HomeMy WebLinkAboutOrdinance 11610i~ -' 9 ~
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ORDINANCE NO. ~/CP /
AN ORDINANCE AMENDING SECTION 32-41 OF THE CODE OF THE
CITY OF FORT WORTH, TEXAS (1986), WHICH AUTHORIZES CITY
AD VALOREM TAX EXEMPTIONS FOR CERTAIN HISTORIC PROPERTY
WHICH IS USED FOR MULTI-FAMILY RESIDENTIAL FACILITIES, BY
CHANGING THE DATE WHEN THE AMOUNT OF A TAX EXEMPTION IS
DETERMINED; PROVIDING THAT THIS ORDINANCE SHALL BE
CUMULATIVE OF ALL ORDINANCES; AND PROVIDING A
SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That Section 32-41, "City Ad Valorem Tax Exemption of Certain
Historic Property to be Rehabilitated or Restored for Multi-Family
Residential Facilities", of the Code of the City of Fort Worth
(1986), as amended, be and is hereby amended by changing Paragraph
D(5) thereof to read as follows:
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"(5) Term and amount of exemption
(a) A tax exemption may be for a period of up to ten (10)
years and shall begin on January 1 of the year following
the year in which the City issues a certificate of
occupancy upon completion of the rehabilitation or
restoration and verification by the Landmarks Commission.
(b) A tax exemption may be for part or all of the
assessed value of the structure and land including any
increase due to rehabilitation or restoration ; provided,
however, that no exemption shall have the effect of
reducing annual City taxes on the property to less than
the amount of the City taxes that were levied on January
1 of the year when the tax exemption agreement is
entered.
(c) Taxes shall be paid on the appraised value of the
property from the time the tax exemption agreement is
entered until the tax exemption takes effect.
(d) If the rehabilitation or restoration is not complete
and a certificate of occupancy is not issued within the
period of time specified in the tax exemption agreement,
the City Council has the right to cancel the exemption.
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(e) The exemption shall apply only to City ad valorem
taxes and not to assessments. A property owner who is
granted an exemption as provided in this Section must pay
assessments on the 100$ valuation of the property with no
exemption for purposes of any assessments, including
those for public improvement districts."
SECTION 2.
This ordinance shall be cumulative of all provisions of
ordinances and of the Code of the City of Fort Worth, Texas (1986),
as amended, except where the provisions of this ordinance are in
direct conflict with the provisions of such ordinance and such
Code, in which event conflicting provisions of such ordinances and
such Code are hereby repealed.
SECTION 3.
It is hereby declared to be the intention of the City Council
that the sections, paragraphs, sentences, clauses and phrases of
this ordinance are severable, and, if any phrase, clause, sentence,
paragraph or section of this ordinance shall be declared
unconstitutional by the valid judgment or decree of any court of
competent jurisdiction, such unconstitutionality shall not effect
any of the remaining phrases, clauses, sentences, paragraphs, and
sections of this ordinance, since the same would have been enacted
by the City Council without the incorporation in this ordinance of
any such unconstitutional phrase, clause, sentence, paragraph or
section.
SECTION 4.
This ordinance shall be in full force and effect from and
after its passage and publication as required by law, and it is so
ordained.
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APPROVED AS TO FO AND LEGALITY:
City Atrtlornely c~
Date • I ~ ~ ` ~ t
ADOPTED : - l - ~ `7
EFFECTIVE: "/- ~,~~
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City of Fort Worth, Texas
Mayor and Coun~~il Communication
DATE REFERENCE NUMBER LOG NAME PAGE
07/02/94 (i-10']~- 12CH32 1 of 2
SUBJECT ADOPTION OF ORDINANCE AMENDING CHAPTER 32, ARTICLE VI OF THE FORT
WORTH CITY CODE, AD VALOREM TAX EXEMPTIONS ON CERTAIN HISTORIC
PROPERTY
RECOMMENDATION.
It is recommended that the City Council adopt the attached ordinance that would amend the
provisions of Chapter 32, Article VI of the Fort Worth City Code concerning ad valorem tax
exemption on certain historic property
DISCUSSION
,On June 28, 1994, the City Council adopted an ordinance which authorized the Council to grant
an ad valorem tax exemption when certain historic property is rehabilitated or restored for multi-
family residential uses
At the June 28, 1994 meeting, Council expressed a desire to amend a portion of the ordinance
concerning the time when the amount of a tax exemption will be determined The ordinance
which Council adopted provides that no exemption shall be granted that reduces annual City
taxes on the property to less than the taxes levied in the year immediately before the effective
date of the exemption The attached ordinance would change this provision so that a tax
exemption could not .reduce annual City taxes on the property to less than the taxes levied in the
year when the tax exemption agreement is signed A property owner would continue to pay
taxes from the time that the tax exemption agreement is signed until the tax exemption takes
effect
The proposed change has been reviewed by representatives of the Alexander Company, which
plans to renovate the Blackstone Hotel and Electric Building, and the Alexander Company
supports the change
The effect of the proposed amendment is that when a full exemption is granted, City taxes will
be frozen at the amount due in the year when the tax exemption agreement is signed rather than
the amount due in the year immediately before the tax exemption takes effect This will eliminate
uncertainty concerning the amount of taxes that will be due when a rehabilitation or restoration
project takes more than one tax year to complete
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City of Fort Worth, Texas
Mayor and Council Comrtmunication
DATE
07/o2/s4 REFERENCE NUMBER
G10720 LOG NAME
12CH32 PAGE
2 of 2
SUBJECT ADOPTION OF ORDINANCE AMENDING CHAPTER 32, ARTICLE VI OF THE FORT
WORTH CITY CODE, AD VALOREM TAX EXEMPTIONS ON CERTAIN HISTORIC
PROPERTY
FISCAL INFORMATION/CERTIFICATION.
The Director of Fiscal Services certifies that approval of this action requires no expenditure of
City funds
CB I
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
APPROVED
Bob Terrell ~ 6116 ~~
Originating Department Head: ~ CQUN~I~.
Wade Adkins 7623 (from) JUL .5 T9g4
For Additional Information /J~_' _ , ~p~~~
Contact: City>3eo:+elarq of tht
Wade Adkins 7623 ~'itq Of FOrt QVorth, ?eatat
~~ Printed an recycled paper