HomeMy WebLinkAboutContract 51261-EC1 CITY Orf! RETARY
ESTOPPEL CERTIFICATE
(CITY SECRETARY CONTRACT NO. 51261)
The undersigned, THE CITY OF FORT WORTH,TEXAS (the"Ci1y") hereby certifies
to FIFTH THIRD BANK, an Ohio banking corporation ("Lender"), with respect to that certain
Tax Abatement Agreement for Property Located in a Neighborhood Empowerment Zone
("Agreement") dated August 23,2018 by and between the City and Legacy Scenic,LP("Owner"),
as follows:
1. City Warranties. The City represents and warrants that as of the date hereof, (i) it
does not know of any default under the Agreement; (ii)the Agreement has not been amended; (iii)
no sums are currently due under the Agreement by Owner; and(iv) the Agreement is in full force
and effect.
2. Mortgagee Notice. Lender,whose address is Fifth Third Bank,222 South Riverside
Plaza, 31 st Floor, Chicago, Illinois 60606, Attention Lauren Smetana, does hereby certify that it
is the holder of a first lien mortgage encumbering the property described on Exhibit A attached
hereto (the "Parcel"). If any notice of default shall be given by the City to the Owner or its
assignee, a copy thereof shall be delivered to Lender, who shall have all rights of Owner or its
assignee to cure such default pursuant to the Agreement. Failure to deliver a copy of such notice
to Lender shall in no way affect the validity of the notice of default as it respects Owner, but shall
toll any applicable time period for cure by the Lender or the taking by the Lender of any other
action required under the Agreement.
3. Collateral Assignment. The City hereby acknowledges that Owner has assigned to
Jefferson Oakhurst Scenic, LLC ("Assignee") all of its rights under the Agreement, and Assignee
has further collaterally assigned to Lender all of Assignee's rights under the Agreement. In the
event Lender succeeds to the interest of Assignee under the Agreement,the City agrees that Lender
shall not be liable for any indemnity or reimbursement provisions in the Agreement, and that the
City shall look to the Owner or Assignee regarding such obligations.
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The City has executed this Estoppel Certificate as of the date first above written.
APPROVED AS TO FORM AND LEGALITY:
Byau�ti- t,�4
Melinda Ramos
Sr. Assistant City Attorney
Approved by M&C C-28763
CITY OF FORT WORTH, TEXAS:
By:
Fernando Costa
Assistant City Manager
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Ades*bY:
Mpyy J. Wr, el"emeMy
CHICAGO\3391166.1
ID\HA- 103720/0067
EXHIBIT A
LEGAL DESCRIPTION
PARCEL 1:
A 3.81-acre tract out of the John B. Little Survey, Abstract No. 958, Tarrant County, Texas,
being all of that certain tract deeded to Legacy Scenic, L.P., from Charles Ray Hawkins in July,
2014, as recorded on Instrument No. D214153609, Tarrant County Official Public Records,
being all of Lot A, McGinnis Tract, an addition to the City of Fort Worth, Texas, as shown on
that certain map or plat thereof recorded in Volume 388-47, Page 899, Tarrant County Plat
Records, together with an adjacent 0.197-acre tract described as "Tract 2" in said Legacy Scenic
Deed, and being more specifically described by metes and bounds as follows:
BEGINNING at a 1-inch iron pipe found at the southwest corner of said Lot A, McGinnis Tract,
being the southwest corner of said Legacy Scenic tract and the point of intersection of the current
north right-of-way line of U. S. Highway No. 377, a dedicated state highway right-of-way
commonly known as Belknap Street, with the current east right-of-way line of Oakhurst Scenic
Drive, a dedicated city street, for the southwest corner and POINT OF BEGINNING of this tract;
THENCE NORTH 15045'00" WEST 317.05 feet along the west line of said Lot A and said
Legacy Scenic tract and along the east right-of-way line of said Oakhurst Scenic Drive to a 5/8-
inch iron rod found at an angle point in the west line of said Lot A and said Legacy Scenic tract
and in the east right-of-way line of said Oakhurst Scenic Drive for an angle point in the west line
of this tract;
THENCE NORTH 09029'47" WEST 167.08 feet along the west line of said Lot A and said
Legacy Scenic tract and along the east right-of-way line of said Oakhurst Scenic Drive to a 5/8-
inch iron rod found at the northwest corner of said Lot A and said Legacy Scenic tract and being
the point of intersection of the current east right-of-way line of said Oakhurst Scenic Drive with
the current south right-of-way line of Gillis Street. a dedicated city street, for the northwest
corner of this tract;
THENCE leaving the east right-of-way line of said Oakhurst Scenic Drive, SOUTH 89048'09"
EAST 352.90 feet along the north line of said Lot A and said Legacy Scenic tract and the south
right-of-way line of said Gillis Street to a 5/8-inch iron rod found at the most northerly northeast
corner of said Lot A and an angle point in the north line of said Legacy Scenic tract and being
the point of intersection of the current south right-of-way line of said Gillis Street with the
current west right-of-way line of Juanita Street, a dedicated city street, for an angle point in the
north line of this tract;
THENCE leaving the south right-of-way line of said Gillis Street, SOUTH 00009'05" EAST
66.24 feet along the east line of said Lot A, the north line of said Legacy Scenic tract, and the
west right-of-way line of said Juanita Street to a 5/8-inch iron rod found at an interior corner of
said Lot A and an angle point in the north line of said Legacy Scenic tract for an angle point in
the north line of this tract;
THENCE leaving the west right-of-way line of said Juanita Street, NORTH 87°56'33" EAST
116.66 feet along the north line of said Lot A and said Legacy Scenic tract and along the south
line of that certain 0.718-acre tract deeded to D'Monet, L.P. from 403 Sylvania Partners, L.P. in
October, 2005, as recorded on Instrument No. 205312711, Tarrant County Official Public
Records, to a 1-inch iron rod found at the most easterly northeast corner of said Lot A and an
angle point in the north line of said Legacy Scenic tract for an angle point in the north line of this
tract;
THENCE leaving the south line of said D'Monet tract, SOUTH 0014'04" WEST 37.94 feet
along the east line of said Lot A and the north line of said Legacy Scenic tract to a 5/8-inch iron
rod found at the northwest corner of said 0.197-acre "Tract 2" also being an angle point in the
north line of said Legacy Scenic tract for an angle point in the north line of this tract;
THENCE leaving the east line of said Lot A, NORTH 89051'44" EAST 49.93 feet along the
north line of said 0.197-acre "Tract 2" and along the north line of said Legacy Scenic tract to a
5/8-inch iron rod found at the northwest corner of Tract 1, McGinnis Tract, an addition to the
City of Fort Worth, Texas, as shown on that certain map or plat thereof recorded in Volume 388-
C, Page 9, Tarrant County Plat Records, being the northeast corner of said Legacy Scenic tract
for the northeast corner of this tract;
THENCE SOUTH 00014'08" WEST 156.49 feet along the east line of said 0.197-acre "Tract 2"
and said Legacy Scenic tract and along the west line of said Tract 1, McGinnis Tract, to a 5/8-
inch iron rod found on the north right-of-way line of said Belknap Street being the southeast
corner of said 0.197-acre "Tract 2" and said Legacy Scenic tract and the southwest corner of said
Tract 1, McGinnis Tract, for the southeast corner of this tract;
THENCE SOUTH 59040'02" WEST 58.13 feet along the north right-of-way line of said Belknap
Street and the south line of said 0.197-acre "Tract 2" and said Legacy Scenic tract to a 5/8-inch
iron rod found at the southeast corner of Lot A of said McGinnis Tract and the southwest corner
of said 0.197-acre "Tract 2" being an angle point in the south line of said Legacy Scenic tract and
an angle point in the north right-of-way line of said Belknap Street for an angle point in the south
line of this tract;
THENCE SOUTH 59052'59" WEST 256.51 feet along the north right-of-way line of said
Belknap Street and the south line of said Lot A and said Legacy Scenic tract to a 1-inch iron pipe
found at an angle point in the south line of said Lot A and said Legacy Scenic tract and being an
angle point in the north right-of-way line of said Belknap Street for an angle point in the south
line of this tract;
THENCE NORTH 00009'48" EAST 22.99 feet along the north right-of-way line of said Belknap
Street and the south line of said Lot A and said Legacy Scenic tract to a 5/8-inch iron rod found
at an angle point in the south line of said Lot A and said Legacy Scenic tract and being an angle
point in the north right-of-way line of said Belknap Street for an angle point in the south line of
this tract;
THENCE SOUTH 59052'19" WEST 153.98 feet along the north right-of-way line of said
Belknap Street and the south line of said Lot A and said Legacy Scenic tract to the POINT OF
BEGINNING, and containing 3.81 acres, more or less.
PARCEL 2:
A 1.25-acre tract out of the John B. Little Survey, Tarrant County, Texas, being all of Lots 3
through 16 and 19 through 24, Block 2, Cliff Addition, an addition to the City of Fort Worth,
Texas, as shown on that certain map or plat thereof recorded in Volume 490, Page 547, Tarrant
County Deed Records, being all of the following tracts:
Tract A: That certain tract called "Tract 2" in deed to Legacy Scenic, L.P., from Debra Dennis, et
al, in December, 2014, as recorded on Instrument No. D214277597, Tarrant County Official
Public Records,
Tract B: That certain tract deeded to Legacy Scenic. L.P., from Charles & Kathleen Collins in
August, 2015, as recorded on Instrument No. D215172616, Tarrant County Official Public
Records,
Tract C: That certain tract deeded to Legacy Scenic, L.P., from Lee Jones in December, 2014, as
recorded on Instrument No. D214273008, Tarrant County Official Public Records,
Tract D: That certain tract deeded to Carlos Mendez from Juan Ledezma, et al, in November,
1999, as recorded on Instrument No. D199289088, Tarrant County Official Public Records,
Tract E: That certain tract deeded to Jimmy Ray Manley from Jose A. Rivera, Jr., in June, 2011,
as recorded on Instrument No. D211151579, Tarrant County Official Public Records,
Tract F: That certain tract deeded to Legacy Scenic, L.P., from Legacy Capital Company II, in
July, 2014, as recorded on Instrument No. D214153055, Tarrant County Official Public Records,
and being more specifically described by metes and bounds as follows:
BEGINNING at a 1/2-inch iron rod found at the northeast corner of said Lot 16 and said "Tract
E" also being the point of intersection of the current south right-of-way line of Marshall Avenue
with the current west right-of-way line of Juanita Street, both dedicated city streets, for the
northeast corner and POINT OF BEGINNING of this tract;
THENCE SOUTH 00018'30" WEST 217.52 feet along the east lines of said Lot 16 and said
"Tract E", along the east line of said Lot 19 and said "Tract F", and along the west right-of-way
line of said Juanita Street to a 1/2-inch iron rod set at the southeast corner of said Lot 19 and said
"Tract F" also being the point of intersection of said west right-of-way line with the north right-
of-way line of Gillis Street, a dedicated city street, for the southeast corner of this tract;
THENCE NORTH 89048'09" WEST 149.97 feet along the south lines of said Lots 19 through 24
and said "Tract F" and along the north right-of-way line of said Gillis Street to a 1/2-inch iron
rod set at the southwest corner of said Lot 24 and said "Tract F" and being the southeast corner
of Lot 25 of said Block 2, Cliff Addition, for the most southerly southwest corner of this tract;
THENCE NORTH 0015'33" EAST 108.76 feet along the west line of said Lot 24 and said "Tract
F" and along the east line of said Lot 25 to a point being the northwest corner of said Lot 24 and
said "Tract F", the southwest corner of said Lot 11 and said "Tract C", the southeast corner of
said Lot 10 and said "Tract B", and the northeast corner of said Lot 25 for an interior corner of
this tract;
THENCE NORTH 89048'09" WEST 199.87 feet along the south lines of said Lots 3 through 10
and said "Tract A" and "Tract B" and along the north lines of Lots 25 through 30 of said Block 2,
Cliff Addition to a point lying on the north line of that certain tract called "Tract 1" in deed to F
& P Properties, L.P., from Mark S. Wade in May, 2014, as recorded on Instrument No.
D214102881, Tarrant County Official Public Records, being the southwest corner of said Lot 3
and said "Tract A" and the southeast corner of that certain 0.48-acre tract deeded to Filemon &
Lily Cabansag from Jim Eagle in August, 2003, as recorded on Instrument No. D203321218,
Tarrant County Official Public Records, for the most westerly southwest corner of this tract;
THENCE leaving the north line of said F & P Properties tract, NORTH 00°18'30" EAST 109.36
feet along the west line of said Lot 3 and said "Tract A" and along the east line of said Cabansag
tract to a 5/8-inch iron rod found on the south right-of-way line of said Marshall Avenue being
the northwest corner of said Lot 3 and said "Tract A" and an angle point in the east line of said
Cabansag tract for the northwest corner of this tract;
THENCE leaving the east line of said Cabansag tract, SOUTH 89°40'11" EAST 199.78 feet
along the south right-of-way line of said Marshall Avenue and the north lines of said Lots 3
through 10 and said "Tract A" and "Tract B" to a 5/8-inch iron rod found at the northeast corner
of said Lot 10 and said "Tract B" and the northwest corner of said Lot 11 and said "Tract C" for
an angle point in the north line of this tract;
THENCE NORTH 89044'17" EAST 49.87 feet along the south right-of-way line of said
Marshall Avenue and the north lines of said Lots 11 and 12 and said "Tract C" to a 3/8-inch iron
rod found at the northeast corner of said Lot 12 and said "Tract C" and the northwest corner of
said Lot 13 and said "Tract D" for an angle point in the north line of this tract;
THENCE SOUTH 89°29'41" EAST 100.29 feet along the south right-of-way line of said
Marshall Avenue and the north lines of said Lots 13 through 16 and said "Tract D" and "Tract E"
to the POINT OF BEGINNING, and containing 1.25 acres, more or less.
PARCEL 3:
A 2.81-acre tract out of the John B. Little Survey, Tarrant County, Texas, being all of Lots 7
through 14, Block 1, Akers & Aikman Subdivision, an addition to the City of Fort Worth, Texas,
as shown on that certain map or plat thereof recorded in Volume 310, Page 24, Tarrant County
Plat Records, together with all of Lots 3 and 4, Block 1, Cliff Addition, an addition to the City of
Fort Worth, Texas, as shown on that certain map or plat thereof recorded in Volume 490, Page
547, Tarrant County Plat Records, and together with various adjacent, unplatted tracts, said 2.81-
acre tract being all of the following tracts:
Tract A: That certain tract deeded to Legacy Scenic, L.P., from Gib Lewis Properties in
February, 2015, as recorded on Instrument No. D215032745, Tarrant County Official Public
Records,
Tract B: That certain tract called "Tract 1" in deed to Legacy Scenic, L.P., from Debra Dennis, et
al, in December, 2014, as recorded on Instrument No. D214277597, Tarrant County Official
Public Records,
Tract C: That certain tract called "Tract 3" in deed to Legacy Scenic, L.P., from Debra Dennis, et
al, in December, 2014, as recorded on Instrument No. D214277597, Tarrant County Official
Public Records,
Tract D: That certain tract deeded to Alfredo Santana from Wayne Cornell in September, 2000.
as recorded on Instrument No. D201010145, Tarrant County Official Public Records,
Tract E: That certain tract deeded to Legacy Scenic, L.P., from Carolyn Loretta Hudson in
September, 2015, as recorded on Instrument No. D215216017, Tarrant County Official Public
Records,
Tract F: That certain tract deeded to Legacy Scenic, L.P., from Russell M. Hicks in February,
2015, as recorded on Instrument No. D215039140, Tarrant County Official Public Records,
and being more specifically described by metes and bounds as follows:
BEGINNING at a 1/2-inch iron rod found on the south right-of-way line of Akers Avenue, a
dedicated city street, being the northeast corner of said Lot 7, Block 1, Akers & Aikman
Subdivision, and of said "Tract E" and also being the northwest corner of Lot 6 of said Block 1
and the most northerly northwest corner of that certain tract deeded to JNL Texas Holdings,
LLC, from James N. Lucas, Inc., in December, 2007, as recorded on Instrument No.
D208004527, Tarrant County Official Public Records, for the northeast corner and POINT OF
BEGINNING of this tract;
THENCE SOUTH 00048'40" WEST 167.95 feet along the east lines of said Lot 7 and said
"Tract E" and the west lines of said Lot 6 and said JNL Holdings tract to a 60-penny nail found
at the most easterly southeast corner of said "Tract E" and an interior corner of said JNL
Holdings tract for an angle point in the east line of this tract;
THENCE NORTH 89025'35" WEST 49.39 feet along the south line of said "Tract E" and the
north line of said JNL Holdings tract to a 1/2-inch iron rod found at an interior corner of said
"Tract E" and the most westerly northwest corner of said JNL Holdings tract for an angle point
in the east line of this tract;
THENCE SOUTH 01 00748" WEST 47.94 feet along the east line of said "Tract E" and the west
line of said JNL Holdings tract to a 5/8-inch iron rod found on the north line of said "Tract F"
being the most southerly southeast corner of said "Tract E" and the southwest corner of said JNL
Holdings tract for an angle point in the east line of this tract;
THENCE SOUTH 89041'10" EAST 24.29 feet along the north line of said "Tract F" and the
south line of said JNL Holdings tract to a 1/2-inch iron rod set at the northeast corner of said
"Tract F" and the northwest corner of that certain 0.336-acre tract deeded to Luciano Mendez
from the Robinson Family Revocable Living Trust in March, 2004, as recorded on Instrument
No. D204072545, Tarrant County Official Public Records, also being an angle point in the south
line of said JNL Holdings tract for an angle point in the east line of this tract;
THENCE leaving the south line of said JNL Holdings tract, SOUTH 00035'26" WEST 118.87
feet along the east line of said "Tract F" and the west line of said Mendez tract to a 5/8-inch iron
rod found on the north right-of-way line of Marshall Avenue, a dedicated city street, being the
southwest corner of said Mendez tract and an angle point in the east line of said "Tract F" for an
angle point in the east line of this tract;
THENCE SOUTH 03023'57" EAST 6.27 feet along the east line of said "Tract F" and the north
right-of-way line of said Marshall Avenue to a 1-inch iron rod found at the southeast corner of
said "Tract F" being an angle point in the north right-of-way line of said Marshall Avenue for the
southeast corner of this tract;
THENCE NORTH 89041'10" WEST 122.17 feet along the south line of said "Tract F" and the
north right-of-way line of said Marshall Avenue to a 1-inch iron pipe found at the southwest
corner of said "Tract F" and being an angle point in the north right-of-way line of said Marshall
Avenue for an angle point in the south line of this tract;
THENCE NORTH 01 010'38" WEST 6.02 feet along the west line of said "Tract F" and the north
right-of-way line of said Marshall Avenue to a 5/8-inch iron rod found at the southeast corner of
said "Tract C" also being an angle point in the west line of said "Tract F" and in the north right-
of-way line of said Marshall Street for an angle point in the south line of this tract;
THENCE leaving the west line of said "Tract F", NORTH 89027'13" WEST 244.80 feet along
the south line of said "Tract C" and the north right-of-way line of said Marshall Avenue to a I-
inch iron rod found at the southwest corner of said "Tract C" and being an angle point in the east
line of that certain 0.48-acre tract deeded to 7 C's Investments, LLC, from Jim Eagle in August,
2003, as recorded on Instrument No. D208104650, Tarrant County Official Public Records, for
the most southerly southwest corner of this tract;
THENCE leaving the north right-of-way line of said Marshall Avenue, NORTH 00048'13"
EAST 117.63 feet along the west line of said "Tract C" and the east line of said 7 C's
Investments, LLC, tract to a 1-inch iron rod found at the southeast corner of said Lot 4, Block 1,
Cliff Addition, and of said "Tract A" being an angle point in the west line of said "Tract C" and
in the east line of said 7 C's Investments, LLC, tract for an interior corner of this tract;
THENCE leaving the west line of said "Tract C", NORTH 89°04'26" WEST 50.00 feet along the
south line of said Lots 3 and 4, Block 1. and said "Tract A" and the east line of said 7 C's
Investments, LLC, tract to a point being the southwest corner of said Lot 3, Block 1, Cliff
Addition, and of said "Tract A" and being an angle point in the east line of said C7 C's
Investments, LLC, tract for the most westerly southwest corner of this tract;
THENCE NORTH 00055'34" EAST 130.63 feet along the west line of said Lot 3 and said "Tract
A" and along the east line of said 7 C's Investments, LLC, tract to a 1/2-inch iron rod found on
the south right-of-way line of said Akers Avenue being the northwest corner of said Lot 3 and
said "Tract A" and the northeast corner of said 7 C's Investments, LLC, tract for the northwest
corner of this tract;
THENCE NORTH 42049'19" EAST 74.37 feet along the north line of said Lots 3 and 4 and of
said "Tract A" and along the south right-of-way line of said Akers Avenue to a point on the west
line of said Lot 14, Block 1, Akers & Aikman Subdivision, and of said "Tract B" being the
northeast corner of said Lot 4 and of said "Tract A" and an angle point in the south right-of-way
line of said Akers Avenue for an angle point in the north line of this tract;
THENCE NORTH 00028'04" EAST 31.43 feet along the west line of said Lot 14 and said "Tract
B" and along the south right-of-way line of said Akers Avenue to a 1/2-inch iron rod set at the
northwest corner of said Lot 14 and of said "Tract B" and being an angle point in the south right-
of-way line of said Akers Avenue for an angle point in the north line of this tract;
THENCE SOUTH 89024'15" EAST 90.24 feet along the north lines of said Lots 14 and 13 and
of said "Tract B" and along the south right-of-way line of said Akers Avenue to a 1/2-inch iron
rod set at the northeast corner of said Lot 13 and the northwest corner of Lot 12 of said Block 1,
Akers & Aikman Subdivision for an angle point in the north line of this tract;
THENCE leaving the south right-of-way line of said Akers Avenue, SOUTH 01013,59" WEST
120.44 feet along the east line of said Lot 13 and the west line of said Lot 12 to a point lying on
the north line of said "Tract C" being the southeast corner of said Lot 13 and the southwest
corner of said Lot 12 for an angle point in the north line of this tract;
THENCE SOUTH 89°22'53" EAST 100.42 feet along the south line of Lots 12 and 11 of said
Block 1, Akers & Aikman Subdivision, and along the north line of said "Tract C" to a point
being the southeast corner of said Lot 11 and the southwest corner of said Lot 10, Block 1, Akers
& Aikman Subdivision, for an angle point in the north line of this tract;
THENCE leaving the north line of said "Tract C", NORTH O1001'59" EAST 120.48 feet along
the east line of said Lot 11 and the west line of said Lot 10 to a 1/2-inch iron rod found on the
south right-of-way line of said Akers Avenue being the northeast corner of said Lot 11 and the
northwest corner of said Lot 10 for an angle point in the north line of this tract;
THENCE SOUTH 89023'20" EAST 50.13 feet along the north line of said Lot 10 and of said
"Tract B" and along the south right-of-way line of said Akers Avenue to a chiseled "Y" in
concrete found at the northeast corner of said Lot 10 and of said "Tract B" and the northwest
corner of said Lot 9 and of said "Tract W and being an angle point in the south right-of-way line
of said Akers Avenue for an angle point in the north line of this tract;
THENCE SOUTH 89°46'36" EAST 50.38 feet along the north line of said Lot 9 and of said
"Tract W and along the south right-of-way line of said Akers Avenue to a 1/2-inch iron rod
found at the northeast corner of said Lot 9 and of said "Tract W and the northwest corner of said
Lot 8 and of said "Tract E" and being an angle point in the south right-of-way line of said Akers
Avenue for an angle point in the north line of this tract;
THENCE SOUTH 89036'06" EAST 101.04 feet along the north line of said Lots 8 and 7 and of
said "Tract E" and along the south right-of-way line of said Akers Avenue to the POINT OF
BEGINNING, and containing 2.81 acres, more or less.
M&C Review
Official
CITY COUNCIL AGENDA FO RT�'4'ORTII
COUNCIL ACTION: Approved on 6/26/2018
DATE: 6/26/2018 REFERENCE C-28763 LOG NAME: 19NEZJEFFERSONOAKHURST
NO..
CODE: C TYPE: NOW PUBLIC NO
CONSENT HEARING:
SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Legacy Scenic,
LP, and Assignment After Closing to Jefferson Oakhurst Scenic, LLC, to Construct a
398 Residential Unit Complex Located on Oakhurst Scenic Drive Between East
Belknap Street and Akers Avenue 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 Legacy Scenic, LP, and assignment after closing to Jefferson Oakhurst Scenic,
LLC, to construct a 398 residential unit complex located on Oakhurst Scenic Drive Between East
Belknap Street and Akers Avenue 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:
Legacy Scenic, LP (Property Owner), is the owner of property located at Abstract 958, Tracts 32,
32A, 32B, 33, 34, 35B, 37, 37A, 37C, 41 D, 57A, 57B & 57C, John Little Survey, Lots 3 and 4,
Block 1 and Lots 3-8, 9 & 10, 11 & 12, 13 & 14, 15 & 16, 19 & 20, 21 & 22 and 23 & 24, Block 2,
Cliff Addition, Lots 7 & 8, 9, 10, 13 & 14, Block 1, Akers & Aikman Addition and Lot A, McGinnis
Tract Subdivision, 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 sell the property to Jefferson Oakhurst Scenic, LLC who will invest
an estimated amount of$47,570,680.00 to construct a 398 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 below 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
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=26011&councildate=6/26/2018[06/27/2018 10:41:20 AM]
M&C Review
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
Chapter 394, Texas Local Government Code, to assist in the financing of the costs of residential
development and ownership for citizens of decent, safe and sanitary housing at affordable prices.
The developer is requesting the option to pay the Fort Worth Housing Finance Corporation the
annual sum in lieu of setting aside the affordable units and Staff recommends approval of this
request.
Upon execution of the Agreement, the total assessed value of the improvements used for
calculating municipal property tax will be frozen for a period of five years starting January 2021 at
the estimated pre-improvement value, as defined by the Tarrant Appraisal District (TAD) in 2018,
after demolition of any existing buildings so the pre-improvement value for tax abatement
purposes will be $0.00.
The Municipal Property Tax Abatement on the improved value of the Project after construction is
estimated in the amount of$382,944.00 per year for a total in the estimated amount of
$1,914,720.00 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.
The Tax Abatement Agreement may be assigned to an affiliate of Jefferson Oakhurst Scenic, LLC,
without the consent of the City Council. If the property is sold to a new owner, other than an
affiliate, the Agreement may be assigned only with City Council approval and provided that the
new owner meets all of the eligibility criteria as stated in the NEZ Tax Abatement Policy and Basic
Incentives.
This property is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations an estimated
$1,914,720.00 in property taxes will be abated over the five year period from 2021-2026. This
amount will be included in the City's five year financial forecast.
TO
Fund Department Account Project Program Activity Budget Reference # Amount
ID ID Year (Chartfield 2)
FROM
Fund Department Account Project Program Activity Budget Reference# Amount
ID I I ID I I Year (Chartfield 2)
Submitted for City Manager's Office bv: Fernando Costa (6122)
Originating Department Head: Aubrey Thagard (8187)
http://apps.cfwnet.org/council_packeUmc_review.asp?ID=26011&councildatc=6/26/2018[06/27/2018 10:41:20 AM]
M&C Review
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
11. Form 1295 Certificate 100369811 - Legacy Scenic.pd
12, Form 1295 Certificate 100369104 (1) - JPI.pdf
6. Oakhurst Colored Site Plan.g_df
JPI- Oakhurst v1icture pdf
Oakhurst Scenic Man for Council.pdf
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=26011&councildate=6/26/2018[06/27/2018 10:41:20 AM]