HomeMy WebLinkAboutContract 36955-CA1 Alft
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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
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LA-C-000 1-046
LA-C-0001-047 Thu�nder Bay Dr. aterfront At Enchanted, Ba)L-,Tax Abatement
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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
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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
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LA,-C-000 1-073 Th:und,er Ba Dr. Waterfront At Enchanted Tax Abatement
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LA-C-0010 1074 Thunder B�y Dr. 7'waterfront At Enchanted Bay
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LA-C-00011-077 Girenada Drive 7�aterfront At Enchanted Bay_I�Tax Abatement
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LA-C-00011-078 Grenada Drive lWaterfront At Enchanted Bay Tax Abatement
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LA-C-0001-079
.. ........
LA-C-0001-080 Grenadia Drive-- �Waterfrolnt At Enchanted Bay 7ax Abatement
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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
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LA-C-600 1-084 Grenada Dirive �Materfron,t At Enchanted Bay �,lTax Abatement
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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
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LA-C-0001-090 Girenada Drive 11111 Foml7ax Abatement
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LA-C-0001-092 Grenada orive aterfront At Enchanted Bay m7ax Abatement
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LA-C-0!001-093 Maui rive ront At Enchanted a
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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
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...........-
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ILA-C-0001-103 Saba Drive �Waterfriont At Enchanted Bay Abateme
LA-C-0001-1014 Saba D_. a 'Waterfr�oint At Enchanted a
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LA-C-0100 i-11 015 Saba Drive ,Waterfront At Enchanted Bay Tax Abaiement---,�
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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
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------------- 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 .................
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Grenada Drive Water ont-At Enchanteg_Pay �Tax Abatement
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Grenada 0 1
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lm� Grenada Drive 7W—aterfront At Enchanted Bay �Tax Abatement
Greriad4,Drive :, IlWaterfront At,Enchanted' Bay No Abatementi
...........
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Gre:hada nve�- n
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GrenadD - at&front At Enchanted Ba Ncr Abatement
No Abatement
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..........
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—- -----------------------
Grenada Drive Waterfrdnt�At Enchanted Ba ............o Abatement
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................
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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,
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G:renada Dri'Ve ]Materfront At Enchanted Abatement