Town Center Mall, L.P., (Property Owner) is the owner of the property described as a Tract of land situated in the J.F. Ellis Survey, Abstract Number 490, and the John Thornhill Survey, Abstract Number 1519, Tarrant County, Texas, also being a part of that certain tract of land known as Lot 2, Block 1, Fort Worth Town Center and recorded in Cabinet A, Slide 3776, Plat Records, Tarrant County, Texas at 4200 South Freeway, Fort Worth, Texas. The property is located within the Hemphill/Berry Neighborhood Empowerment Zone (NEZ).
The Property Owner plans to invest an estimated amount of $3,574,000.00 to construct a retail building with approximately 15,000 square feet and invest $595,000.00 to rehabilitate an existing retail laundromat (Project). The Neighborhood Services Department reviewed the application and certified that the Property Owner and Project met the eligibility criteria to receive a NEZ Municipal Property Tax Abatement. The NEZ Basic Incentives includes a five-year Municipal Property Tax Abatement on the increased value of improvements to the qualified owner of any new construction or rehabilitation within the NEZ.
Upon execution of the Agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years starting January 2020 at the estimated pre-improvement value, as defined by the Tarrant Appraisal District (TAD) in 2018, on this pad site so the pre-improvement value for tax abatement purposes on the new construction will be $0.00. Upon execution of the Agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years starting January 2020 at the estimated pre-improvement value, as defined by the Tarrant Appraisal District (TAD) in 2018, on the retail Laundromat will be as follows: | Pre-Improvement TAD Value of Improvements | $308,377.00 | | Pre-Improvement Estimated Value of Land | $ 91,624.00 | | Total Pre-Improvement Estimated Value | $400,001.00 |
The municipal property tax on the improved value of the new retail building Project after construction is estimated in the amount of $28,771.00 per year for a total amount of $143,855.00 over the five-year period. The municipal property tax on the improved value of the Laundromat after rehabilitation is $4,790.00 per year for a total amount of $23,950.00 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.
The Tax Abatement Agreements may be assigned to an affiliate of the property owner without the consent of the City Council. If the property is sold to a new owner, other than an affiliate, the Agreement may be assigned only with City Council approval and provided that the new owner meets all of the eligibility criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives.
This property is located in COUNCIL DISTRICT 9. |
