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HomeMy WebLinkAboutContract 57831 O T CITY SECRETARY, FORTWHO =MCTNO..—�LT83 I NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT AGREEMENT New construction single-family-owner 3760 Waldorf Street This TAX ABATEMENT AGREEMENT ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal corporation organized under the laws of the State of Texas and acting by and through David Cooke, its duly authorized City Manager, in accordance with the authority granted under Chapter 3 78 of the Texas Local Government Code, and Ana Marna Preciado, owner of property located 3760 Waldorf Street, Lot 4, Block 2, Astoria Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Final Plat Recorded in Volume 388-X,Pdge 49,Plat Records, Tarrant County, Texas. The City Council of the City of Fort Worth ("City Council") hereby finds and the City and Owner hereby agree that the following statements are true and correct and constitute the basis upon which the City and Owner have entered into this Agreement: A. On January 29, 2019, the Fort Worth City Council adopted Ordinance No. 23552 (the "Ordinance") establishing "Neighborhood Empowerment Reinvestment Zones No.1R through 611" City of Fort Worth, Texas (the "Zones") and adopted Resolution No. 5042 establishing "Designation of the Neighborhood Empowerment Zone Areas One through Six" (the "NEZ"). B. Owner owns certain real property located entirely within Zone 6R and that is more articularly described in Exhibit"I", attached hereto and hereby made a part of this Agreement for all p oses (the "Premises"). C. Owner or its assigns plan to construct the Required Improvements, as defined in Section 1.1 of this Agreement, on the Premises (the"Project"). D. On May 12, 2022, Owner submitted an application for tax abatement to the City concerning the Premises (the "Application"), attached hereto as Exhibit"2" and hereby made a part of this greement for all purposes. E. The contemplated use of the Premises, the Required Improvements and the terms of this Agreement are consistent with encouraging development of the Zone in accordance with the purposes for its creation and are in compliance with the NEZ Incentives,the Ordinance and other applicable laws,ordinances, rules and regulations. F. Written notice that the City intends to enter into this Agreement, along with a copy of this Agreement, has been furnished in the manner prescribed by the Code to the presiding officers of th governing bodies of each of the taxing units in which the Premises is located. CSO ECD OFFICIAL RE RD .�11! -' �° CITY SECRE7�11Y Page 1 FT. WORTH TX NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 i NOW, THEREFORE, the City and Owner, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. OWNER'S COVENANTS. 1.1. Real Property Improvements. Owner shall construct, or cause to be constructed, on and within the Premises certain improvements consisting of a single-family residence, of approximately 1,561 square feet }'n size and built to the specifications listed in Exhibit "3", (collectively the "Required Improvements"). Minor variations and more substantial variations if approved in writing by both parties to this Agreement before construction is undertaken in the Required Improvements from the description provided in the Application for Tax Abatement shall not constitute an Event of Default, as defined in Section 4.1, provided that the conditions in the first sentence of this Section 1.1 are met and they Required Improvements are used for the purposes and in the manner described in Section 1.3. 1.2. Completion Date of Required Improvements. Owner certifies that the Required Improvements will be completed within two yea s from the date of Council approval. The abatement will automatically terminate two years after Council approval if a building permit has not been pulled and a foundation has not been poured,unless delayed because of force majeure, in which case the two years shall be extended by the number of days comprising the specific force majeure. For purposes of this Agreement, force majeure shall mean an event beyond Owner's reasonable control as determined by the City of Fort Worth in its sole discretion, which shall not be unreasonably withheld, including, without limitation,delays caused by adverse we er, delays in receipt of any required permits or approvals from any governmental authority, acts of God, or fires. Force majeure shall not include construction delays caused due to purely financial matters, such as, without limitation, delays in the obtaining of adequate financing. 1.3. Use of Premises. Owner covenants that the Required Improvements shall be constructed and c� tinuously used as the primary residence of the Home Owner in accordance with the NEZ Incentives. Home Owner shall file for a Homestead Exemption with Tarrant County Appraisal District January 1 of the year following the calendar year in which the Required Improvement is completed. In addition, Owner covenants that throughout the Term, the Required Improvements shall be mainta.iped for the purposes set forth in this Agreement. 2. ABATEMENT AMOUNTS,TERMS AND CONDITIONS. I Subject to and in accordance with this Agreement, the City hereby grants to Owner a real property tax abatement of City of Fort Worth-imposed taxes on the Premises for the Required Improvements, as specifically provided in this Section 2 ("Abatement"). Abatement does not include taxes from dther taxing entities. 2.1. Amount of Abatement. The actual amount of the Abatement granted under this Agreement shall be based upon the increase in value of the Premises due to the Required Improvements, over its value as determined by Tarrant Appraisal District in May 2022, and this amount is $0.00. Page 2 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 If the square footage requirement of the Required Improvements are less than as provided in Section 1.1 of this Agreement, Owner shall not be eligible to receive any Abatement under this Agreement. 2.2 Increase in Value. The Abatement shall be 100% of the increase in value from the construction of the Required Improvements up to a maximum of$259,466.00 and shall apply only to taxes on the increase in value of the Premises due to construction of the Required Improvements. In other words,Iby way of example only, if the increase in value of the Required Improvements over its value in M�y 2022, in a given year is $260,000.00, Owner's Abatement for that tax year shall be capped and calculated as if the appraised value of the Required Improvements for that year had only been $259,466.00. The Abatement shall not apply to taxes on the land, nor shall the abatement apply to mineral i erests. 2.3. Term of Abatement. The term of the Abatement ( "Term") shall begin on January 1 of the year following the calendar year in which the Required Improvement is completed ('Beginning Date") and, unless sooner terminated as herein provided, shall end on December 31 immediately preceding th� fifth(5") anniversary of the Beginning Date. 2.4 Protests Over Appraisals or Assessments. j Owner shall have the right to protest and contest any or all appraisals or assessments of the Premises and/or improvements thereon. 2.5. Abatement Application Fee. The City acknowledges receipt from Owner of the required Application fee of$1 0.00. The application fee shall not be credited or refunded to Owner or its assigns for any reason. 3. RECORDS, AUDITS AND EVALUATION OF REQUIRED IMPROVEMENTS. 3.1. Inspection of Premises. Between the execution date of this Agreement and the last day of the Term, at any me during normal office hours throughout the Term and the year following the Term and following reasonable notice to Owner, the City shall have and Owner shall provide access to the Premises in order for the City to inspect the Premises and evaluate the Required Improvements to ensure compliance with the terms and conditions of this Agreement. Owner shall cooperate fully with the City during any such inspection and/or evaluation. 3.2. Certification. Owner shall certify annually to the City that it is in compliance with each applicaple term of this Agreement. The City shall have the right to audit at the City's expense the Required Improvement with respects to the specifications listed in Exhibit "3". Owner must provide documentation that Owner is using the Required Improvements as its primary residence (collectively, the "Records") at any time during the Compliance Auditing Term in order to determine compliance with this Page 3 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 i Agreement. Owner shall make all applicable Records available to the City on the Premises or at another location in the City following reasonable advance notice by the City and shall''otherwise cooperate fully with the City during any audit. 3.3 Provision of Information. On or before the last business day in April following the end of every year 4uring the Compliance Auditing Term and at any other time if requested by the City, Owner sh ll provide information and documentation for the previous year that addresses Owner's compliance with each of the terms and conditions of this Agreement for that calendar year. Owner must also provide documentation of compliance to Tarrant Appraisal Dist�ict(TAD) each year of the abatement by filling out and returning Tax Abatement Form 50-116 fro the TAD website to TAD, no later than the last business day in April for each year Owner is req esting tax abatement. Failure to provide all information within the control of Owner required by this Section 3.3 shall constitute an Event of Default, as defined in Section 4.1. 3.4 Determination of Compliance. On or before August 1 of each year during the Compliance Auditing Term,the City hall make a decision and rule on the actual annual percentage of Abatement available to Owner for the following year of the Term and shall notify Owner of such decision and ruling. The actual percen age of the Abatement granted for a given year of the Term is therefore based upon Owner's complian e with the terms and conditions of this Agreement during the previous year of the Compliance Auditi ig Term. 4. EVENTS OF DEFAULT. 4.1. Defined. Unless otherwise specified herein, Owner shall be in default of this Agreement i (i) Owner fails to construct the Required Improvements as defined in Section 1.1.; (ii) ad valorem re 1 property taxes with respect to the Premises or the Required Improvements, or its ad valorem taxes vith respect to the tangible personal property located on the Premises, become delinquent and Owner does not timely and properly follow the legal procedures for protest and/or contest of any such ad valorem real property or tangible personal property taxes; (iii) OWNER DOES NOT USE THE PREMISES AS PRIMARY RESIDENCE ONCE THE ABATEMENT BEGINS; or (iv) OWNER DOES NOT COMPLY WITH CHAPTER 7 AND APPENDIX B OF THE CODE OF ORDIN CES OF THE CITY OF FORT WORTH (collectively, each an "Event of Default"). 4.2. Notice to Cure. Subject to Section 5, if the City determines that an Event of Default has occurred, the City shall provide a written notice to Owner that describes the nature of the Event of Default. Owner shall have sixty(60) calendar days from the date of receipt of this written notice to fully cure or have cured the Event of Default. If Owner reasonably believes that Owner will require additional time to cure the Event of Default, Owner shall promptly notify the City in writing, in which case (i) after advising the City Council in an open meeting of Owner's efforts and intent to cure, Owner shall have ninety (90) calendar days from the original date of receipt of the written notice, or (ii) if Owner,reasonably Page 4 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 AUUroved:June 28.2022 believes that Owner will require more than ninety(90)days to cure the Event of Default,aft r advising the City Council in an open meeting of Owner's efforts and intent to cure, such additional tine, if any, as may be offered by the City Council in its sole discretion. 4.3. Termination for Event of Default and Payment of Liquidated Damages. If an Event of Default which is defined in Section 4.1 has not been cured within the time frame specifically allowed under Section 4.2, the City shall have the right to terminate this Agreement immediately. Owner acknowledges and agrees that an uncured Event of Default will (i) harm the City's economic development and redevelopment efforts on the Premises and in the vici ity of the Premises; (ii) require unplanned and expensive additional administrative oversight and involvement by the City; and (iii) otherwise harm the City, and Owner agrees that the amounts of actu 1 damages therefrom are speculative in nature and will be difficult or impossible to ascertain. Ther ore, upon termination of this Agreement for any Event of Default, Owner shall pay the City, as liquidated damages; all taxes that were abated in accordance with this Agreement for each year when an Event of Default existed and which otherwise would have been paid to the City in the absence of this Agreement. The City and Owner agree that this amount is a reasonable approximatiol of actual damages that the City will incur as a result of an uncured Event of Default and that this Section 4.3 is intended to provide the City with compensation for actual damages and is not a penalty. This amount may be recovered by the City through adjustments made to Owner's ad valorem property tax appraisal by the appraisal district that has jurisdiction over the Premises. Otherwise, this amount shall be due, owing and paid to the City within sixty (60) days following the effective date of termination of this Agreement. In the event that all or any portion of this amount is not paid to the City within sixty(60) days following the effective date of termination of this Agreement, Owner shall also be liable for all penalties and interest on any outstanding amount at the statutory rate for delinquen taxes, as determined by the Code at the time of the payment of such penalties and interest (currently, Section 33.01 of the Code). 4.4. Termination at Will. If the City and Owner mutually determine that the development or use of the Prey ises or the anticipated Required Improvements are no longer appropriate or feasible, or that a higher or better use is preferable, the City and Owner may terminate this Agreement in a written format that is signed by both parties. In this event, (i) if the Term has commenced, the Term shall expire as of t e effective date of the termination of this Agreement; (ii) there shall be no recapture of any taxes previously abated; and (iii)neither party shall have any further rights or obligations hereunder. 4.5 Sexually oriented business & Liquor Stores or Package Stores. a. Owner understands and agrees that the City has the right to terminate this agreement if the Required Improvements contains or will contain a sexually oriented business. b. Owner understands and agrees that the City has the right to terminate this agreement as determined in City's sole discretion if the Required Improvements contains or will contain a liquor store or package store. 5. EFFECT OF SALE OF PREMISES. Except for an assignment to Owner's first mortgagee or to a homebuyer who will use the Required Improvements as its primary residence or the homeowner's mortgagee which City Council hereby agrees to, the Abatement granted hereunder shall vest only in Owner;however if Owner sells the Premises ad Required Page 5 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Aooroved!June 28.2022 Improvements,this Abatement cannot be assigned to a new owner of all or any portion of the Premises and/or Required Improvements without the prior consent of the City Council, which consent shall not be unreasonably withheld provided that (i) the City Council finds that the proposed assignee is inane ally capable of meeting the terms and conditions of this Agreement and (ii) the proposed purchase agrees in writing to assume all terms and conditions of Owner under this Agreement. Owner may not othe se assign, lease or convey any of its rights under this Agreement. Any attempted assignment without the Cit Council's prior consent shall constitute grounds for termination of this Agreement and the Abatement granted hereunder following ten (10) calendar days of receipt of written notice from the City to Owner. Upon assignment to Owner's first mortgagee, or to a homebuyer who will use the ',Required Improvements as its primary residence or the homeowner's mortgagee, Owner shall have no further obligations or duties under this Agreement. In addition, upon assignment to any other entity with the written consent of City Council,Owner shall have no further duty or obligation under this Agreement. IN NO EVENT SHALL THE TERM OF THIS AGREEMENT BE EXTENDED IN THE EVENT OF A SALE OR ASSIGNMENT. THE FAILURE OF OWNER TO SEND THE CITY NOTIFICATION OF THE SALE I OF THE REQUIRED IMPROVEMENTS AND EXECUTION OF THE ASSIGNMENT OF THIS AGREEMENT WITH THE NEW OWNER WITHIN 60 DAYS OF THE TRANSFER OF OWNERSHIP OF THE REQUIRED IMPROVEMENTS SHALL RESULT IN THE AUTOMATIC TERMINATION OF THIS AGREEMENT. THE NOTICE AND EXECUTED ASSI NM ENT MUST BE SENT TO THE CITY BY CERTIFIED MAIL OR BY HAND DELIVERY. 6. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party designates in writing, by certified mail,postage prepaid, or by hand delivery: City: Owner: City of Fort Worth Ana Maria Preciado Attn: City Manager 3538 Ave I 200 Texas Street Fort Worth, Texas 76105 Fort Worth, Texas 76102 and Neighborhood Services Department Attn: Director 200 Texas Street Fort Worth, Texas 76102 7. MISCELLANEOUS. 7.1. Bonds The Required Improvements will not be financed by tax increment bonds. This Agreement is subject to the rights of holders of outstanding bonds of the City. Page 6 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 7.2. Conflicts of Interest. Neither the Premises nor any of the Required Improvements covered by this Agr ement are owned or leased by any member of the City Council, any member of the City Planning r Zoning Commission or any member of the governing body of any taxing units in the Zone. I 7.3. Conflicts Between Documents. In the event of any conflict between the City's zoning ordinances, or other City ordinances or regulations, and this Agreement, such ordinances or regulations shall control. In the ev nt of any conflict between the body of this Agreement and Exhibit"3",the body of this Agreement sh 1 control. 7.4. Future Application. A portion or all of the Premises and/or Required Improvements may be eligible for complete or partial exemption from ad valorem taxes as a result of existing law or future legislation. This Agreement shall not be construed as evidence that such exemptions do not apply to the Premises and/or Required Improvements. 7.5. City Council Authorization. This Agreement was authorized by the City Council through approval of Mayor a d Council Communication No. 22-0543 on June 28, 2022, which, among other things, authoriz d the City Manager to execute this Agreement on behalf of the City. 7.6. Estoppel Certificate. i Any party hereto may request an estoppel certificate from another party hereto so long as the certificate is requested in connection with a bona fide business purpose. The certificate, if requested, will be addressed to the Owner, and shall include, but not necessarily be limited to, stat ments that this Agreement is in full force and effect without default (or if an Event of Default exists, the nature of the Event of Default and curative action taken and/or necessary to effect a cure),the rem 'ning term of this Agreement, the levels and remaining term of the Abatement in effect, and such other matters reasonably requested by the party or parties to receive the certificates. 7.7. Owner Standing. Owner shall be deemed a proper and necessary party in any litigation que tioning or challenging the validity of this Agreement or any of the underlying laws, ordinances, resolutions or City Council actions authorizing this Agreement and Owner shall be entitled to intervene i n any such litigation. 7.8. Venue and Jurisdiction. This Agreement shall be construed in accordance with the laws of the State of Texas and applicable ordinances, rules, regulations or policies of the City. Venue for any action'',under this Agreement shall lie in the State District Court of Tarrant County, Texas. This Agreement is performable in Tarrant County, Texas. Page 7 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 7.9. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable,the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 7.10 Headings Not Controlling. Headings and titles used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 7.11. Entirety of Agreement. This Agreement, including any exhibits attached hereto and any documents in orporated herein by reference, contains the entire understanding and agreement between the City gid Owner, their assigns and successors in interest, as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. This Agreement shall not be amended unless executed in writing by both parties and approved by the City Council. This Agreement may beexecuted in multiple counterparts, each of which shall be considered an original,but all of which shall constitute one instrument. Page 8 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 CITY OF FORT WORTH: OWNER: By:_ By:_ �� _ J� ff _ Pf- 0, c( r3 Fernando Nsta Ana Maria Preciado Assistant City Manager ATTEST: 5 X By: J ette Goodall 4 Ci Secretary � '. fir.^ �,, ✓f`F` y� Ai APPROVED AS TO FORM AND LEGALITY: By: / s B. rong 5A4 Sr. Assistant Cit ttorney M & C: 22-0543 Date Approved: June 28, 2022 OFFICIAL RE ORD CITY SECRE ARY Page 9 FT. WORT ,TX NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 Annroved:June 28.2022 STATE OF TEXAS § COUNTY OFARRANT § 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 e to be the person and officer whose name is subscribed to the foregoing instrument, and ac. owl dged to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a mu 'cipal corporation, that he was duly authorized to perform the same by appropriate resolution of th City Council of the City of Fort Worth and that he executed the same as the act of the said City r the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this Lty day of 2022. ...��_ SELENA ALA Notary Public in and for _2: Notary Public, State of Texas the State of Texas �N:. :�� .,. + � Comm. Expires 03.31.2024 "is Ito Notary IQ 132422528 STATE OF TEXAS § COUNTY OFARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Ana Maria Preciado, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that she executed the same for the purposes and consideration t4erein expressed, in the capacity therein stated. '�>�� GIV N UNDER MY HAND AND SEAL OF OFFICE this;% da' y of 2 F"P. SARAH J ODLE Notary ublic in o _ Notary ID#6215320 the State of Texas �;,F �4P My Commission Expires ov s November 8,2023 OFFICIAL RECORD Page 10 CITY SECRETARY NEZ Tax Abatement Agreement—Ana Maria Preciado FT WORTH,TX 3760 Waldorf Street _.... M&C 22-0543 ADDroved:June 28.2022 i Exhibit 1: Property Description Exhibit 2: Application: (NEZ) Incentives and Tax Abatement Exhibit 3: Required Improvements description I Page 11 NEZ Tax Abatement Agreement—Ana Maria Preciado 3760 Waldorf Street M&C 22-0543 AUUroved:June 28.2022 Exhibit I Property Description 3760 Waldorf Street, Lot 4, Block 2, Astoria Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Final Plat Recorded in Volume 388-X,Page 49, Plat Records, Tarrant County Texas. Exhibit 2 FORTWOR�. NZ22-00728 Application #!_ . City of Fort Worth Neighborhood Empowerment Zone (NEZ) Application for Incentives Applicant Inforrhation Properly Owner/Developer2C -b ' tst irst .l. Address: 35 5 -1 Arv� o� Street Address Zip Phone: �?R?_�'7 4,o •-2_S '7 enroll: i ydy 2_ O(J!' ,1f.11/�ul'+Oo y✓1 Contact: y p.`l'a elf different) List lrsf Phone: Email: 'Z/`e/1�(' tMGt/' C614-1 NEZ certifications are project and owner specific.Please describe your project: New SFR Project Typ El El El El Single Family Will-Family Commercial Industrial Community Facilities Mixed-Use *Please be advised if the project address is zoned as a designated historical properly(HQ and your project consists of new construction or exterior renovations,approval of your project is required prior to NEZ application submittal.Wrinen approval from the Historic and Cultural Landmarks Commission fNCLt 1 must be attached lathe lV Z apoticasion. For questions or further btfornration concerning historic prof s,please con(�aP4he HCC.0 al(81 7)392-80000 Project Address: `? :?(vet L✓et t e1i~ r l,m►L Lljhl(J br'['-� // T Street Address �- Legal Description: l.,/ Y'!a— Lot Block Addition YES NO YM NO New Construction/Additlon:: ❑ Remodel/Rehab: ❑ ❑ Total New Sq.Ft. G- 1 Total Development Cost: $154,200 For a single family project,will the NEZ certified property be occupied by '�� NO a the property owner as a primary residence? ## It you selected No,please specify if this property will be sold to a homeowner as a primary residence or used as rental property.If your project Is a Commercial or Mixed Use project,please list all specific uses that are being proposed: YES/NO Do you wish to apply for a Municipal Property Tax abatement for this project? ❑ if the above answer is yes,please contact the City of Port Wonh Ncighbrnitood Services Dep idliwnt at(817)3 pR316 or NEZ project visit mt `^t".: rzl+' �,:" neighborhoods/NEV.for;tdtlillonul infonnntion.Tax Abatements are prod%' certification and must go before tine City Council for vote.House Dill 3143 took effect on Septeruber 1,2019,wlilch ljm time requires at least 30 days advance notice be given of life tax abatement.Due to complint+ce with HB 3143,tile u�iei� to process a tax abatement to be on the City Council agenda for vote isj12 rto t4 e c�after lh s bate,of ce OYrk ti the C' ty Attplieanis reque tin l abatemenl Inay not stibini or a ball iltr n ►� Council and the aynlicant leas siltned a conlracl, aerbed+Olteh9 sA ORT WORT . Application# NZ22-00728 City of fort Wortit Neighborhood Empowerment Zone (NEZ)Application for Incentives YES NO Do you wish to apply for a release of NCZ Policy eligible City Ilene? ❑ Weed,Paving,Demolition and Bonrd Up/Open.Structure liens may be relented for clunlifying projects. For ZonlngV11cd MO�Only- YES NO Will a Zoning Change applicatiol be necessary for this project? k(O Current Zoning: Fro cd Us SIN "' rot m� �N, 1e Signature of Zoning Staff; Date- -Acknowlec . - PLEASE INITIAL NEXT TO EACH STATEMENT I understand that my application will not be processed if it is incomplete.I agree to provide any additional information ford ermining eligibility as requested by the City.If the additional information is not submitted within 30 days,the application will be denied and application fees paid will not be reimbursed. AL I hereby certify that the information provided is true and accurate to the best of my knowledge. AJ I hereby certify that all documents and information required by the Application Submittal Checklist is attached. &(2 I hereby acknowledge that Ihave read the NEZ Basic Incentives and Tax Abatement Policy,which governs the granting of tax abatements,fee waivers and release of City liens,and that any VIOLATION of the terns of the NEZ Basic Incentives or MISREPRESENTATION shall constitute grounds for rejection of an application or termination of incentives at the discretion of the City. J&PI understand that the approval of fee waivers and other incentives shall not be deemed to be approval of any aspect of the project- I understand that I am responsible for obtaining required permits and inspections from the City and in ensuring the project is located in the correct zoning district. I understand that if there are taxes due or liens against any property I own in the City of Fort Worth I may not be eligible for NEZ incentives. I hereby certify that the project plans submitted with this application meet the NEZ design guideline requirements as listed below or meet Strategic Plan guidelines for the BerryIdIMMason Heights, Oakland Coniers and Stop Six aretu cu outlined on the NEZ tt'eblage.I understand that if the project plans do not meet these design requirements,all permits will be put on hold pending correction. If I choose to relinquish my NEZ certification instead of meeting the design requirements, payment for all fees waived by the City up to that point will be due immediately and the building permit will not be issued until payment is made, a,No metal buildings except for industrial projects. b.All new construction projects must contain 70% masonry product c.E=eptions to the masonry product will he made at the City's discretion fordesign district overlays(where applicable) and approved planned development projects. dXornpliartce with NEZ design guidelines for Council adopted N13Z Strategic Plans (Berryhil/Mason Heights, Oakland Comm and Stop Six)is required for cediCcntion. e,Attached garages for new single family homes may not extend more than A feet past the front building wall. 4VJ understand that 1 must pay all associated fees at the time of project application and/or permit submittal if I wish to submit permits prior to determination of NEZ eligibility,11his htcludes setting up an oscrow account with the City.I understand that some permits may not be issued while N13Z eligibility Is being established.Example: Applications that twe requesting Tax Abatemet�jl. fJ i rJ d-r-LO., r - L Printed Name.of Property Slattttturc of Property Date Owner/Developer Owner/Developer .J R.viwd 10MVI•SO Exhibit 3 Project Description New Construction of a single family residence • 1,561 square feet living space • 1 Story • 3 Bedroom, 2 Full Bath • Open Concept Kitchen/Living Room/Dining Room • Separate Walk In Pantry • Office • Covered Front Porch • Covered Back Patio • 2 Car Garage • Brick Veneer, Stone and Hardi Board Exterior ` M&C Review Page 1 of 2 Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FO.... R7H Create New From This M8C DATE: 6/28/2022 REFERENCE i M&C 22-0543 LOG NAME: 19NEZ3760WALDORF NO.: NOW PUBLIC CODE: C TYPE: CONSENT HEARING: NO SUBJECT: (CD 5)Authorize Execution of a Five-Year Tax Abatement Agreement with Ana Maria Preciado for the Construction of a Single-Family Dwelling of Approximately 1,561 Square Feet and Having a Cost of at Least$154,200.00 on Property Located at 3760 Waldorf Street, in the Stop Six Sunrise Neighborhood and within Neighborhood Empowerment Zone and Reinvestment Zone Area Six RECOMMENDATION: It is recommended that the City Council: 1. Authorize the execution of a five-year Tax Abatement Agreement with Ana Maria Preciado for the construction of a single-family dwelling of approximately 1,561 square feet and having a cost of at least $154,200.00 on property located at 3760 Waldorf Street , in the Stop Six Sunrise neighborhood and within Neighborhood Empowerment Zone and Reinvestment Zone Area Six, and 2. Find that the terms of, and the property subject to, the Tax Abatement Agreement meet the criteria and guidelines set forth in the Neighborhood Empowerment Zone Program Basic Incentives and Tax Abatement Policy. DISCUSSION: Ana Maria Preciado, (Property Owner) is the owner of the property described as Lot 4, Block 2, Astoria Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 388-X, Page 49, Plat Records, Tarrant County, Texas, located at 3760 Waldorf Street, Fort Worth, Texas. The property is located in the Stop Six Sunrise neighborhood and within Neighborhood Empowerment Zone (NEZ) Area Six. The Property Owner plans to invest an estimated amount of$154,200.00 to construct a single-family residence of approximately 1,561 square feet (Project). The Project will be used as the homeowner's primary residence. The Neighborhood Services Department reviewed the application and certified that the Property Owners and Project met the eligibility criteria to receive a NEZ Municipal Property Tax Abatement. The NEZ Basic Incentives include 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. Residential owner occupied tax abatements are capped at the annual median home value as reported by the National Association of Realtors for Tarrant County. This value is updated annuaaly and is currently $259,466.00. Upon execution of the Tax Abatement Agreement (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 2023 at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) in May 2022 for the property as follows: Pre-Improvement TAD Value of Improvements $ 0.00 Pre-Improvement Estimated Value of Land $41250. 01 http://apps.cfwnet.org/council_packet/mc_review.asp?ID=30094&councildate=6/28/2022 6/28/2022 M&C Review Page 2 of 2 Total Pre-Improvement Estimated Value $4,250.00 The municipal property tax on the improved value of the Project after construction is estimated in the amount of$1,129.52 per year, for a total amount of$5,647.60 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the TAD appraised value of the property up to the capped value. In the event of a sale of this property, the Agreement may be assigned to a new owner's first mortgage or a new owner as a primary residence. All other assignments must be approved by the City Council. This property is located in COUNCIL DISTRICT 5. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that upon final approval of the Tax Abatement Agreement, a loss of an estimated $5,647.60 in property tax revenue may occur over the five year period. This reduction in revenue will be incorporated into the long term financial forecast upon the Tax Abatement being officially granted. TO Fund Department Account Project Program Activity Budget Reference# Amount ID ID Year (Chartfiield 2) FROM Fund Department Account Project Program Activity Budget Reference# Amount ID ID ,hartfield 2) Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Victor Turner(8187) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS 3760 Waldorf Plans.pdf (Public) Map for Council 3760 Waldorf St.pdf (Public) Tax Abatement Calculation 3760 WaldorF.pdf (Public) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=30094&councildate=6/28/2022 6/28/2022 \ � - 2 f � � 9 \ � i � / R % \ � § 7 � $ $ f � / \ 2 2 k � R / 2 a & © 2 / � 2 1 / I o , \ z $k � \ § _ 3 m > ) t u tW � R a o k 3 f /\ \ to i