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HomeMy WebLinkAboutContract 40569-CA1 (2)c 11 Y SECRETARY CONTRACT NO, - I ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Pavonia LLC ("Assignor") and Holly Kangos and Sally Monahan, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Pavonia LLC and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1628 South Henderson ("Property") which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth June 15, 2010, City Secretary Contract Number 40569 ("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 7, 2011, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Holly Kangos and Sally Monahan 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 %J which are hereby acknowledged, the parties hereby agree as follows: 1. Assigmment. 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 January 7, 2011 ("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 09-09-11 PO4%52 OUT 1 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 & Economic Development Department NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNEE: Holly Kangos and Sally Monahan 1628 S. Henderson Street Fort Worth, Texas 76104 ASSIGNOR: Pavonia LLC 2216 Lipscomb Street 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. 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: Pavonia LLC z: �� 6e� Lk42�� Name: Peter Miller Title: Director ASSIGNEE: Holly Kangos Name: Holly Kangos ASSIGNEE: Sally Monahan Name: Sa Monahan 8F�'IClAL RECaRD ClT I SUCRETARY �T. WORTH, TX 3 CITY OF FORT WORTH City Manager ATTEST: City Secretary APPROVED AS TO FORM AND LEGALITY Assistant City Attorney M & C: G24261 00°4a0000 �A U 0�i�YYY g QA q����--��jjgg l!IyJ�,N�w STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, Lite undersigned authority, on this day personally appeared Susan Alanis, 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 she 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 pl Zz"oJ , 2011. Notary Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § EVONIA DANIELS MY COMMISSION EXPIRES +" July 10, 2013 BEFORE ME, the undersigned authority, on this day personally appeared Peter Miller, Director of Pavonia LLC, 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 Pavonia LLC. GIVEN UNDER MY HAND AND SEAL OF OFFICE this a��ay of 2011. Notary�ublic in and the State of Texas OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX SARAH J. ODLE MY COMMISSION EXPIRES November 5, 2011 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Holly Kangos, 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 p23 day of the State of Texas COUNTY OF kCtMi i61►' § SARAHJ.ODLE MY COMMISSION EXPIRES November 5, 2011 BEFORE ME, the undersigned authority, on this day personally appeared Sally Monahan, 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 �`ii� day of rre(n6 , 2011. Notary Public in and for the State of L�, o TERESA S. SCHNEIDER Notary Public, State of Ohio �Y C0=6610n Ex0res WQ 2014 Electronically Recorded Tarrant County Texas Official Public Records 1/14/20119147 AM ALMA T0o00 AsPt PGS 2 $20.00 SPl. + WARRANTY DEED -- WITH VENDOR'S LJEN D211U11101 CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU VE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY FI D FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL IUM$ OR YOUR DRIVER'S LICENSE NUMBER. Grantor. AVO Grantor's um Grantee: Hz Grantee's Mailing Consideratlon: consideration, the LINKED LIABILITY COt;tIPANY 2Z18 LIPSCOMB 3TRfET, FORT WORTH, TfXA3 76t f 0 AND THE FURTHER CONS that is in the principal amour BANK. The Note is secured a Deed of Trust of even date Property (Inctudln8 any .Y MONAHAN BEING LOT 17, OF JERSEY HILLADOITION, AN COUNTY, TEXAS, ACCORQING TO THE MAP THE MAP RECORDS OF TARRANT COUNTYA Reservations from Comayanca: NONE STREET, FORT WORTH, TEXAS 76104 3UTION AND DELNERY of a Note of even date �y Grantee, payable to the order of $OUTHSIDE to favor of SOUTHSIDE BANK In this Deed and by YANDEVENTER, TRUSTEE(S), CITY OF FORT WORTH, TARRANT )ED IN VOLUME 83, PAGE 57, OF Exceptions to Convayanee and Warranty: THIS CONVEYANCE IS EXECUTED, DELIVEREDAND C ZAREA OR THE CURRENT YEAR, ROLLBACK TAXES DUET THISR GRANTEE'S USE OF HE SUBJECT PROPERTY, MAINTENANCE FUND LIENES, UTILITY DISTRICT SSESSMENTS AND STANDBY FEES, IF ANY, ANY AND ALEASEMENTS CREATED Y THE DEDICATION DEED OR PLAT OF THE SUBDhASIOID REAL PROPERTY IS OCATED, RECORDED EASEMENTS, MINERAL RESERVAS, RESTRICTIONS, OVENANTS, CONDITIONS, RIGHTS OF WAY EASEMENING THE HEREIN ESCRIBED PROPERTY BUT pNLY TO THE EXTENT THE 3AN SUBSISTING. Grantor, for the consideration and subject to the Reservations fro Con6av2eks Exceptions to Conveyance and Warranty, grants, sells, and corrveya to Grentee the pro rty, and singular the rights and appurtenances thereto !n any wise belonging, to have and ho fo , G ntee's heirs, executors, administrators, successors, or assigns forgiven Grantor hereb bi ntor Grantor's heirs, executors, administrators, and successors to warrant and forever de fe at at r 1 property to Grantee and Grantee's heirs, executors, administrators, successors and as s, at a rson whomsoever lawfully claiming or to claim the same or any part thereof, except a eservation from Conveyance and Exceptions to Conveyance and Warranty. The vendor's lien against and superior title to the property are retained unfit each Note is ly paid according to its terns, at which time this deed shad become absolute, said Vendors Lien and Superior Title herein retained are hereby transferred, assigned, sold and eyed to SOUTHSIDE BANK, its successors and assigns, or heirs and assigns, as appropriate, the e named in said Note, without recourse on Grantor. the corrtext requires, singular nouns and pronouns include the plural. PAVONIA, LLC P R WADE MILLER, VICE PRESIDENT (Acknovrledgmant� THE This instrum PETER W/ COMPANY, A+nj NOTICE: This document AFTER RECORDING RETURN TO: HOLLY IV1fJtaOS AND SALLY MON 1626 S. HENDERSON STREET FORT WORTH, TEXAS 76104 P�'1-Lc�IIPI•Z'�i��lT+TT�iI.�LiYY �e t�c2rr%il NoYary'e Name (printed): Notary s commission ew(res: it carefully before signing. O -• ate•• .. .•tt I At SUITE 200 78107•e812 NI&C Review Page 1 of 2 COUNCIL ACTION: Approved on 6/15/2010 •'a site or Me city or Fort Man, i ex FORTWoRm CODE: C TYPE: CONSENT PUBLIC NO HEARING. SUBJECT: Authorize a Five Year Tax Abatement Agreement with Pavonia LLC for Property Located at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to enter into afive-year Tax Abatement Agreement with Pavonia LLC for the property at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone (NEZ) Tax Abatement Policy and Basic Incentives, DISCUSSION: Pavonia LLC (Property Owner) is the owner of the property described as Lot 17, Jersey Hill Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 63, Page 57, of the Plat Records of Tarrant County, Texas, at 1628 South Henderson Street, Fort Worth, Texas 76104. The property is located within the Magnolia Village NEZ and the Fairmount Historic District. On February 8, 2010, the Historic and Cultural Landmarks Commission approved the construction plans for a single family residential structure at 1628 South Henderson Street. A copy of the approval letter from the Commission is attached as Exhibit "A." The property owner plans to invest an estimated $98,300.00 to construct an approximately 1800 square foot single family residence (Project). The Project will be sold as a primary residence. The Project description is attached as Exhibit "B." The Housing and Economic Development Department reviewed the application and certified that the property 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 va-lue of the improvements used for calculating municipal property tax will be frozen for a period of five years, starting January 2011 at the estimated pre -improvement value as defined by the Tarrant Appraisal District (TAD) on May 1, 2010, for the property as follows: Pre -Improvement TAD Value of Improvements $ 0.00 Pre -Improvement Estimated Value of Land $15.000.00 Total Pre -Improvement Estimated Value $15,000000 The municipal property tax on the improved value of Project after construction is estimated at $840.47, per year, for a total of $4,202.33 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. http://apps.cfwnet.org/council�acket/mc review.asp?ID=13643&councildate=6/15/2010 09/06/2011 ✓1&C Review Page 2 of 2 This property is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers Submitted for City Manager's Office bv: Oriainatina Department Head: Additional Information Contact: ATTACHMENTS Exhibit A for M&C.pdf Exhibit B for M&C.doc FROM Fund/Account/Centers Thomas Higgins (6192) Jay Chapa (5804) Sarah Odle (7316) http://apps.cfwnet.org/council�acket/mc review.asp?ID=13643&councildate=6/15/2010 09/06/2011