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Thursday, October 29, 2020
Real Estate Council Wrapup: Zoning change for industrial use and tax breaks for new...

Council Wrapup: Zoning change for industrial use and tax breaks for new homes

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HEAVY INDUSTRIAL USE OKED

Amid the housing items, the city council approved a zoning change for industrial purposes for the 2700 block of State Highway 114. That property is now approved for heavy industrial use, per a request from Roanoke Ranch and Investment LP.

The property is located north of State Highway 114 and primarily has industrial-type uses, including the Texas Motor Speedway. The owner-initiated annexation rezoning of about 77 acres will prepare the property for an industrial-type development to be known as Northwest Commerce Park.

TAX BREAKS FOR NEW HOUSES

The city council authorized a pair of five-year tax abatements connected to residences.

The first is with Estrella Torres for the construction of a single-family home in the Berryhill/Mason Heights Neighborhood Empowerment Zone (NEZ). Torres plans to invest $92,800 to build a house of about 1,801 square feet.

The NEZ basic incentives includes a five-year municipal property tax abatement on the increased value of improvements. Upon execution of the agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for five years starting in January 2019 at the estimated pre-improvement value, as defined by the Tarrant Appraisal District in August.

The municipal property tax on the improved value of Torres’s project after construction is estimated at $747 per year for a total of $3,735 over the five-year period.

A similar abatement was granted to Jose Pozos in the Stop Six NEZ. Pozos plans to invest an estimated $170,000 to construct a 2,724-square-foot home.

The municipal property tax on the improved value of Pozos’s project is an estimated $1,369 per year for a total of $6,843 over five years.

The NEZ program was created by the city council in 2001 to encourage redevelopment in designated areas. Owners of properties in a NEZ area may apply for fee waivers and a municipal tax abatement on the improvements they will make.

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