M&C Review


COUNCIL ACTION:  Approved on 12/12/2017 

DATE: 12/12/2017 REFERENCE NO.: G-19188 LOG NAME: 0610/17/17 - VERIFY HSTE - 1001 BRYAN AVE IN TIF4
CODE: G TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT:   Verify Completion of Rehabilitation Project for Historic and Cultural Landmark Property Located at 1001 Bryan Avenue and Declare Said Property to be Entitled to a Historic Site Tax Exemption (COUNCIL DISTRICT 9)

RECOMMENDATION:

It is recommended that the City Council:

1. Verify completion of a rehabilitation project for a Historic and Cultural Landmark property located at 1001 Bryan Avenue; and

2. Declare that 1001 Bryan Avenue be entitled to the Historic Site Tax Exemption set forth herein.

 
DISCUSSION:

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.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that approval of the above recommendation will have no material effect on the Fiscal Year 2018 Budget. While no current year impact is anticipated from this action, upon approval reduced revenues will be included in the long term forecast associated with years 2019 - 2023.

TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Fernando Costa (6122)
Originating Department Head:
Randle Harwood (6101)
Additional Information Contact:
Justin Newhart (8037)

 
 
ATTACHMENTS
  2ND QUARTER PARTIAL_Individual_1001 Bryan.pdf