HomeMy WebLinkAboutContract 31864 CITY SECRETARY
CONTRACT NO.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agree is made and entered into by and
between Habitat for Humanity, Inc. ("Assignor") and Pamela Ransom, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. Habitat for Humanity, Inc. ("Habitat") and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located 1436 Elmwood ("Property") which is located in the Evans and
Rosedale Neighborhood Empowerment Zone, such Agreement approved by the
City Council of Fort Worth Septembet f16,4
03 City Secretary Contract Number
2Q2-63 ("Agreement"):
B. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assignee, without obtaining the prior consent of the City Council:
C. Pursuant to that certain Special Warranty Deed dated as of
recorded under Tarrant County Deed Records,
Instrument Number n/a Assignor conveyed the Property to Pamela Ransom and
Assignee acquired title to the real property which is the subject of the Agreement.
AGREEMENT
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. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all
rights, duties, obligations, title and interest under the Agreement to Assignee.
2. Acceptance. Assignee hereby accepts the Assignment granted herein, and assumes
all of Assignor's rights,duties and obligations arising under the Agreement.
3. Effective Date. The effective date of this Assignment is JMarch 25, 2005
("Effective Date"). All rights, duties and obligations under the Agreement arising,
accruing or relating to the period before the Effective Date are allocated to Assignor
and all rights, duties and obligations arising, accruing or relating to the period
thereafter shall be allocated to Assignee.
4. Release and Surrender of Assignor. Except as otherwise expressly set forth in this
Assignment, Assignor will be discharged from any and all further obligations under
r
the Agreement as of the Effective Date. Assignor must surrender the Property to
the Assignee on or before 11:59 p. m. on the date prior to the Effective Date in its
present condition. Assignor relinquishes any right to any improvements, fixtures or
equipment on the Property.
5. Representations. Assignor represents, warrants and covenants with Assignee that
as of the Effective Date, that Assignor is not in default under any of its obligations
contained in the Agreement.
6. City of Fort Worth's Consent. City of Fort Worth hereby consents to this
Assignment upon the terms and conditions set forth herein. Unless and until City of
Fort Worth has executed this Assignment, this Assignment is of no effect. The
consent granted herein should not be construed as consent to any further assignment
except as provided in the Agreement. The failure or delay of City of Fort Worth in
seeking to enforce any provisions of the Agreement or this Assignment should not
be deemed a waiver of rights or remedies that City of Fort Worth may have, or a
waiver of any subsequent breach of the terms and provisions therein or herein
contained.
7. Notices. Any notice given by any party to another party hereto must be given in the
manner required under the Agreement. The addresses set forth below supercede
any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing Department(NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNEE:
Pamela Ransom
1436 Elmwood
Fort Worth,Texas 76104
ASSIGNOR:
Habitat for Humanity, Inc.
Address
Fort Worth,Texas 76110
8. Successors. Except as herein otherwise provided, this Assignment will be binding
upon and inure to the benefit of the parties, and their respective heirs, executors,
administrators, successors and assigns.
f"J 11 J l V J:
2 �, :.
03/24/2005 THU 11:16 FAX habitat for humanity �j002/003
9. Counterparts. This Assignment may be executed in multiple counterparts, each of
which, once executed, will be an original and fully-binding on the parties so
executing; and all such counterparts together constitute one and the same
agreement.
10. Binding Offer. This Assignment will be not be binding until executed and
delivered by all three parties.
IN WITNESS WHEREOF, the parties have executed this Assignment as of the
date first above written.
ASSIGNOR:Habitat for Humanity, Inc.
Name: Melod ethany
Title: Board Member
ASSIGNEE: Pamela Ransom
Name: Pamela som
1.7�.
RECEIVED TIME MAR. 24. 11 : 10AM
CITY OF FORT WORTH
Dale Fisseler
Assistant City Manager
ATTEST:
U� �A���
City Secretary
APPROV D AS TO FORM AND LEGALITY:
Cy
P/
G rcia
Assistant City Attorney L S k5 lQ �y
M & C: C-19747
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, 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
2005.
ON, KATHY F. ON EXPi
sES
Notary Pu is in and for = *= MYCp�M`MISS24,20
the State of Texas
5
03/24/2005 THU 11:16 FAI habitat for humanity 8003/003
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Melody
Bethany, Board Member of Habitat for Humanity, Inc., 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 Habitat for Humanity, Inc.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this c� day of
20.05.
Notary Public in and for
the State of Texas
vL i!,•N.r�.�gKS
STA rE OF ERAS
STATE OF TEXAS § , "� rc- T
P.09/1
O'/tsi2008
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Pamela
Ransom, purchaser 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.
H ' �'"� da of
GIVEN UNDER MY AND AND SEAL OF OFFICE this _ y
005.
Notary Public in and for .
the State of Texas *�'� r LINDA Egj
Notary�ii
STATE OF-r
�'Y nR�ry r
AS
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RECEIVED TIME MAR. 24. 11 : 10AM
City of Fort Worth, Texas
"Civor conel izouncit communlicatio"
DATE REFERENCE NUMBER LOG NAMEE
PAG
9/16/03 **C-19747 05HABITATTAAG 1 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH THE FORT WORTH AREA
HABITAT FOR HUMANITY, INC. FOR 20 PROPERTIES LOCATED IN THE
EVANS/ROSEDALE NEIGHBORHOOD EMPOWERMENT ZONE
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for 20 properties owned by the Fort Worth
Area Habitat for Humanity, Inc. (Habitat) and located in the Evans/Rosedale Neighborhood
Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with Habitat are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Habitat for
each one of the properties listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy
and Basic Incentives.
DISCUSSION:
Habitat is the owner of the 20 properties listed in Exhibit "A". The properties are located in the
Evans/Rosedale NEZ and Neighborhood Empowerment Reinvestment Zone No. 4. Habitat applied for
a five-year municipal property tax abatement under the NEZ Basic Incentives (M&C G-13208 R, M&C
G-13580 and M&C G-13662, as amended). The Housing Department has reviewed the application and
certified that the properties meet the eligibility criteria to receive NEZ municipal property tax abatement.
The NEZ Basic Incentives offers a five-year municipal property tax abatement on the increased value of
improvements to the qualified owner of any new home constructed within a NEZ.
Habitat will invest at a minimum $1,100,000 to construct 20 single-family homes in the Evans/Rosedale
NEZ. A description of the homes to be constructed is attached as Exhibit "B". The form of the Tax
Abatement Agreement is attached as Exhibit "C".
Upon execution of the Agreement, the total assessed value of the home used for calculating municipal
property tax will be frozen for a five-year period, starting on January 1, 2004, at the pre-improvement
value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, for each property as
follows:
Pre-improvement TAD Value of Improvements $0
Pre-improvement Estimated Value of Land $2,000
Total Pre-improvement Estimated Value $2,000
The municipal property tax on the improved value of the homes is estimated at $363 per year on each
property for a total of $36,300 over the five-year period for the 20 homes. However, this estimate may
be different from the actual tax abatement value, which will be calculated based on the TAD appraised
value of the property.
City of Fort Worth, Texas
"agoir And Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/16/03 **C-19747 05HABITATTAAG 1 2 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH THE FORT WORTH AREA
HABITAT FOR HUMANITY, INC. FOR 20 PROPERTIES LOCATED IN THE
EVANS/ROSEDALE NEIGHBORHOOD EMPOWERMENT ZONE
Upon the sale of the home, the Agreement will be assigned to the new owner so long as the new owner
meets all eligible criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives.
The Tax Abatement Agreement provides that the Agreement may be assigned without subsequent City
Council approval to Habitat's affiliates or its first mortgagee, or to a homeowner who will use the
required improvements as his/her primary residence or the homeowner's mortgagee, and all other
assignments must be approved by the City Council.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies this action will have no material effect on City funds.
RR:r
Submitted for City Manager's FUND I ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Jerome Walker 7537 (from) APPROVED 09/16/03
Additional Information Contact:
Jerome Walker 7537