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Home My WebLink AboutContract 47487-CA1 CITY SECRETARY� !� CONSENT TO ASSIGNMENT 0PONTRACT NO. TAX ABATEMENT AGREEMENT 1�a'121 Zp1i (CITY SECRETARY CONTRACT NO. 47487) OF'FO�t w��v, ,PfiR. This CONSENT TO ASSIGNMENT OF CITY SECRETARY CONTRACT N O. 47487 ("Consent") is made and entered into by and between the CITY OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of the State of Texas, and FW Bluff Land, L.P. ("Assignor or Owner"), and FW Bluff Apartments, L.P. ("Assignee"). The following introductory provisions are true and correct and from the basis of this Consent: A. On or about January 12, 2016, the City and FW Bluff Land, L.P. entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 47487 (the "Agreement"). Under the Agreement, FW Bluff Land, L.P. agreed to construct a 276 unit multifamily apartment complex (the "Required Improvements") on certain land in the City (the "Land") in return for a 5-year real property tax abatement on improvements located on the Land (the "Abatement"), all as more specifically set forth in the Agreement. The Abatement was granted pursuant to the City's Neighborhood Empowerment Zone Policy ("NEZ Policy"). B. Section 5 of the agreement allows an assignment to FW Bluff Apartments, L.P. or an Affiliate without the prior consent of the City Council, C. Assignor has sold its interest in the Land and Required Improvements to Assignee and to assign all right, title and interest in the Agreement to Assignee. NOW THEREFORE, in consideration of the mutual terms and conditions herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. The City hereby consents to an assignment by Assignor to Assignee of all right, title and interest granted to Assignor by the Agreement, effective as of March 28, 2016, ("Effective Consent Date"). 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City that as of the Effective Consent Date Assignee will comply with all duties and obligations of Owner set forth in the Agreement. 3. Assignee understand and agrees that no act or omission of Assignor, whether on, before or after the Effective Consent Date, will serve to mitigate (i) any Abatement Amounts, Terms and Conditions set forth in Section 2 of the Agreement (ii) any Event of Default set forth in Section 4 of the Agreement. Consent to Assignment of Tax Abatement Agreement#47487 from FW Bluff Land, L.P. to FW Bluff Apartments, L.P. Approved by M&C C-27599 on January 12, 2016 1 i 4. Nothing in this Consent shall be deemed to grant Assignee any rights under the Agreement that are an addition to or greater than those of the Owner thereunder. 5. All terms in this Consent that are capitalized but not defined shall have the meanings assigned to them in the Agreement. IN WITNESS WHEREOF, the parties have executed this Assignment as of the Effective Consent Date. CITY OF FORT WORTH Fernando Costa Assistant City Manager STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Fernando Costa, Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation, known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a municipal corporation, that he was duly authorized to perform the same by appropriate Mayor and Council Communication of the City Council of the City of Fort Worth and that he executed the same as the act of the said City for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this ; day of YV� -1 32016. N-darly Public in and for LINDA M. HIRRLINGER the State of Texas =:°, 4� Notary Public,State of Texas 3N' +� Comm.Expires 02-02-2018 Notary ID 12414474-6 ATT S Mary Kays r S ret Consent to Assignment of Tax` atement Agreement#47487 from FW Bluff Land, L.P. to FW Bluff Apartments, L.P. Approved by M&C C-27599 on January 12, 2016 2 APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-27599 ASSIGNOR: FW Bluff Land, LP, a Delaware Limited Partnership By: CD Oakhurst Land GP, LLC, a Delaware limited liability company, its managing general partner By: Name: Pretlow Riddick Title: Governing Person ASSIGNEE: FW Bluff Apartments, LP, a Delaware Limited Partnership By: CD Oakhurst Apartments GP, LLC, a Delaware limited liability company, its managing general partner By: Name: C.C. Harris Title: Governing Person Consent to Assignment of Tax Abatement Agreement#47487 from FW Bluff Land, L.P. to FW Bluff Apartments, L.P. Approved by M&C C-27599 on January 12, 2016 3 STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME, the undersigned authority, on this day personally appeared Pretlow Riddick, Governing Person of CD Oakhurst Land GP, LLC, as Managing General Partner of FW Bluff Land, L.P., a 'Delaware limited partnership, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of FW Bluff Land, L.P.. GIVEN UNDER MY HAND AND SEAL OF OFFICE this 23"- day of m 2016. '✓ LAURA B KARLS Notar Public in and for * Notary Public y State of Texas the State of Texas N'v +" ID# 12884924 6 �oF c� My Comm.Exp.01-11.2020 STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME, the undersigned authority, on this day personally appeared C.C. Harris, Governing Person of CD Oakhurst Apartments GP, LLC, as Managing General Partner of FW Bluff Apartments, L.P., a Delaware limited partnership, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of FW Bluff Apartments, L.P.. GIVEN UNDER MY HAND AND SEAL OF OFFICE this a " day of 0-Q- , 2016. P LAURA B KARLS Not Public in and for * * Notary Public y State of Texas the State of TexasN' oFTe+� My Comm 1288 0p. 1 112020 Consent to Assignment of Tax Abatement Agreement#47487 from FW Bluff Land, L.P. to FW Bluff Apartments, L.P. Approved by M&C C-27599 on January 12, 2016 4 M&C Revi6w CITY COUNCIL AGENDA FoRTWORTH COUNCIL ACTION: Approved on 1/12/2016 DATE: 1/12/2016 REFERENCE NO.: C-27599 LOG NAME: 19NEZBLUFFS CODE: C TYPE: NON-CONSENT PUBLIC HEARING: NO SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with FW Bluff Land, L.P., to Construct a 276 Residential Unit Complex Located at Lot 1, Block 1R and Lot 1, Block 2R, Scenic Village in the Six Points Neighborhood Empowerment Zone and Permit Certain Payments to the Fort Worth Housing Finance Corporation to Satisfy Affordable Housing Requirements (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize the execution of a five-year Tax Abatement Agreement with FW Bluff Land, L.P., to construct a 276 residential unit complex located at Lot 1, Block 1R and Lot 1, Block 2R, Scenic Village in the Six Points Neighborhood Empowerment Zone, in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives and permit certain payments to the Fort Worth Housing Finance Corporation to satisfy affordable housing requirements. DISCUSSION: FW Bluff Land, L.P. (Property Owner), is the owner of property located at Lot 1, Block 1 R and Lot 1, Block 2R, Scenic Village, an Addition to the City of Fort Worth, Tarrant County, Texas. The property is located within the Six Points Neighborhood Empowerment Zone (NEZ). The Property Owner plans to invest an estimated amount of$30,300,000.00 to construct a 276 residential unit complex (Project). The Neighborhood Services Department reviewed the application and certified that the Project met the eligibility criteria to receive a Municipal Property Tax Abatement. The NEZ Tax Abatement Policy and 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. A multi-family project located in a NEZ must satisfy one of the following for a five-year tax abatement: At least 10 percent of the total units constructed or rehabilitated shall be affordable (as defined by the U.S. Department of Housing and Urban Development) and set aside to persons with incomes at or b6low 80 percent of area median income based on family size and at least another 10 percent of the total units constructed or rehabilitated shall be affordable (as defined by the U.S. Department of Housing and Urban Development) and set aside to persons with incomes at or below 60 percent of area median income based on family size; or If specifically permitted by the City Council, in its sole discretion and as specified in the Tax Abatement Agreement, pay the Fort Worth Housing Finance Corporation an annual sum equal to $200.00 for each rental residential unit located on the property which is subject to the tax abatement. The Fort Worth Housing Finance Corporation is a housing finance corporation created pursuant to authorization by the City Council of the City of Fort Worth in accordance with http://apps.cfNvnet.org/council—Packet/mc_review.asp?ID=21855&councildate=1/12/2016[01/13/2016 11:21:23 AM] M&C Review ATTACHMENTS Bluff Site Map for M-C (1.7.16)pdf Elevations.1df Form 1295 (19NEZBLUFFS)pdf Site Plan.pdf http://apps.cfivnet.org/council_packet/mc review.asp?ID=21855&councildate=1/12/2016[01/13/2016 11:21:23 AM]