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Home My WebLink AboutContract 38598-A1 j� Ary a ��G'�`V� �"bl� AMENDMENT CO�'�°�°5VAC t`�, P11 TO CITY SECRETARY CONTRACT NO. 38598 NEIGHBORHOOD EMPOWERMENT ZONE ` ml z ARi f, TAX ABATMENT AGREEMENT 5500 Eastland Street This AMENDMENT TO CITY SECRETARY CONTRACT NO. 38598, NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT AGREEMENT is made and entered into by and between the CITY OF FORT WORTH (the "City"), a municipal corporation of Tarrant County, Texas, acting herein by and through Fernando Costa, its duly authorized Assistant City Manager, and FW-EASTLAND HOUSING PARTNERS, LTD, a Texas Limited Partnership ("Owner"), acting by and through Robert G. Hoskins, Manager and Owner's general partner, NDG-EASTLAND, LLC. RECITALS WHEREAS, the City of Fort Worth ("City") and Owner made and entered into City Secretary Contract No. 38598 (the "Agreement") to authorize a Neighborhood Empowerment Zone ("NEZ") tax abatement agreement for the property located at 5500 Eastland Street, Fort Worth, Texas 76119; and WHEREAS, the Agreement contains an exhibit describing the project and listing the various Required Improvements that were constructed as part of the multi-family townhome complex; and WHEREAS, it advisable to execute this Amendment to the Agreement to revise the Agreement to correct an inadvertent error in Exhibit D in the description of the number of restrooms in particular units within the Required Improvements. NOW THEREFORE, City and Owner, acting herein by and through their duly authorized representatives, enter into the following that amends the Agreement: 1. Exhibit"D"is hereby amended revise the number of bathrooms provided for certain units to read as follows: One hundred and forty-six (146)unit,townhome complex: CSC No.38598 NEZ Tax Abatement Amendment ; 1 *3 FW-Eastland Housing Partners,Ltd 4 ( 4l�aPu� 11nU`C'_'�i; ll`ul,i ku � G Containing a mix of the following units: 16 Two-bedroom,Two-bath(1,018 s.f.) 64 Two-bedroom,Two and t/2-bath(1,146 s.f.) 60 Three-bedroom,Two and%2-bath(1,357— 1,378 s.f) 6 Four bedroom,Two and%2 bath(1,489 s.f.) 2. All other provisions of the Agreement and Exhibits which are not expressly amended herein shall remain in full force and effect. EXECUTED on this the 20A day of /t 'a , 2016. CITY OF FORT WORTH: Fernando Costa '^ Assistant City Manager `s Ronald P. Gonzales,Asst. City Secretary Approved as to Form and Legality: 11 "6V Melinda Ramos Senior Assistant City Attorney FW-Eastland Housing Partners,LTD a Texas Limited Partnership by: NDG-Eastland, LLC a Texas limited liability company its sole general partner By: Printed Nam4lkobert G. Hoskins Title: Manager CSC No.38598 NEZ Tax Abatement Amendment ��®�� FW-Eastland Housing Partners,Ltd M-tRETARY pyo WORTH?TX STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Fernando Costa, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he/she executed the same for the purposes and consideration therein expressed, as the act and deed of the CITY OF FORT WORTH, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this 264 day of M ,2016. TRIKINYA L JOHNSON �E H.,?: ;Notary Public,state of Texas P Comm.Expires 04-17-2018 Notary ID 1238832 0 Notary Publi State o Texas STATE OF+E�E*S G § COUNTY OF-7:;4-Toa § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Robert G. Hoskins, of NDG-Eastland, LLC, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he/she executed the same for the purposes and consideration therein expressed, as the act and deed of FW-Eastland Housing Partners,Ltd., and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this //tA day of �1IVu , 2016. o ry Public, State of s SHARON HURLEY YARNALL NOTARY-STATE OF GEORGIA AT LARGE FORSYTH COUNTY COMMISSION EXPIRATION: 2/4/2017 CSC No.38598 NEZ Tax Abatement Amendment 3 of 3 FW-Eastland Housing Partners,Ltd M&C Review Page 1 of 2 Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FORTH COUNCIL ACTION: Approved on 9/2/2008 CONTINUED FROM A PREVIOUS WEEK DATE: 8/26/2008 REFERENCE NO.: C-22991 LOG NAME: 05EASTLAND CODE: C TYPE: NON-CONSENT PUBLIC NO HEARING: SUBJECT: Authorize Execution of a Tax Abatement Agreement with FW-Eastland Housing Partners, Ltd., for Property Located at 5500 Eastland Street in the Stop Six Neighborhood Empowerment Zone RECOMMENDATION: It is recommended that the City Council: 1. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with FW-Eastland Housing Partners, Ltd., are true and correct; and 2. Authorize the City Manager to enter into the attached Tax Abatement Agreement with FW-Eastland Housing Partners, Ltd., for the property located at 5500 Eastland Street in the Stop Six Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives, as amended. DISCUSSION: FW-Eastland Housing Partners, Ltd., is the owner of the property located at 5500 Eastland Street, further described in Exhibit "A". The property is located in the Stop Six Neighborhood Empowerment Zone (NEZ). FW-Eastland Housing Partners, Ltd., applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives (Resolution No. 3487, 05-22- 07). The Housing Department reviewed the application and certified that the property met the eligibility criteria to receive NEZ municipal property tax abatement. The NEZ Basic Incentive 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. FW-Eastland Housing Partners, Ltd., will invest $11,736,566.00 to construct a 146 unit multi-family apartment complex. The project description is attached as Exhibit "B". The tax abatement agreement is attached as Exhibit "C". The NEZ Basic Incentive also includes a requirement that 20 percent of the total units constructed or rehabilitated shall be affordable (as defined by the United States Department of Housing and Urban Development) to persons with incomes at or below 80 percent of area median income based on family size. http://apps.cfwnet.org/council_packet/mc_review.asp?ID=10150&councildate=9/2/2008 05/19/2016 M&C Review Page 2 of 2 Upon execution of the agreement, the total assessed value of the improvement used for calculating municipal property tax will be frozen for a period of five years, starting on January 1, 2009, at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) on June 1, 2008, for the property as follows: Pre-Improvement TAD Value of Improvements $ 0.00 Pre-Improvement Estimated Value of Land $261,946.00 Total Pre-Improvement Estimated Value $ 261946.00 The municipal property tax on the improved value of the property is estimated at $100,347.63 per year for a total of$501,738.15 over a five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the TAD appraised value of the property. In the event of a sale of the property, the agreement may be assigned, with City Council approval, to the new owner(s), so long as the new owner(s) meets all of the eligibility criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives. This property is located in COUNCIL DISTRICT 5. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office by: Joe Paniagua (6140) Originating Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS Continued Exhibit B for M&C.pdf Eastland Map.pdf Final TA Agreement &Attachments for M&C.doc http://apps.cfwnet.org/council_packet/mc review.asp?ID=10150&councildate=9/2/2008 05/19/2016