Patrick J. Wells (Property Owner) is the owner of the property described as Lot 10 and a part of Lot 9, Block 22, South Hemphill Heights Addition, an addition to the City of Fort Worth, according to the plat recorded in Volume 106, Page 132, Deed Records, Tarrant County, Texas, at 2941 Travis Avenue, Fort Worth, Texas. The property is located within Neighborhood Empowerment Zone Area 6 (NEZ).
The Property Owner plans to invest an estimated amount of $176,000.00 to rehabilitate a former duplex into a single-family residence (Project). The Project will be used as the homeowner's primary residence.
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 May 2019 for the property as follows:
Pre-Improvement TAD Value of Improvements
Pre-Improvement Estimated Value of Land
Total Pre-Improvement Estimated Value
The municipal property tax on the improved value of the Project after construction is estimated in the amount of $1,382.00 per year for a total amount of $6,910.00 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.
In the event of a sale of this property, the Tax Abatement Agreement may be assigned to a new owner's first mortgage or a new owner as a primary residence. All other assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 9.
This M&C does not request approval of a contract with a business entity.
A Form 1295 is not required for this contract because: This M&C does not request approval of a contract with a business entity.