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HomeMy WebLinkAboutContract 34269CITY SECRETARY ��+�1 „(/ CONTRACT NO. � 1 TOCI li I ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Courtney Homes, Inc. ("Assignor") and Ennis and Anthea Washinaton, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Courtney Homes, Inc. ("Courtney") and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located at 4401 Prevost Drive, Block 12 Lots 17, 18, 19 20, Chamberlain Arlington Hts 2°d Filing Addition as shown on the plat recorded in Volume 63, Page 40 Plat Records Tarrant County Texas ("Property"), which is located in the Ridglea Village and Como Neighborhood Empowerment ?one; such Agreement approved by the City Council of Fort Worth /I - / S'• oZ 00,5'� City Secretary Contract Number 32914 ("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 9 d,R 7 - recorded under Tarrant County Deed Records, Assignor conveyed the Property to Ennis and Anthea Washinaton. 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. Assianment. 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 September 27, 2006 ("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 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 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: Ennis and Anthea Washington 4401 Prevost Street Fort Worth, Texas ASSIGNOR: Courtney Homes, Inc. 5203 Shadow Glen Drive Grapevine, Texas 76051 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. 2Yo 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. Bindinv- 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: Courtney Homes, Inc. Name: Sherry avlor Title: President ASSIGNEE: Ennis and Anthea Washington Names: Ennis Washmgton Anthea Washington 3 CITY OF FORT WORTH Dale Fisseler v Assistant City Manager ATTEST. A. City 4cretary APPROVED AS TO FORM AND LEGALITY: 40Q 4 Ku/y%v/� teann Guzman Assistant City Attorney M&CC o?1157 4 TD f:.n� 1r v�UV i 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 thisq.&,,.-,day of 2006. 4 J14, oAry Publiclin arAcf1for the State of Texas MARIA S. SANC1qEZ NOTARY PUBLIC STATE OF TEXAS OF MY COMM. Exp. 12-14-2009 w'. "P 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Sherry Saylor, President of Courtney Homes, 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 Courtney Homes, Inc. '- V "N i �TNDER MY HAND AND b� , 2006. �.otary Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § SEAL OF OFFICE this day of Y PAMELA BARRETT v * * Notary Public STATE OF TEXAS WAR=MY Cantu. ftP• 03/12/07 BEFORE ME, the undersigned authority, on this day personally appeared Ennis Washington and Anthea Washington, known to me to be the persons whose name is subscribed to the foregoing instrument, and acknowledged to me that they executed the same for the purposes and consideration therein expressed, in the capacity therein stated. UlVE UNMhK MY HAND AND 10f , 2006. Ovv� iNotary Public in and for the State of Texas 9L SEAL OF OFFICE this � 7 day of PAMELA BARRETT ' Notary Public * * STATE OF TEXAS u}4�OF My Comm, Up. 03/12/07 Cel Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication .. ..... ... �' I I '' � I'll 1,1 1, - ', '111.1111�i.'',_."" COUNCIL ACTION: Approved on 11/15/2005 DATE: Tuesday, November 15, 2005 LOG NAME: 054401 PREVOST REFERENCE NO.: C-21157 SUBJECT: Authorization and Approval of a Tax Abatement Agreement with Courtney Homes, Inc., for Property Located in the Ridglea Village/Como Neighborhood Empowerment Zone RECOMMENDATION: It is recommended that the City Council: 1. Approve a five-year Municipal Property Tax Abatement for one real property listed in Exhibit "A", owned by Courtney Homes, Inc., and located in the Ridglea Village/ Como Neighborhood Empowerment Zone; 2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Courtney Homes Inc., are true and correct; and 3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Courtney Homes, Inc., for the property listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy and Basic Incentives. DISCUSSION: Courtney Homes, Inc., is the owner of the property listed in Exhibit "A". This real property is located in the Ridglea Village/Como NEZ and Neighborhood Empowerment Reinvestment Zone No. 2. Courtney Homes, Inc., applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives, (M&C G-14947) as amended. The Housing Department reviewed the application and certified that the property meets the eligibility criteria to receive a NEZ municipal property tax abatement. The NEZ Program 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. Courtney Homes, Inc., will invest, at a minimum, $165,000 to construct one single-family home in the Ridglea Village/Como NEZ. In order for Courtney Homes, Inc., to qualify for the tax abatement, Courtney Homes, Inc., must construct a home with a minimum of 2,325 square feet (living area) that will appraise for $165,000. A more detailed description of the home 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, 2006, at the estimated pre - improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2005, for each one of the properties as follows: Pre -improvement TAD Value of Improvements Pre -improvement Estimated Value of Land Total Pre -improvement Estimated Value $0.00 $3.750.00 $3,750.00 The municipal property tax on the improved value of the home is estimated at $999.00 per year for a total of $4,995.00 over the five-year period. However, this estimate may be different from the actual tax 10/19/2006 Page 2 of 2 abatement value, which will be calculated based on the TAD appraised value of the property. Upon the sale of the home, the agreement may 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 Courtney Homes, Inc., first mortgagee, or to a homeowner who will use the required improvements as his/her primary residence or the homeowner's mortgagee. All other assignments must be approved by the City Council. The property is located in COUNCIL DISTRICT 7. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for Citv Manacier's Office bv: Dale Fisseler (6140) Oriainatina Department Head: Additional Information Contact: Jerome Walker (7537) John C. Cox (7319)