On March 6, 2018, City Council authorized execution of a Five-Year Tax Abatement Agreement with JCO Properties, L.P., for the construction of two commercial buildings for use as an interior and exterior storage facility. The property was incorrectly listed as 5320 West Vickery Boulevard, Lot 2, Block 1R Vickery Place Addition and Lots 2-10, Block 2, Harlem Hills, an addition in the City of Fort Worth, Tarrant County, Texas according to the Plats recorded in Cabinet A, Slide 12059 and Volume 388-6, Page 122 of the Plat Records, Tarrant County, Texas. The Fire Department Planning & Addressing Division has given an address assignment and change to the buildings as 5230 & 5234 West Vickery Boulevard, Lot 2, Block 1R, Vickery Place Addition, an addition in the City of Fort Worth, Tarrant County, Texas according to the Plat recorded in Cabinet A, Slide 12059 of the Plat Records, Tarrant County, Texas. The property is located within the Como/Sunset Heights Neighborhood Empowerment Zone (NEZ).
JCO Properties, L.P., (Property Owner) plans to invest an estimated amount of $4,405,000.00 to construct interior and exterior storage facility consisting of two buildings with a combined total of approximately 104,000 square feet (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, 2019 at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) in February 2018 for the property as follows:
Pre-Improvement TAD Value of Improvements | $ 0.00 | Pre-Improvement Estimated Value of Land | $270,921.00
| Total Pre-Improvement Estimated Value | $270,921.00 |
The municipal property tax on the improved value of Project after construction is estimated in the amount of $36,782.00 per year for a total amount of $183,909.00 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 Agreement 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 3. |
