HomeMy WebLinkAboutOrdinance 18980-12-2009ordinance No. 18980-12-2009
AN GRDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPRQPRIATIGNS
IN THE GENERAL FUND IN THE AMQUNT GF $24,920.00 AND REDUCING THE
GENERAL FUND BALANCE BY THE SAME AMQUNT FGR THE PURPGSE GF
ENTERING INTD SETTLEMENT AGREEMENTS FAR TWELVE PROPERTIES,
PREVIGUSLY GRANTED NEIGHBGRHOQD EMPGWERMENT ZGNE TAX
ABATEMENTS; PROVIDING FAR A SEVERABILITY CLAUSE; MAKING THIS
QRDINANCE CUMULATIVE flF PRIGR QRDINANCES AND REPEALING ALL PRIDR
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT GRDAINED BY THE CITY CGUNCIL GF THE CITY GF FQRT WGRTH, TEXAS:
SECTIGN 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2009-201 o and
in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
General Fund in the amount of $24,920.00 and reducing the General Fund balance by the same amount for
the purpose of entering into Settlement Agreements with twelve property owners previously granted
Neighborhood Empowerment Zone ~NEZ~ Tax Abatements.
SECTIGN 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of 5ection5 of this ordinance, which said remaining
provisions shall be and remain in full force and effect.
SECTIGN 3.
That this ordinance shall be cumulative of Grdinance No.18809 and all other ordinances and appropriations
amending the same except in those instances where the provisions of this ordinance are in direct conflict
with such other ordinances and appropriations, in which instance said conflicting provisions of said prior
ordinances and appropriations are hereby expressly repealed.
SECTIGN 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
ssistant City Attorney
ADAPTED AND EFFECTIVE: December 15, 2009
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City of Fort Worth, Texas
Mayor and Council Communication
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~oUNClL ACTION: Approved. on ~2I1512~Q9 - ord... Na. ~898Q-1~-ZQQ9-
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DATE: Tuesday, December 15, 2009 REFERENCE NG.: C-23998
LOG NAME: 17NEZSETTLEMENT
SUBJECT:
Authorize the Execution of Settlement Agreements for Twelve Properties Previously Granted
Neighborhood Empowerment Zone Tax Abatements and Adopt Appropriation ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager, or his designee, to enter into Settlement Agreements with twelve property
owners previously granted Neighborhood Empowerment Zone Tax Abatements; and
2. Adopt the attached supplemental appropriation ordinance increasing receipts and appropriations in the
General Fund in the amount of $24,920.00 and reducing the General Fund balance by the same amount.
DISCUSSION:
Between 2007 and 2009 the City Council granted the owners of several properties Neighborhood
Empowerment Zone (NEZ) Tax Abatements. State law requires that Tax Abatement Agreements must be
executed before the improvements are made. In this case the construction of all of the improvements has
been completed on the properties listed in attached Exhibit A. Since staff did not ensure that the
Agreements were executed before the completion of the improvements, the City is now unable to enter
into the Tax Abatement Agreements.
In lieu of litigation, it is recommended that the City enter into Settlement Agreements with the owners of
the properties. The owner shall provide the City with a copy of the real property tax bill. The City shall
reimburse the portion of the City real property taxes due which would have been abated to the property
owner under the Agreement. The City will not reimburse any penalties or interest due to late payments by
the property owner. The Settlement Agreement will contain the other terms of the original Tax Abatement
Agreement.
The estimated total amount to be paid out yearly is $24,920.00 for an approximate total of $124,600.00
over a five year period. The Housing and Economic Development Department has the funds budgeted for
pay out in the NEZ account. Upon disbursal of the yearly tax revenues by Tarrant County, the City will
receive these funds back as tax revenue.
FISCAL INFORMATION l CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached supplemental appropriation ordinance funds will be available in the current
operating budget, as appropriated, of the General Fund.
FUND CENTERS:
Logname: 17NEZSETTLEMENT Page 1 of 2
TO FundlAccountlCenters
0001 539120 0116000
CERTIFICATIDNS:
Submitted for Cit~Manager's Dffice_
Origi,_ natin~Department Head:
...... ... .. .. . .
FRDM FundlAccountlCenters
24 920.00 GG01 539120 0176000 24 920.00
Thomas Higgins (6140)
Jay Chapa (6192)
Cynthia Garcia (8187)
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Logname: 17NEZSETTLEMENT Page 2 of 2