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Home My WebLink AboutContract 50887-A1AMENDMENT NO. 1 TO TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE (CITY SECRETARY CONTRACT NO. 50887) This AMENDMENT NO. 1 TO TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE ("Amendment") 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 Reginald D. Stafford Sr. ("Owner"). The following introductory provisions are true and correct and for the basis of this Amendment: A. As of June 14, 2018 the City and Owner entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 50887 (the "Agreement"). Under the Agreement, Owner agreed, to construct single family residence (the "Project", as more specifically defined in the Agreement) on certain real property located in the Como -Sunset Heights Neighborhood Empowerment Zone. In return, the City agreed to grant Owner a Municipal Tax Abatement as authorized by Chapter 378 of the Texas Local Government Code and outlined in the Agreement. B. Owner covenants to complete construction of all of the Required Improvements within two years from the date of Council approval as provided in section 1.2 of the agreement (the "Completion Date"). The Required Improvements will be deemed complete upon the issuance of a final inspection for the Required Improvements by the Planning and Development Department. C. The Agreement shall be amended to correct section 3.2 ("Certification). NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City and Owner hereby agree as follows: 1. Section 3.2 of the Agreement (Certification) is hereby amended to reflect the correct use of the Premises and the Required Improvements: The actual use of the Premises and the Required Improvements shall be used as rental property. 2. All terms and conditions of the Agreement that are not expressly amended pursuant to this Amendment shall remain in full force and effect. � ice---' --" --= OFFICIAL RECOR® m Page 1 CITY SECRETARY g s Amendment No. 1 to CSC No. 50887 FT WORTH, TX Neighborhood Empowerment Zone Tax Abatement Agreement with Reginald D. Stafford S EXECUTED as of the last date indicated below: CITY OF FORT WORTH: By:P Fernando Costa Assistant City Manager Date: 1oji618 AT1arr.. T: By. �. y kayser Secretary APPROVED AS TO FORM AND LEGALITY: _ ffll Melinda Ramos Sr. Assistant City Attorney M&C: C-28693 Date Approved: May 15, 2018 REGINALD D. STAFFORD SR. By: - �.v Reginald D. Stafford Pr Date: [0�10 l OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 2 Amendment No. 1 to CSC No. 50887 Neighborhood Empowerment Zone Tax Abatement Agreement with Reginald D. Stafford Sr. 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 resolution 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 0 , 2018. L 11r . `6 � G to aotay r Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § LINDA M. HIRRLINGER MY Notary ID # 124144746 'of Explres February 2, 2022 BEFORE ME, the undersigned authority, on this day personally appeared Reginald D. Stafford Sr., 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 /— ay of l?i,Y✓ , 2018. �lbpl&� Notary Public in and for the State of Texas ' SARAH BURKETT My Notary ID # 130491984 Expires January 11, 2020 OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX Page 3 Amendment No. 1 to CSC No. 50887 Neighborhood Empowerment Zone Tax Abatement Agreement with Reginald D. Stafford Sr. City of Fort Worth, Texas Mayor and Council Communication DATE: Tuesday, May 15, 2018 LOG NAME: 195627BLACKMORE SUBJECT: F REFERENCE NO.: C-28693 Authorize Execution of a Five -Year Tax Abatement Agreement with Reginald D. Stafford Sr. for the Construction of a Single -Family Dwelling Located at 5627 Blackmore Avenue in the Como/Sunset Heights Neighborhood Empowerment Zone (COUNCIL DISTRICT 3) RECOMMENDATION: It is recommended that the City Council authorize the execution of a Five -Year Tax Abatement Agreement with Reginald D. Stafford Sr. for the construction of a single-family dwelling located at 5627 Blackmore Avenue in the Como/Sunset Heights Neighborhood Empowerment Zone, in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives. DISCUSSION: Reginald D. Stafford Sr. (Property Owner) is the owner of the property described as Lots 15 and 16, Block 100, Chamberlain Arlington Heights 2nd Addition, an addition to the City of Fort Worth, Tarrant County, Texas, as shown by a Deed of Record in Volume 8181, Page 139, Deed Records, Tarrant County, Texas, at 5627 Blackmore Avenue Fort Worth, Texas. The property is located within the Como/Sunset Heights Neighborhood Empowerment Zone (NEZ). The Property Owner plans to invest an estimated amount of $102,850.00 to construct an approximately 2,300 square foot single-family residence (Project). The Project will be used as rental property. The Neighborhood Services Department reviewed the application and certified that the Property Owner and Project met the eligibility criteria to receive a 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 used for calculating municipal property tax will be frozen for a period of five years starting January 2019 at the estimated pre - improvement value as defined by the Tarrant Appraisal District (TAD) in 2018 for the property as follows: Pre -Improvement TAD Value of $ 0.00 Improvements Pre -Improvement Estimated Value of $7,000.00 Land Total Pre -Improvement Estimated 1 $7,000.00 Value I The municipal property tax on the improved value of the Project after construction is estimated in the Logname: 195627BLACKMORE Page 1 of 2 amount of $828.00 per year for a total amount of $4,140.00 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. In the event of a sale of this property, the Tax Abatement Agreement may be assigned to a new owner's first mortgage or a new owner as rental property. All other assignments must be approved by the City Council. This property is located in COUNCIL DISTRICT 3. This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that upon approval of the above recommendations an estimated $4,140.00 in property taxes will be abated over the five year period from 2019-2023. This amount will be included in the City's five year financial forecast. FUND IDENTIFIERS (FIDsl: TO Fund Department�Accounj Project JProgram ctivity Budget Reference # moun ID ID Year (Chartfield 2) FROM Fund Department ccoun Project JProgram ctivity Budget Reference # moun ID ID I Year(Chartfield 2) CERTIFICATIONS: Submitted for Citv Manager's Office bv: Originating Department Head: Additional Information Contact: ATTACHMENTS 1. 5627 Blackmore Mar) for Council.r)df (Public) 2. Elevations.ndf (Public) Fernando Costa (6122) Aubrey Thagard (8187) Sarah Odle (7316) Logname: 195627BLACKMORE Page 2 of 2