Keeton Industries, Inc. (Property Owner) is the owner of the property described as Block 4, Lots 4R, 5 and 8, J.L. Williams Addition to the City of Fort Worth, Tarrant County, Texas, according to Plat recorded in Book 63, Page 16, Deed Records Tarrant County, Texas at 912 E. Vickery Boulevard, Fort Worth, Texas. The property is located within the Evans and Rosedale Neighborhood Empowerment Zone (NEZ).
The Property Owner plans to invest an estimated amount of $774,845.00 to construct a commercial building for storage of materials with approximately 10,440 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 2020 at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) in November 2018 on a separate account for the property as follows: Pre-Improvement TAD Value of Improvements | $ 0.00 | Pre-Improvement Estimated Value of Land | $43,015.00
| Total Pre-Improvement Estimated Value | $43,015.00 |
The municipal property tax on the improved value of Project after construction is estimated in the amount of $6,083.00 per year for a total amount of $30,415.00 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 formal 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 8. |