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Government City Council to consider tax breaks for Linwood apartment plan

City Council to consider tax breaks for Linwood apartment plan

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

A. Lee Graham Reporter   The developer behind a $50 million apartment and townhome development plan could enjoy tax breaks if the Fort Worth City Council gives the nod. The issue awaits possible action at this week’s regular council meeting. Pre-council begins at 8:30 a.m. Tuesday July 16, with the regular meeting starting at 10 a.m. at City Hall, 1000 Throckmorton St. Plans call for constructing 21 townhomes facing Carroll Street and three- and four-story apartment buildings with 347 units in the Linwood neighborhood just west of Montgomery Plaza in the West Seventh Street corridor. The city is expected to consider abating up to 70 percent in city property taxes on the incremental value of real property investment for a 10-year period. That would save Greystar Real Estate Partners LLC $1.9 million out of $2.7 million total taxes generated in those 10 years. Fort Worth would gain $827,893 in property tax revenue in that period. About $200,000 in city permit fees would be waived, as well. lgraham@bizpress.net

 

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