in Volume 106,
Page 128, of the Plat Records of Tarrant County, Texas, at 1527 Alston Avenue, Fort Worth, Texas 76104.
The property is located within the Magnolia Village NEZ, the Fairmount Historic District, and Council
District 9.
On August 10, 2009, the Historic and Cultural Landmarks Commission approved the construction plans for
a single family residential structure(Project) that will be approximately 2000 square feet in size at 1527
Alston Avenue. The Property Owner plans to invest an estimated 588,700.00 to construct the Project to be
sold as a primary residence.
The Property Owner applied for a five-year municipal property tax abatement under the NEZ Tax
Abatement Policy and Basic Incentives (Resolution No. 3487, 05-2007). The municipal property tax on the
improved value of the single family residential structure after construction is estimated at $758.39 per year,
for a total of 53,791.93 over the five-year period. However, this estimate may differ from the actual tax
abatement value, which will be calculated based on the Tarrant Appraisal District appraised value of the
property.
The Housing and Economic Development Department reviewed the application and certified that the
Project met the eligibility criteria to receive a NEZ municipal property tax abatement. In the event of a sale
of this property and Project, the agreement may be assigned without subsequent City Council approval to
the owners' first mortgagee or to a homebuyer who will use the required improvements as their primary
residence. All other assignments must be approved by the City Council.
Staff recommends proceeding with placing the tax abatement on the October 20, 2009, City Council agenda
for consideration by City Council. If you should have any questions;� � motions reg° ing this information aticrn please
contact Cynthia Gwrcia, Assistant Director, Dousing and Economic Development Department at 817-392-
818/.
Dale A. Fisseler, P.E.
City Manager
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