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Home My WebLink AboutContract 46682-CA1 ITY COCTNO yNl-�LP�Z~Cf� ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Tarrant County Housing Partnership ("Assignor") and Garret L. Brittingham, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Tarrant County Housing Partnership and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1113 E. Baltimore Avenue, Block 39, Lot 22, Southland Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Volume 310, Page 11, of the Plat Records of Tarrant County, Texas ("Property"). Which is located in the Evans and Rosedale Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth on November 18, 2014, City Secretary Contract Number 46682 ("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 January 4, 2016 recorded under Tarrant County Deed Records, Assignor conveyed the Property to Garret L. Brittingham 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. 6 g g >> Effective Date. The effective date of this Assignment is January 4, 2016 h ffective Date"). All rights, duties and obligations under the Agreement arising, �a ing or relating to the period before the Effective Date are allocated to Assignor RECEIVED an 11 rights, duties and obligations arising, accruing or relating to the period the fter shall be allocated to Assignee. Q. y T,OF FORT woRTN ti OFFICIAL RECORD SECRETARY a 14 CO Assignment of Tax Abatement Contract#46682 from CITY SECRETARY $ L 9 C) Tarrant County Housing Partnership to Garret L. Brittingham FT WORTH,TX 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 the Agreement as of the Effective Date. Assignor must surrender the Property to the Assignee on or before 11:59 p. in. 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 parry 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 Neighborhood Services Department NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: Tarrant County Housing Partnership Attn: Donna VanNess 3204 Collinsworth Street Fort Worth, Texas 76107 ASSIGNEE: Garret L. Brittingham 1113 E. Baltimore Avenue Fort Worth, Texas 76104 Assignment of Tax Abatement Contract#46682 from Tarrant County Housing Partnership to Garret L. Brittingham 2 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. 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: Tarrant County Housing Partnership me: D nna Va ess Title: President ASSIGNEE: Garret L. Brittingham Name: Garret L. Brittmgham CITY OF FORT WORTH Fernando Costa Assistant City Manager OIN ATTEST: 0: ty gecrety ................ . •..INS- AXI°" EFT. AL RECORE) ECRETARY ORTH, TX Assignment of Tax Abatement Contract#46682 from __, Tarrant County Housing Partnership to Garret L. Brittingham 3 APPROVED AS TO FORM AND LEGALITY: n P014 "�yVla Melinda Ramos Sr. Assistant City Attorney M& C: C-27086 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 she 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 H ND AND SEAL OF OFFICE this 2!! .day of 4 , 201 J� 7E- -70f0ty TRIKINYA L JOHNSON Notary Public n and fo ary Public,State f To exas mthe State of Texas Expires 04-17-201s0f0ty ID 1238832.0 Assignment of Tax Abatement Contract#46682 from Tarrant County Housing Partnership to Garret L. Brittingham 4 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Donna VanNess, President of Tarrant County Housing Partnership, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that she executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of Tarrant County Housing Partnership. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 2016. No r Pu is in and for the Stat Texas RACHAH FIERRO .< NotarylD # 11170975 My Commission Expires February 23, 2019 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Garret L. Brittingham, 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this C�3 day of 201T. Nota blic ' and for v the State O as RACHAEL FIERRO Notary ID # 11170975 My Commission Expires February 23 2019 Assignment of Tax Abatement Contract#46682 from Tarrant County Housing Partnership to Garret L. Brittingham 5 M&C Review Page 1 of 2 Official site of the City of Fort Worth,Texas CITY COUNCIL GENA FOR H COUNCIL ACTION: Approved on 11/18/2014 DATE: 11/18/2014 REFERENCE NO.: C-27086 LOG NAME: 17NEZTCHP CODE: C TYPE: NON-CONSENT PUBLIC NO HEARING: SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Tarrant County Housing Partnership, Inc., for the Construction of Ten Low-Income Single Family Homes in the Evans and Rosedale Neighborhood Empowerment Zone (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council authorize the execution of a five-year Tax Abatement Agreement with Tarrant County Housing Partnership, Inc., for the construction of ten low-income single family homes in the Evans and Rosedale Neighborhood Empowerment Zone, in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives. DISCUSSION: On June 3, 2014, (M&C L-15686) the City Council authorized the direct sale of 12 tax-foreclosed properties to Tarrant County Housing Partnership, Inc. (TCHP), for the development of low-income housing. TCHP plans to invest an estimated amount of$1,270,000.00 to construct ten low-income single family homes of approximately 2,300 to 2,500 square feet each. The homes will be sold to low-income buyers as a primary residence. The Housing and Economic Development Department reviewed the application and certified that the property owner and Project met the eligibility criteria to receive a Neighborhood Empowerment Zone (NEZ) Municipal Property Tax Abatement. The NEZ 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. Upon execution of the Agreement, the total assessed value of the improvements will be subject to the tax abatement for a period of five years starting January 2015. The municipal property tax on the improved value of each home after construction is estimated in the amount of$1,085.85 per year for a total amount of$5,429.25 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District appraised value of the property. In the event of a sale of this property, the NEZ Tax Abatement Agreement may be assigned to a new owner's first mortgagee or a new homeowner as their primary residence. All other assignments must be approved by the City Council. The properties are located in COUNCIL DISTRICT 8, Mapsco 77P, 77Q and 77U. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will not increase the total appropriations of City funds. http://apps.cfwnet.org/council_packet/me_review.asp?ID=20518&councildate=11/18/2014 6/1/2017 M&C Review Page 2 of 2 TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Jesus Chapa (5804) Cynthia Garcia (8187) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS Elevations and Floor Plans.pdf List of Properties For Abatement.pd TCHP Map.pdf http://apps.cfwnet.org/council_packet/mc review.asp?ID=20518&councildate=11/18/2014 6/1/2017