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HomeMy WebLinkAboutContract 36955-CA1 Alft kNO"SECREYMY oe" CONTRACT NO...,,— ASS'IGNM,ENT OF TAX ABATEMENT AGREEMENT This Assignment, of Tax Abatement Agreement is made and entered into by and between W' .te-view Estates, L.P., Pars Investment, Inc., General Partner("Assignor") and CTMGT Waterview Estates FL­1 I LLB., ("Assignee") and the City of Fort Worth, ("City" RECITALS A. a.tei-view Estates, L.P., Pars Investment, Inc., General Partner and the City of Fort Worth, Texas (the ''City") entered into that certain Tax Abatement Agreement ("Agreement") for.property Located 5532 Grenada .give, .Lot 36; Block 3; atertr ►nt at Enchanted day; an Addition to the City of Fort We rth, Tarrant County, Texas, according to, the plat recorded and filed in Cabinet A Slide No. 117 3, Flat Records, Tarrant County, Texas ("Prop which is .located in the Lake Arlington Neighborhood Empo werment Zone, such Agreement approved by the City Council of Fort Worth November 6, 20071 City Secretary Contract Number 369'55 ("Agreement") B. Section 5 of the Agreement permits Assignor to assign all of its rights under the Agreement to Assignee,nee, w tho t obtaining the prior consent of the City Council: C. Waterview Estates, L.P. has famed CTM T Waterview Estates FL-1, LLC under the direction of Waterview Estates, L.P. to manage the remaining properties in Waterview Estates not yet sold to a builder. D. Pursuant to t hat certain Special arra:nt deed dated as of September 27, 21 recorded under "arra t County Deed Records, Assignor conveyed the, Property to CTMGT"` Waterview Estates FL-I, L C. and Assignee acquired title to the real property, which is the sub ect of the Agreement. AGREEMENT NOW 11"H FO E, in consideration of the iiitit al ter ms and conditions herein contained"ned and ether goad and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows I. Assignment. Assignor 'hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, dues, obligations, title a.nd interest:tinder to Agreement to Assignee. 2. Acceptance. ,assignee hereby accepts, the .ssigiunent granted herein, and assumes all of Assignor's r ghts, duties, and obligations arising under the Agreement. 3. Effective Date. The effective date of this Assign-Rient is September 27, 2013 ("Effective Date" . All rights, duties and obligations under the Agreement arising, accruing or relating to the period heft-)re the Effective Date are allocated to Assignor arid, alb. rights, duties and obligations ar sing, accruing or *elating t the Pen od thereafter sball be allocated to Assignee. I OFFICIAL RECORI) EffICIA RD 'ECO] Assignment of Tax Abatement Contract #36955 frorn C Iry 15 L ,jory SECMETARY 01 V r1i 7 Waterview Estates, 1..�:� to � Fwr'TMGT, 11, Fwry WORVij 10 W .............................. ...... ............ �i 4. Release and Surrender of AssIp'nor. Except as otherwise expressly set forth in thi's 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. m. 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. Rep resent ations. 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 Assigrinient 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 ftirther 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 n-iay have, or a waiver o f'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 1"orth in the Agreement. CITY OF FORT WORTH: City of Fort Worth Housing and Economic Developinent Department(NEZ) 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: ASSIGNEE: Waterview Estates, L.P,. ."TMG Waterview Estates FL-I L.L.C. Pars Investment, Inc., General Partner 3901 Airport Freeway, Suite 200 3901 Airport Freeway, Suite 200 Bedford I TX 76021 Bedford, TX 760�21 8. Successors., Except as herein otherwise provided, this Assign-ment will be binding upon and inure to the benefit I. the -parties,, and their respective heirs,, executors, administrators, successors and assigns. 9. Countea?arts. This Assignnient may be executed 'In 'multiple counterparts, each of which., I 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. Assignment ofTax Abaternent Contract#36 55 from Waterview Estates, LP to CTMGT,1 LLC 2 10. B nd n. Offer. Thi's Assignment will be not be binding until executed and delivered by all three parties. IN WITNESS WHEREOF,, the sal es have executed this Assignment as of the date first above wn*tten. CI X OLLIEW RT WORTH Fernando Costa Assistant City Manager STATE OF TEXAS § COUNTY OF TAB NT § BEFORE ME, the and ersigned 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 FOR 311, -ation, that he was duly auth-o * I � I WORTH FEXAS, a municipal corpoi nzie(i to perform tl e sa,rnc by appropriate Mayor and Council Communication of the City Council ofthe 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 JAND, AND SEAL OF OFFICE this day of 12013. IELS )MA DAIN p t T XCIS s I Pic( :otaryv Public in ano for Notary )Ilc, of Texas ion Expi(Ols my the State of Texas wa july Il 0, 2017 iW FO 0i A, A OT r"TEl ar Kayser, City Secretaro APPROVED AS TO FORM AND LEGAL IT MeliAda-Ramos Assistant City Attorney M &C.- C-22514 - MINI 711a OFFICIAL RECORD Assignment of"Tax, Abatement Contract#36955 fi-om CIITY SECRETARY Waterview Est-cites, ALP to CTMGTI, 'Ll.,.,,C FTv WORTH,TX 3 ASSIGNOR: ate yew Estates, L.P., Pars Investment, ffic., General Partner, N rnC.* Mehrdad Moavedi Title: President 11 11" Jill STATE OF TEXAS § COUNTY OF TAR. NT § ."'Oo/ BEFORE ME, the undersigned authority, 0,11 this day personally appeared Meh.rdad Mo,ayedi of Waterview Estates, L.P., a Texas Limited Partnership, Pars Investments, Inc., General Partner, kjiown to me to be the person whose name is subscribed to the foregoing instrument, and, acluiowl edge d ,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'Wate,rviiew Estates, L.P., a Texas tMited Partnershw, are Investment, Inc., Generat Partner. UNDER, MY AND AND SEAL OF OFFICE hiss day of 112 —A&L IML 'AWL Aa�k 11ML 1010 oo AND DEBBIE RENEE LYT i rje] P s 6ry Plublic in a LE My Comimlissilon, Expires the State of Texas August 1,20116 'Now— ASSIGNEE: CTM.GT'Water,vie,w E, ates FL-1,1 L.L.C. 'Name.- Mervdad Moavew Title: -Managing Member 411i § 41 STATE OF TEXAS § COUNTY OF TAi;1, NT § /o,01/1, BEFO RE ME, the undersigned authority, on this day personally appeared, Me1irdad Moayedl,, 'Managing Member of c'rMGT Watierview Estates F I L-1, L.L,.,C. luiown to me to be the person whose name is, subscribed to the foreg,oling instrument,, and, acknowledged to me that lie executed the an. e for the pui,-pos and consideration therein expressed, in the capacity therein,stated, UN A `E, day of /­N DER NTY -HN AND, SEAL OF OFFIC, thi 0o 2013. AIL l000 as oo DEBBIE RENEE LE F od'-OWC M=L My C mission Expires ?uWic in and for o0l, August 11, 2016 the State of Texas Assignment of Tax Abatement Contract#36955 from 'Waterview Estates, L, to CJ'MGT,, 1_11-1c 4 M&C Review I Page I of 3 Offli site of th(2)("ity of Fort Worth,,"Texas F0.fiq WORT Ii CITY COUNCIL AGENDA In � NOW& WWWWWRAVINFRI COUNCIL ACTION.- pr red As Amended ors 'l 1'/6/20017 MIN DATE: 11/6/2007 REFERENCE C-2251 4 LOG NAME: 015ENCHANT'EDBAY CODEd- C 'TYPE: NiON- PUBLIC NO CONSENT HEARING, SUBJECT: Authorize Execution of alive Year Tax Abatement Agreement with Watervielw Estates, L.P., a Texas Limited Partnership, and Woodhaven Hanes" L.P., a Texas Limited Partnership, Located in the Lake Arlington Neighborhood Empowerment Zone W1 RECOMMENDATION.- lit is recommended that the City Council.- 1. Authorize the City Manager to enter into a five year Tax Abatement Agreement with Waterview Estates,, L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited Partnership, located in the Lake Arlington Neighborhood Empowerment Zone-V and 2. Find that the statements set forth, in -the recitals, of the attached Tax Abatement Agreement with Waterview Estates, L.P., and Woodhaven Homes, L.P., are true and correct. DISCUSSION: Wa,terview Estates, L.P.,, and Woodhaven Homes, L.P., are the ownerievelopers of the 118 properties listed, in Exhibit "A". This real property is located in the Lake Arlington NEZ and Neighborhood Empowerment Reinvestment Zone (NERZ No. 16). Waterview Estates, L.P. and Woodhaven Homes, L.P. have 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 NEZ Program ,offers a five-year munlcl alp property tax abatement on the increased value of improvements to the qualified owner of any, new construction within a NEZ. The Housing Department has reviewed the application, and certified that the property meets the eligibility criteria to receive NE,Z municipal property tax abatement,. Waterview Estates, L.P., and Woodhaven Homes, L.P., will invest a minimum of$,15,200,000.00 to construct 118 single-family homes, in the Lake Arlington NE,Z. In order for'Woodha von Hionies,, L.P., or any other developer or builder approved, by the, City Manager or h,is designee to qualify for the tax abatement, they must construct homes with a minimum of 1200 square feet of liiving space with at least three bedrooms, one and oine-ihalf'baths and 7'0% mortared brick which will appraise for a minimum of$10019000.00. A more detailed dieiscr,iption of the homes to be constructed and sample drawings are attached as Exhibit "B". 'The Agreement is attached as Exhibit "C"1. http://apps,.cfwnet.org/co�unc'l, 1 _placket/mc—revi ew.asp?ID=814 5&co unci Idate=11/61/2007 1.1/25/2013 M&C Review Page 2 of 3 Upon execution of the tax abatement agreement, the total assessed, value of each home used for calculating municipal property tax will be frozen, for a five-year period, starting on the date the home is sold to a hiomebuyer to be used as a' pri I mary residence, at the pre-improvelment value as defined by the Tarrant Appraisal District (TAD,) on January 1, 2007, as follows: Plre-improvement TAD Value of Improvements, $ 0.00 Pre-improvement estimated Va,lule of Land 2J025-00 Total Pre-improvement Estimated Value $ 2025-00 The municipal property tax on the improved value is estimated at $550.00 per house, per year, for a total of $2,750.,00 over the five-year period for each house. However, this estimate may be different from the actual tax abatement value, which will be calculated based on the TAD appraised value of the property. The tax abatement agreement provides that the agreement may be assigned without subsequent City Council approval to Woodhaven Homes,, L.P., or another builder approved by the City Manager or his designee or the developer's first mortgage,, or to a homebuyer who will use the required improvements as his/her primary residence, or to the homeowner's mortgagee. All other assignments must be approved by City, Council. The agreement also provides that the failure of the owner to send the City notification of the sale of the req�uilred improvements and the executed assignment of the agreement with the new owner within 3O days of the transfer of ownership of the required improvements shall result in the automatic termination of the Agreement. This property is located in COUNCIL DISTRICT 5. FISCAL INFORIVIATIONXIERTIFICATION: The Finance Director certifies that-this action will have no material effect on City funds. TO Fund/Account/Centers, FROM Fund/Accouint/Ce,nters ........... Submitted for City Mara ger s Office by,. Dale Freeler(6140) Orl,9111nating Department Head: Jerome Walker(7537) Addit'lonal Information Contact-. Sarah Odle (7316) ATTACHMENTS .Continued 'Exhibit B for M&C.P lAff Exhibit A for M&C.As http://apps.cwnet.org/colunc*l acket/mc revewas ?1D= 14 &counc1date=1 1/6/200 1/252013 .........................I...................­­................. ......­,..................... ................ M&C Review Page 3 of'3 .Exhibit B for M&C.doc final TA re en for M&C.doc Location Map for M&C http.-Happs.cfwn et.or counci _pa,cket/m,c—rev i ew-asp'?ID1==8 145&councl 1.date=l 1/6/20,07 11/25/2013 A �. � � _� � r�I ". � °'"�III��IIL � � III III o m �I� Grenada o�ve Materfront BAr++r iTailx Abatement 0 0 -002, � Grenada, �I wI IIWaterfront At r t, / •III III �I Abatement ' 003 Grenada Drive�I III I UN Materfront A Enchanted VwIII xI I"Aba tement NIS 'LA-G-000 1-0�74 Grenada Drive ''Waterfront At Enchanted Bay Jax Abatement I III �IIII�I II ! - i VIII I �� II ill NCI III IM III � Abatement Tax Abatement LA-C-0001­007 Grenada,)il-0018 At Enchanted Ba ITax Abatement LA-C-0001 Grenada" � Drive a e o Enchanted a III IMII Abatement ILA:-C-00011-01 u�l I III III Dirive lWaterfront A Enchanted Bay ',Tax Abatement _-7—Waterfront At Enchanted Bay LA-C-0001-012_�M= 'LGrenad'a Drive batemeint Grenada � A Abatement A ILA-C-0001-0:1" Grenada Dr LiWa fraint At Enchanted q�!Y_�','Tax Abatement "Waterfront, At Enchanted Ba LA-C-0001-016 Grenada Drive � r► IMMOMI,Mm M sm `III .. 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I I III . �+ ,� �» LA-C-00011-040 L i Thunder Bay Dr. iMaterfront At Enchanted Ba_y e Maio Tax Abatemleint LA-C-0001_04Y'l Thunder P�Or. terfront At Enchanted Ba Jax Abatement iTa,x Abatement �LA-C-0001-044 Thunder Bay Dr, SMI*I am WIN 111 1 11 i M w.,re mr.&IL01 C-01001-045 Thunder Bay Dr. WateIrfroint At Enchanted Ba Tax Abatement Thunder Bay Dr. Materfront At Enchanted Bay 'Tax Abatement LA-C-000 1-046 LA-C-0001-047 Thu�nder Bay Dr. aterfront At Enchanted, Ba)L-,Tax Abatement �"' C000 048 nder Bay DIr. Waterfront At Enchanted Bay 7aX Albatement om LA-Ci-OiOO 1- Thunder BIay an e Bay Tax Abatement _P�r. Materfront At Enchtd Y I Thunder Bay Dr. �W'aterfront At Enchanted Ba 'Tax Abatement LA-C-oOO 1-0 50 LA-C-0001-0§1M Y ,WaIterfront At Enchanted Ba Thunder Ba Dr. y i[Taix Ablatement ................ Wate;rf'roint At E,ncha,nted Ba FT-ax Abatement LA-C-0001-052 Thunder Bai_p��, 71—A LA-C-0001-053 Thunder Ba Waterfront At Enchanted Bay ax Abatement MEM T bat,em VIII MM LA-C-000 1-054 1 T'h u n d qm�Ba Dr. �lWaterfront At Enchanted Ba Tax A ent LA-C-00101- m ML Thunder Bay Dr. rfront At Enchanted _Biay ax a ement 1. — Abat,emen - LA-C-000 I-G I Thunder Blaj:�D:r. Waterfront At Enchanted Ba t �y Dr. Waterf'roint At Enchanted 6 tax Abatement LA-C-0001-0157 Thunder B IA-C-0001-058 'Thunder Ba 'Waterfront At Enchanted B lax Abatement ILA-C-00101-059 Thunder Bay-Dr.,_JL_Watqrfront At Enchanted Bay Tax Abatement l_LA-_C_-000_1-060 Thunder Biay Dr. l'Waterfront At Enchant-ed Bay iTax Abatem-ent---7 1 Thunderi Bay Dr. "Waterfront At Enchanted B Tax Abatement LA-C-000 1-016 1– �= LA-C-0001-062 Thunder Bay Dr Materfront At Enchanted ay I,Taix Abatement .. ........ LA-C-0I001-063 Thunder Bay Waterfront At Enchanted Bay LTz�x Ablatemeint LA-C-000 1 ROM Thlunder Bay Dr. lWaterfront At Enchanted Bay IITax Abatemient LLA-C-0001 Thunder Bay Dr. ',Waterfront At Enchanted Bay__JTax Abatement_,, let soc Thu�nd'er Bay Dr. �j'Waterfront At Enchanted 6�!y_jax Abatem,en,t —7 LA-C-0001-067 h u-n d-e r--B�_jvl D r. 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LA-C-0001-080 Grenadia Drive-- �Waterfrolnt At Enchanted Bay 7ax Abatement I a--]'Tax Abatement Grenada Drive, Vaterfront At Enchanted By__,," ay 'Tax Abatement LA-C-000 1-082 Grenada Drive Waterfront At Enchanted B, 1� LA-C-000 1_083 Grenada Drive �V/aterfront At Enchanted Ba Abatement y LA-C-600 1-084 Grenada Dirive �Materfron,t At Enchanted Bay �,lTax Abatement E a y "Tax Abatement LA-C-000i 1-085, Grenada Drive _,Waterfront At Encha nte 3 Grenada Drive Waterfront At Enchanted Bay 7ax Abatemienit LA-C-0001-087 l�Grenada, Drive Waterfront At, Enchanted Bay �ITax Abatement Grenada Drive I�tJaterfront At Enchanted a .'T3x A atement Grenada Drive "Water-front At Enchanted Ba Tax Abatement i im i Asma I LA-C-0001-090 Girenada Drive 11111 Foml7ax Abatement not I Grenada Dr,ive Waterfront At Enchanted B Tax Abatemenrt INI LA-C-0001-092 Grenada orive aterfront At Enchanted Bay m7ax Abatement K10 0-3 ................. Waterf D '7Tax Abatement LA-C-0!001-093 Maui rive ront At Enchanted a . ................ ................. -'fax Abatement 001 Waterfront At Enchanted Bay LA-C'-iO -094 am Maui Drive II N Maui Drive �Waterfront At Enchanted Bay $Tax Abatementjl . .........— LA-C-00101-0196 iMauli Drive Waterf'ront At Enchanted Ba biatem:ent ---------- LA-C-000 1-09� M Maui Drive Waterfront At Enchanted B l7ax te M�NI Maui Drivie LA-C-0001-0.98 Waterfront At Enchanted Bay 0 Tax Abatement ............. ...... LA-C-000 11-699 Maui Drive, �IWaterfrcnti At Enchanted Bay Tax Abatement Drive --1 F Wat�erfro!nt At Enchanted "a 1"Tax Abate-m-e I nt 1111101i . .............. Maui Drivei---- Waterfront At Enchanted Tax Abatemenit L�-C-0001-102 I� �„ Mau,i Drive rfronIt At Enchanted Bp)( �Ta �x Abatem�ent ...........- ........... ILA-C-0001-103 Saba Drive �Waterfriont At Enchanted Bay Abateme LA-C-0001-1014 Saba D_. a 'Waterfr�oint At Enchanted a ___��Tax Abatement LA-C-0100 i-11 015 Saba Drive ,Waterfront At Enchanted Bay Tax Abaiement---,� ... ................. .............. LA-C-0001-106 Saba Dlr,ivei ''Waterfront At Enchanted Tax Abatement ---------- LA-C-0001-107 Sa b;a D rive �LW��erfront At Enchanted B Ta t xi Abaement Saba Drive JWaterfront At Enchanted Bay 7fax Abat�ment .191 I NI�II�............. F ........... LA-C-0001-109 Saba Dri e lWaterfront At Enchanted Say Taix Abatement —�m ............ Saba Drive Waterfront At Ench�nited Bay.....jax Abatement ------------- Saba Drive Vaterfront At Enchanted B �]'Tax Ablatement Saba Drive .1,LWaterfront At Enchanted B" 7ax Abatement Sa,bla Drive '!-Waterfront At Enchanteq Bay �T'ax Aba,temei�t Saba Drive 'Waterfront At Enchanted B ]�,Tax Abatement ................. - ......... .................... I I ................. —----------- Grenada Dirive ---,iWaterfront At Enc,hante Bay iTax Abatement Grenada Drive Water ont-At Enchanteg_Pay �Tax Abatement �pll�II 1111 I I WAl1MfjMjM�Mj irive Waterfront At Enchanted Bay a Grenada 0 1 j JT x Abateme lm� Grenada Drive 7W—aterfront At Enchanted Bay �Tax Abatement Greriad4,Drive :, IlWaterfront At,Enchanted' Bay No Abatementi ........... 'I D MaterfrontAt E -chanted Bay NaAbateme�" Gre:hada nve�- n I mm-Gr—en ` OV n, ada D e- Waterfront At E cha'nted. Bay No Abatement GrenadD - at&front At Enchanted Ba Ncr Abatement No Abatement LX-C-000-1 Grena'd a%Drive Waterfront At Enchanted B!ay .......... I. EM�—G—lreinnaadaDie , , . , B ■AGe fA e oAbatte da De eA 4 4! 414 aemm-1....ee..............nn. t t Grenada Waterfront At Enchanted Bay No Abatement —- ----------------------- Grenada Drive Waterfrdnt�At Enchanted Ba ............o Abatement fill MIDI ................. ................. ................ I G ren ad a Di riv e Materfront At En,chanted-p�� No Abatement Grenada Diive 'Waterfront At.Enchanted Bay��No Abatement 7 Grenada Drive Waterfront At Enchanted Bay I�o Abate-ment, II N I IM G:renada Dri'Ve ]Materfront At Enchanted Abatement