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Home My WebLink AboutContract 51261-CA1 CITY SECRETARY CONSENT TO ASSIGNMENT OF r6;,jTRAGT NO. c I a� I-CAI TAX ABATEMENT AGREEMENT (CITY SECRETARY CONTRACT NO. 51261) This CONSENT TO ASSIGNMENT OF CITY SECRETARY CONTRACT N O. 51261 ("Consent") 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 Legacy Scenic, LP ("Assignor or Owner"), and Jefferson Oakhurst Scenic, LLC ("Assignee"). The following introductory provisions are true and correct and from the basis of this Consent: A. On or about August 23, 2018,the City and Legacy Scenic, LP entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 51261 (the"Agreement").Under the Agreement,Legacy Scenic,LP agreed to construct a 398 residential unit multi-family apartment complex, (i) consisting of one (1) four story building wrapped around a structured parking garage and one (1) four story building and three (3) three story apartment buildings with a mix of units (the "Required Improvements") on certain land in the City (the "Land") in return for a 5-year real property tax abatement on improvements located on the Land (the "Abatement"), all as more specifically set forth in the Agreement. The Abatement was granted pursuant to the City's Neighborhood Empowerment Zone Policy ("NEZ Policy"). B. Assignor has sold its interest in the Land and Required Improvements to Assignee and to assign all right, title and interest in the Agreement to Assignee. 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. The City hereby consents to an assignment by Assignor to Assignee of all right, title and interest granted to Assignor by the Agreement, effective as of October 19, 2018, ("Effective Consent Date"). 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City that as of the Effective Consent Date Assignee will comply with all duties and obligations of Owner set forth in the Agreement. 3. Assignee understands and agrees that no act or omission of Assignor, whether on, before or after the Effective Consent Date, will serve to mitigate (i) any Abatement Amounts, Terms and Conditions set forth in Sections 2 and 3 of the Agreement (ii) any Event of Default set forth in Section 4 of the Agreement. Consent to Assignment of Tax Abatement Agreement#51261 OFFICIAL RECORD from Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC CITY SECRETARY Approved by M&C C-28763 on June 26, 2018 FT. WORTH,TX 1 4. Nothing in this Consent shall be deemed to grant Assignee any rights under the Agreement that are an addition to or greater than those of the Owner thereunder. 5. All terms in this Consent that are capitalized but not defined shall have the meanings assigned to them in the Agreement. IN WITNESS WHEREOF, the parties have executed this Assignment as of the Effective Consent Date. CITY OF FORT WORTH Fernando Costa Assistant City Manager 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 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 this day of Q� 4/r , 2021. SELENA ALA Notary Public,State of le"S otary Public in and for .,, ;y comm.Ex es 03•31-2024 , the State of Texas NOtetV �� 132422528 ATTEST: �•e Q City Secretary Consent to Assignment of Tax Abatement Agreement#51261 OFFICIAL RECORD from Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC CITY SECRETARY Approved by M&C C-28763 on June 26, 2018 FT WORTH,TX 2 APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-28763 ASSIGNOR: Legacy Scenic, LP a Texas limited partnership By: Legacy Capital Partners II, Ltd. a Texas limited partnership, its general partner By: Legacy Capital Company II, a Texas corporation, its general partner By: Name: Peter M. Aberg Title: Partner ASSIGNEE: Jefferson Oakhurst Scenic,LLC a Delaware limited ' bility company By: Name: Payt n Mayes Title: Executive Vice President FF0C A8AL IRECUk Consent to Assignment of Tax Abatement Agreement#51261 (C9`(t� R� '�A4� from Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC FT `�i®6��'H YX Approved by M&C C-28763 on June 26, 2018 3 APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-28763 ASSIGNOR: Legacy Scenic, LP a Texas limited partnership By: Legacy Capital Partners II, Ltd. a Texas limited partnership, its general partner By: Legacy Ca i L(ompany II, a Texas c oration, i ge al partner By: Name: Peter M. Aberg Title: Partner ASSIGNEE:Jefferson Oakhurst Scenic, LLC a Delaware limited liability company By: Name: Payton Mayes Title: Executive Vice President Consent to Assignment of Tax Abatement Agreement#51261 UKUA, RECORD) from Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC MY SISKRETARY Approved by M&C C-28763 on June 26, 2018 FT. W-ATHD`M 3 STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME, the undersigned authority, on this day personally appeared Peter M. Aberg, Partner of Legacy Scenic, LP, a Texas limited partnership, 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 Legacy Scenic, LP. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of , 2021. Notary Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TA>4M%RT § MAAAQ BEFORE ME,the uned authority, on this day personally appeared Payton Mayes,Executive Vice President of Jefferson Oakhurst Scenic, LLC, a Delaware limited liability company, 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 Jefferson Oakhurst Scenic, LLC. GI EN DER MY HAND AND SEAL OF OFFICE this day of 2021. KARISSA NOELLE HARDING h� r> Notary ID#o 406338 Expir My Commission Expires Notary Public in and for ��:h. February 7,2022 the State of Texas Consent to Assignment of Tax Abatement Agreement#51261 OFFICIAL RECORD from Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC coy SECRETARY Approved by M&C C-28763 on June 26, 2018 FT WORTH `IX 4 STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME,the undersigned authority,on this day personally appeared Peter M. Aberg, Partner of Legacy Scenic, LP, a Texas limited partnership, 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 Legacy Scenic, LP. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of :5,-- 'f'ear R b e R 32021. •``nva''i, LAURI COX NotaryPublic in and for ��`� °'' _�°r ;Notary Public,State of Texas the State of Texas w� ' Comm, Expires 08-04.2022 Notary ID 129908484 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME,the undersigned authority,on this day personally appeared Payton Mayes,Executive Vice President of Jefferson Oalhurst Scenic,LLC,a Delaware limited liability company,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 Jefferson Oakhurst Scenic-,-LLC-- GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 2021. Notarylublic in and for the State of Texas Consent to Assignment of Tax Abatement Agreement#51261 EOFFICIALORDfrom Legacy Scenic, LP to Jefferson Oakhurst Scenic, LLC ARYApproved by M&C C-28763 on June 26, 20184 ,TX