The purpose of this Mayor and Council Communication is to verify the completion of a Historic and Cultural Landmark (HC) property located at 1001 Bryan Avenue (Property) in Tax Increment Reinvestment Zone No. 4 (Southside TIF) (TIF 4), and declare said Property to be entitled to the Historic Site Tax Exemption set forth below.
Any structure that is designated as HC, or that contributes to a district, and the land necessary for access to and use of the structure that is substantially rehabilitated is eligible to receive the following tax exemption under Chapter 4.401 of the City Code, with the intent that the property receiving the tax exemption will be in the same position in regards to City of Fort Worth taxes for the entire term of the exemption. Substantial rehabilitation consists of rehabilitation at a cost that equals or exceeds the greater of 30 percent of the assessed value of the structure prior to rehabilitation or $3,000.00. The structure and land described above will have an assessed value for city tax valuation purposes equal to the assessed value of such structure and land for the tax year immediately prior to the commencement of rehabilitation. Any increase in the value of the structure and land in excess of the assessed value for the tax year immediately prior to commencement of the rehabilitation is exempt from city ad valorem taxes. The term of this tax incentive is ten years, commencing on the first day of the tax year following the City Council' s verification that the rehabilitation project is complete. If, during the 10-year term, the structure or the land is assessed at a lower value than the tax year immediately prior to commencement of the rehabilitation, the lower value will apply.
The Historic and Cultural Landmarks Commission (HCLC) reviewed and approved the initial application and verified completion of the rehabilitation project for the Property on the dates set forth in the table below. The initial application for the Property was approved by the City Council on the date set forth below.
The property owners have submitted all required documentation. Staff represents that the properties have been substantially rehabilitated in accordance with the applicable provisions of the City Code. The table below shows the required expenditures necessary to substantially rehabilitate the property and the total amount actually expended by the property owner. The total amount expended on the rehabilitation project exceeds the required expenditure. Staff recommends that the City Council verify completion of the rehabilitation project. Upon verification, Staff recommends that the City Council declare the properties to be entitled to the tax exemption. Any increase in the assessed land or improvement values set forth in the table below will be exempt from city ad valorem taxes for a period of ten years, commencing on the first day of the 2018 tax year. Location | Taxing Year* | Land Value | Improvement (Structure) Value | Required Expenditure | Total Expended | HCLC Initial Approval | City Council Initial Approval | HCLC Verification | 1001 Bryan Ave. | 2013 | $60,000 | $4,000 | $3,000 | $123,700 | 04/17/2017 | 08/01/2017 | 09/11/2017 |
*The taxing year refers to the tax year immediately prior to the commencement of rehabilitation. Because this Property is within TIF 4, the request for a Historic Site Tax Exemption must be approved by the TIF 4 Board of Directors and each taxing entity that participates in the TIF, prior to consideration of the exemption by City Council. The entities approved of the exemption on the following dates: TIF 4 Board: October 11, 2017 Tarrant County: November 14, 2017 Tarrant County Hospital District: November 14, 2017 Tarrant County Community College District: November 14, 2017 Tarrant Regional Water District: November 28, 2017 This property is located in COUNCIL DISTRICT 9.
This M&C does not request approval of a contract with a business entity.
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