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HomeMy WebLinkAboutContract 36980-CA1 tlQIN CITY SECRETARY, .. CONTRACT NO, ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of 'Tai. Abatement Agreement is made and entered into by and between Waterview Estates, L.P., Pars Investment,, Inc., General Partner "Assignor and CTMGT Wat rvrew Estates FL-1, LL '.,, ("Assignee") and the City of Port Worth, ("City") RECITALS A. Waterview estates, L.P., Pars Investment, Inc., General Partner and the City o " Fort Worth, Texas (the "City"') entered into that certain Tax Abatement Agreement Agreement or Property Located 5509 Thunder Bay Drive, Lot 18; Block 3 Waterfront at Enchanted Bay; an Addition to the City of Port Worth, Tarrant County, Texas, according to the plat recorded and filed In Cabinet A Slide No. l 1 723, Plat Records, Tarrant County, Texas Property" which is located In the Lake Arlington Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth November 6, 2 � 7, City Secretary Contract N'umber 3698,0 ("Agreement"). B. Section. 5 of the Agreement permits Assignor to assign all of its rights raider the Agreement to Assignee, without obtaining the Prior consent of the City Council C. Waterview Estates, L.P. has formed CTMG'I.M 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 that certain Special Warranty deed dated as of September 27, 2013 recorded under Tarrant County reed Records, A ssl.gnor conveyed the Property to CTMGT WatervIew .Estates FLA, .LLC. 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 of which are hereby acknowledged,, the parties hereby agree as follows: I. Ass i giant. Assignor- hereby ASSIGNS, TRANSFER AND CONVEYS all rights, dirties, obligations, title and interest under the Agreertient to Assignee. 2. Act tar,rce assignee hereby accepts the Assignment granted herein, and assumes all of Assignor's rights, duties and obligations arlslr g under the Agreement. 3. Effective Date. The effective date of this Assignment is September 27, 2013 ("Effective ate"), All rights, duties and obligations under the Agreen-lent arising,, accruing o r relating to the Per-i.od 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. Assignment of Tax Abatement Contract 436980 from OFFICIAL RECORD Waterview Estates, LP to CT MGT,, LLC CITY SECRETARY DJ 13 Cm WORTH,TX 4. Release and Surrender of Assi-gnor. Except as otherwise expressly set forth in this Assignment, Assignor will be discharged froin any and all further obligations, under the Agreement as of the Effective Date. Assignor must surrender the Property to the Assignee on or before I I-.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. R,,e resenttat ions. 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 0 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 Foil 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 Assigngent should not be deemed a waiver of rights or remedies that City of Fort Worth may have, or a walver of any subsequent breach, of the terms and provislons therein or,herein contained. 7. Notices. Any notice given by any party to another party hereto must be given in the mamier required under the Agreement. The addresses, set forth below supersede any addresses for notices set forth in the Agreement. CITY OF FO�RT'WORTH.- City of Fort Worth Housing and Economic Development Department(NEZ) 10100 Thyockmorton Fort Worth, Texas 76,102, ASSIGNOR.- ASSIGNEE: ate vie Estates, L.P. CTMGT W atervi ew Estates FL-1. Q.L.C. Pars Investment, Inc., General Partner 3901 Aire.o Freeway, Suite 200 3901 Aiij-)oi-t Freeway, Suite 200 Bedford, TX 76021 B,edford, TX 76021 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. Coo to �ts. 'This AssigrLment 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. Assignment of Tax Abatement Contract 436980 from Waterview Estates, LP to, C'I"MG,T,, LLC 2 10. Binding offer. This Assicnrnent will be not he blinding until executed and delivered by all three parties. IN' WITNESS W11­IEREOF, the parties have executed this Assignment as of the date first above written. CITY OF FORT WORTH Fernando Costa Assistant City Manager STATE of TEXAS COUNTY of TAR RANT BEFORE ME, the undersigned authority, on this day personally ap"p"eased'. 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 nose that t e 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 olf the City of Fart 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 2013. oocy Notary Nfi V � r rtF'^N,N Nkk lotar public in an ��° � V C " 1 ri sion the State olf Texas J1u1Y 101, 2017 F0 `M PA 100 cc) ayser, City Secreta APPROVED AS TO FORM AND LE ALI Melinda Ramos Assistant City Attorney M &C: C-22514 OFFICIALRECORD CITY Assignment of Tax Abatement 9 from SECRETARY r Waterview Estates, LIB to CT. GTv, LL, "' 3 ASSIGNOR.: WatervIew Estates, L.P., Pars Investment, Inc., General r aftner arr Mhrdad Mola Title: President STATE OF TEXAS COUNTY OF TA `�', T BEFORE ME, the undersigned auth rity, on this dray personally appeared Metirdad M aged of Waterview Estates, L.P., a texas Limited Partnersh , Pars Investments, Inc., General Partner, sown to rte.e to he 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 Waterview Estates, L.P.., a Tex Limited Partnership,, Pars Investment, Inc., General Partner. EN,,VNDER. MY H D ND SEAS OF OFFICE this day f'� A 20 AWL 'd1L P4 Vip-4- I ... �, ar .�"� � rc in and �. DEBBIE RENEE LYTLE �" My Commission Expire the State of Texas �r � uu lu , 2016 ASSIGNEE: CTMG T Water-view Estates FL-I, Lljsc« Name: Mhdad Ma cdi Title- Managing Member STATE OF TEXAS COUNTY OF TARO " BEFORE ME, the undersigned authority, on this day personally appeared Mel-road M a cdi, Managing Member of CTMGT 'Waterview Estates FL-1, L.L.C. k-own to me to he the person. whose name is s rbscr.hc d to the foregoing, instrument, and acknowledged to me that he executed the same for the urj scs and consideration n. therein expressed, in the capacity therein stated. NDER MY VIAND A' SEAL OF OFFICE this day of 20 r 3.. DEBBIE RENEE LYTLE Notar and. for NAY OMMiSSion Expires August 1, 2,016 the State of exa or Assignment of'Fax Abatement Contract#3 698 0 from m Water view Estates. LP to CTMG T, LLC 4 M&C Review Page lof3 Offidal'SitC Of the Ot.y of Fort Woith,Texas CITY COUNCIL AGENDA FouWanti, NOW COUNCIL ACTION: Approved As Amended on 11/6,/2007 REFERENCE DATE. '111/6/2007 NO.: C-22514 LOG NAME: 05ENCHA,NTEDBAY NON-1 PUBLIC CO DE:; C TYPE.- CONSENT HiEARING.- NO SUBJECT.- Authorize Execution of a diva 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 RECOMMENDATION: It is recommended that the, City Council.- 1. Authorize the City Manager to enter into a five year Tax Abatement Agreement with Waterview Esta,tles, L.P., a 'Texas Limited Partnership, and Woodhaven, Homes, L.P.,, a Texas Limited Partnership, located in the Laker rlington Neighborhood Empowerment,Zone-Y 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-0 Waterview Estates, L.P., and Woodhaven Homes, L.P., are the ow nie,rs/developers of the 1`18 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- 494,7), as, amended. The NEZ Program offers a five-year municipal 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 rece�iive NEZ 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 NEZ. ln, order for'Woodhaven domes, L.Pl.,I or any other de�velolper or builder approved by the C,i�ty Manager or his des,ignee to qualify for the tax abatement, they must construct homes with a minimum of 1200 square feet of living space with at least three bedrooms, one and one-half baths and 70% mortared brick which will, appraise for a minimum of$1010,0100.00. A more detailed description of the homes,to be constructed, and sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C". Yittp-P apps.cfwnet.org/council 0 _packet/me—rev iew.asp?ID-8145&,councildate=11/61/20,07 11/25/2013 MC Review Page 2 of 3 Upon, execution of the to abatement agreement, the total assessed value of each home used for calculating municipal property tax will be frozen for a five-year period, start,ing on the date the home is sold to a, homebuyer to be used as a primary residence, at the pre-,improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2007, as follows.- Pre-improvement TAD Value of Improvements, $ 0.00 1 Pre-i,mprovement Estimated Value of Land 12JO?5.00 Total Pre-improvement Estimated Value $ 2025.00 The municipal property tax on the it 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 h is/'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 pity notification of the sale of the required improvements and the executed assignment of the agreement with the new owner within 30 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 INFORMATIONXERTIFICATION: The Finance Director certifies, that this action, will have no material effect on City funds. TO Fun d/Accoun't/Centers FROM Funid/Account/Centers Subm'Ifted for C1 Mianlaq- tins Office bv. Dale F'isse�ler(6140) Orminafin part ment Heado Jerome Walker(7537) g, De_ Additional Information Contact; Odle (73116) ATTACHMENTS Continued Exhibit B, fir M& Exhibit A for M&C.xls http://apps.cfwne,t.org/councll_packet"`/mc—,review-asp' ID=81 5&councildate '] 1/6/20107 11/25/2013, Exhibit Finall TA ,r OP A Location,MgPtor M&C, _pac,keit/mc—review.asp'�ID==8145&counc*ldate--I 1/6/20107 I I � .a I _ . � � �� '+w d U�'h�IVMM II III Iii�,�u I li IM A-C-00101-001 Grenada Drive NIA� �lugl IIU V.III I�I.� IIIIN ICI IN 02, N _ �I I II IMN pl �'" II��� ull III @IMI I I III uu� Grenada Drive Waterfront At Enchanted I LA-C-000 1 '0• renada Drive w At Enchanted Bay_�,7ax Abatement ` dJax,_Abatement LA-C-000 1-006 Grenada Drive �`Waterfront At E�nchilainited Bav ",Tax-Abatement LA-C-0001-007 ♦ � w a A Enchanted / r Abatement 8 Grenada Onive I'Waterfront At Enchantedi III III I Bay "Tax, Abiatement lA-C-0001-009 Grenada Drive 'Waterfront At Enchanteid Ba �Tax Abatemen 'LA-C-0001-010 = IIIM IIwI III. �IIU�� NiD�� o AEnchanted x Abatement Grenada Drive �Waterfront At Enchanted Bay___�"'U III VIII � II I IIII M I .III II �I ' I urwI � Drive FEA-_C-0001 � IIIIII III I Abatement- Grenada II � e Waterfront A Enchanted Ba AyIMI I a MI t Ne M�IIIII I i I�I IINI It tI LA-C-0;00 1-Oil 4 Grenada Dri -Materfront At Enchanted a iTax AbatemeinL I I r r r Drive y/, e 'gy Enchanted.. „ Abatement .. 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