The City Council on Tuesday night heard a proposed incentive that involves a property tax abatement of up to 70 percent for 10 years on a $50 million, 374-unit apartment and town home development planned for Carroll Street in the West Seventh Street corridor.
Greystar Properties would need to invest $35 million by Dec. 31, 2015; create eight full time jobs; spend at least $10.5 million with Fort Worth contractors and at least $8.75 million in construction costs with Fort Worth women or minority owned businesses, and annually spend $233,500 with Fort Worth firms on services and supplies.
City estimates show the project generating $2.7 million in property taxes, of which $1.8 million will be returned to the developer to help fray infrastructure costs. The council will vote July 16.
- Sandra Baker, Star-Telegram business reporter