HomeMy WebLinkAboutIR 9162 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9162
r!%, r
To the Mayor and Members of the City Council December 8, 2009
0k„� /,r ` s : 1 of 1
SUBJECT: Review of Stop Six Neighborhood Empowerment Zone Tax
„ Abatement For Property Located at 4425 Village Creek Road
The purpose of this Informal Report is to provide City Council with information regarding a proposed Stop
Six 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.
4425 Village Creek Road
Jay A. Newman (Property Owner) is the owner of the property described as Lot D1; Block 6, Home Acres
Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in
Volume 388-J, Page 573, of the Plat Records of Tarrant County, Texas, at 4425 Village Creek Road, Fort
Worth, Texas 76119. The property is located within the Stop Six NEZ and Council District 5.
The Property Owner plans to invest an estimated $80,000.00 to construct a single family residential
structure(Project) that will be approximately 1755 square feet and will be used as rental 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.
The Property Owner applied for a five-year municipal property tax abatement under the NEZ Tax
Abatement Policy and Basic Incentives (Resolution No. 3742, 05-2009). The municipal property tax on the
improved value of the single family residential structure after construction is estimated at $684.00 per year,
for a total of$3,420.00 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.
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 rental property. All other assignments must be approved by the City Council.
Staff recommends proceeding with placing the tax abatement on the December 15, 2009, City Council
agenda for consideration by City Council. If you should have any questions regarding this information
please contact Cynthia Garcia, Assistant Director, Housing and Economic Development Department at
817-392-81873
•SY
Dale A. Fissel r ,E.
City Manager
Attachments, Map& Elevation �
i THE 1 A F T T , TEA i
i_LL 0 pah
E6GEWOOD
V►■
�.. ,.. . .., _..
ry
s
4 ?s#,,,
MOORVIEW x, � FRE SHFIELD . ,.. -------
00 1
FT
� �x � � Ct� �■ arr.
(D
VIL GE,,CREEK ._ ....
Aw
co�
rNltCOAT HICLDALE .
0
rn m
. rv.
-,,-CAREY=._
V
� ew
COUNTRY-ESTATE
NELMS
' t '` ~• �„ Mai BRADYY —
gjg .
O d
y, .
DrIeWl
h d
t
m
x
low
x
%/� F
f
l
k � l
j
l�
i
u
4 i
I
k
t
i 1
f
[iqs 7
r