HomeMy WebLinkAboutContract 36940-CA3 CITY SECRETAW
COAITRACT N0.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Impression Homes, L.L.C., ("Assignor") and Pao-Luan Lai ("Assignee")
and the City of Fort Worth, ("City")
RF,CITALS
A. Waterview Estates, L.P,, Pars Investment, Inc., General Partner ("Waterview")
and the City of Fort Worth, Texas (the "City") entered into that pertain Tax
Abatement Agreement ("Agreement") for Property Located 5636 Grenada Drive;
Lot 2; Block 2; Waterfront at Enchanted Bay; an Addition to the City of Fort
Worth, Tarrant County, Texas, according to the plat recorded and filed in Cabinet
A; Slide No. 11723, 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, 2007, City
Secretary Contract Number 36940 ("Agreement"):
B. Section 5 of the Agreement permits Waterview to assign all of its rights under the
Agreement to CTMGT Waterview Estates PL-1, LLC ("CTMGT"), without
obtaining the prior consent of the City Council, such Agreement is dated
September 27, 2013, City Secretary Contract Number 36940-CAL
C. Section 5 of the Agreement permits CMGT to assign ail of its rights under the
Agreement to Impression Homes, L.L,C. ("Impression"), without obtaining the
prior consent of the City Council:
D. CMGT assigned the Agreement to Impression (Assignor), such Agreement is
M dated September 8,2014, City Secretary Contract Number 36940-CA2:
C-)
M
< E. Section 5 of the Agreement permits Assignor to assign all of its rights under the
M Agreement to Assignee,without obtaining the prior consent of the City Council:
o
M F. Pursuant to that certain Special Warranty Deed dated as of November 26, 2014,
t" recorded.under Tarrant County Deed Records, Assignor conveyed the Property to
Pao-Lunn Lai 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:
Assignment of Tax Abatement Contract#36940-CA2 OFFICIAL RECORD
from Impression Homes, LLC,to Pao-Luan Lai CITY SECRETARY
1 FT.WORTH,TX
1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all
rights,duties, obligations,title and interest under the Agreement to Assignee.
2. Acceptance. Assignee hereby accepts the Assignment granted herein, and assumes
all of Assignor's rights, duties and obligations arising under the Agreement.
3. Effective Tate. The effective date of this Assignment is November 26, 2014,
("Effective Date"). All rights, duties and obligations under the Agreement arising,
accruing or relating to the period 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.
4. Release and Surrep.del of A§signgr. Except as otherwise expressly set forth in this
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. Representations. 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 Wogh's Con". City of Fort Worth hereby consents to this
Assignment upon the terms and conditions set forth herein. Unless @nd 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 further assignment
except as provided in the Agreement. The failure or dclay 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 may have, or a
waiver of any subsequent breach of the terms and provisions therein or herein
contained.
7. Nofices. 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
supersede any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing&Economic Development Department
Neighborhood Empowerment Zone Program
1000 Throckmorton
Fort Worth, Texas 76102
Assignrent of Tax Abatement Contract#36940�CA2
from Impression Homes, LLC, to Pao=Loan Lai
2
ASSIGNOR: ASSIGNEE:
Impression Homes,L.L.C. Pao-Lunn Lai
P.O.Box 92726 5636 Grenada Drive
Southlake,Texas 76092 Fort Worth,Texas 76119
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. Counterparts. This ,Assignment 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.
10. Binding Offer. This Assignment will be not be binding until executed and
delivered by all three parties.
IN WITNESS WHEREOF, the parties have executed this Assignment as of the
date first above written.
ASSI R: I re s n omes, L.L.0
e: Zijawa _
Title: M ff m em e
STATE OF TEXAS §
COUNTY OF TARRANT §
y'"' BEFORE ME, the undersigned authority, on this day personally appeared Br=
Heikkinen Impression Homes, L.L.C,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 acct and deed of the Impression Homes, L,L.C. a Texas
limited liability company.
GI N UNDER MY HAND AND SEAL OF OFFICE this day of
De GIVEN,
2014.
r
ASHLEY MARIE HAMMACK
lotaZiryPublic in and for MY COMMISSION EXPIRES
the State of Texas '"�' fi' a,'bW 17'2018
Assignment of Tax Abatement Contract#36940-CA2
from Impression Homes, LLC,to Pao-Luau Lai
3
ASSIGNEE: Pao-Luan Lai
P4�'�
Name: Pao-Luan Lai
CITY OF FORT WORTH
e�z— �
Fernando Costa
Assistant City Manager
OR
ATTEST:
°
°
Ar
Mary Kayser, City Secretary
A� �►�y ''
APPROVED AS TO FORM AND LEGALITY:
Melinda Ramos
Sr. Assistant City Attorney
M& C: C-22514
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Pao-Luan Lai,
known to me to be the persons whose names are 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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE thi day of
2014.
v:
;;�;�•�,k; ASHLEY MARIE HAMMACK
'•: MY COMMISSION EXPIRES
Cebber 17,2018
Notary Public in and for
,F•4a,��
the State of Texas
OFFICIAL RECORD
Assignment of Tax Abatement Contract#36940-CA2 CITY SECRETARY
from Impression Homes, LLC, to Pao-Luan Lai
4 FT. WORTH,TX
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.
GrVEN UNDER MY HAND AND SEAL OF OFFICE this day of
lTirimbin
12 014.
Notary Public in�md for U
the State of Texas
LINDAM
M.HIRRLINGER
MY COMMISSION EXPIRES
.;.; '. Fftaly2,2018
Assignment of Tax Abatement Contract#36940-CA2
from Impression Homes, LLC,to Pao-Lunn Lai
5
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON,
YOU MAY REMOVE OR STRIKE. ANY OR ALL OF THE FOLLOWING
INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN
REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS:
YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
Special Warranty Deed
L
Date: NOVEMBERV, 2014 GF#4412205235 BJ/FNT
Grantor: IMPRESSION HOMES,LLC,A TEXAS LIMITED LIABILITY COMPANY
Grantor's Mailing Address:
IMPRESSION HOMES,LLC
P.O.Box 1838
Keller, Texas 76244-1838
Grantee: Pao-Loan Lai
Grantee's Mailing Address:
Pao-Luan Lai
9503 Cloveridge#4124
Benbrok, TX 76126
Consideration: Cash and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged.
Property (including any improvements): Lot 2, Block 2, of Waterfront at Enchanted Bay, an
addition to the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded
in Cabinet A, Slide 11723,Plat Records,Tarrant County,Texas.
Reservations from Conveyance: None
Exceptions to Conveyance and Warranty: None
Grantor, for the Consideration and subject to the Reservations from Conveyance and the
Exceptions to Conveyance and Warranty, grants, sells, and conveys to Grantee the Property,
together with all and singular the rights and appurtenances thereto in any way belonging, to have
and to hold it to Grantee and Grantee's heirs, successors, and assigns forever. Grantor binds
Grantor and Grantor's heirs and successors to warrant and forever defend all and singular the
Property to Grantee and Grantee's heirs, successors, and assigns against every person
whomsoever lawfully claiming or to claim the same or any part thereof when the claim is by,
through, or under Grantor but not otherwise, except as to the Reservations from Conveyance and
the Exceptions to Conveyance and Warranty.
When the context requires, singular nouns and pronouns include the plural.
Impression Homes LLC,A Te s Li ited
Liability Comp Ay
BY: 'V—d I
B 1411 e
ACCEPTED AND AGREED TO:
Pao-Luan Lai
STATE OF TEXAS §
COUNTY OU�#e n� §
'4-
l l fir ,
s acknowledged b re me n NOVE ff'1 2
This instrument wa o MBE (r 014, by n,
(� A4E3rt of Impression Ho e , LLC, a Texts Limited Liability Company, on behalf of said
Uu Limited Liability Company. P
of .P b ic, S a of '
otary's Printed/ yped Name
PREPARED IN THE OFFICE OF:
BAKER FIRM PLLC
4541 Bellaire Drive S., Suite 101
Fort Worth, TX 76109
Tel: (817) 377-4100
Fax: (817) 377-4111
AFTER RECORDING RETURN TO:
Pao-Luan Lai
9503 Cloveridge#4124
Benbrok, TX 76126
M&C Review Page 1 of 3
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FORrrm
COUNCIL ACTION: Approved As Amended on 11/6/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NO..
CODE: C TYPE: CONSENT HEARING: NO
SUBJECT: Authorize Execution of 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
RECOMMENDATION:
It 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; 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:
Waterview Estates, L.P., and Woodhaven Homes, L.P., are the owners/developers 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 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 receive 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. In order for Woodhaven Homes, L.P.,
or any other developer or builder approved by the City Manager or his designee 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$100,000.00. 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".
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007 12/29/2014
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 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
Pre-improvement Estimated Value of Land $2,025.00
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 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 INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Dale Fisseler (6140)
OriGinatina Department Head: Jerome Walker(7537)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
Continued Exhibit B for M&C.pdf
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007 12/29/2014
M&C Review Page 3 of 3
Exhibit A for M&C.As
Exhibit B for M&C.doc
Final TA Agreement for M&C.doc
Location Map for M&C.pdf
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=8145&councildate=l 1/6/2007 12/29/2014
PROPERTY DESCRIPTION
FFLot.2 ock 2, of Waterfront at Enchanted Bay, on addition to the City of Fort Worth,ounty, Texas, according to the plot thereof recorded in Cabinet A, Slide 11723,
Plot Records, Tarrant County, Texas.
Lot 4
N 54 e21'31 E 40.13'
x
.9 cc 30.0• x f
O0-
U* ^ x Lot 3
`^ Lot 1 Lot 2
a Block 2 Q
E 1
;0- O
m°
One Story ' a
ti Brick and Frame
Z c.• Residence rq
3
uvin �
cot
Z^o 1010
a 0� to
a r'4 Q I
r �
m o+ I�` Scale: 1 20'
(a Z a.r
c.t
5.0, o N
one �
:5 Q. 21.2'21.2'
� .� —L 5.0'
�� r 20�Bfa,�."..�arie '
3;N
0.4
10' Util.
E 6i.z 16.69' 0
Ha S:.-4J'-4902
y*Co• [
hiS
oo'oh
JVAf alff#4401 109111E
Center line control monumentotion found
was used for controlling monumentation.
Flood Statement:
This property is not located in Zone 'A' or 'AE' ( Special Flood Hazard Areas Inundated by 100—year Flood ),
this property is located In Zone 'X' Shaded ( Area determined to be between the 700 and 500 year floodploin ) as
shown of the FEMA, Flood Insurance Administration Rote Map, Community—Panel Number 48439CO340K, Dated 9125109.
This statement does not Imply the property and/or structures thereon will be free from flooding and/or flood
damage. Greater Roods can and may occur and flood heights may be increased by man—mode or natural causes.
This flood statement shall not create liability on the part of the surveyor. If intrestod parties have concerns
regarding the fvadrng propensities of this Property, o Qualified Licensed Professional Engineer should be consulted.
I, the undersigned, hereby certify that the survey map hereon, and
the accompanying description, depicts and describes the results of
a careful and accurate survey, mode an the ground, and to the best OF
of my knowledge and belief.is o true and correct depiction and w+( �oT . �y
description at the property surveyed, and that there ore no �`;• ,T
apparent encroachments or protrusions across boundary lines. ,• •,��y
shortoges of area or boundary, except as shown hereon. The only
easements the undersigned has knowledge• are those as shown, .r.�...p�.................
however this property Is subject to any and all easements, rl OC l�i°AR® C. HArKQ
reservations,and restrictions that may be of record. Any .....................
reference to the 100 year flood plain or flood hazard zone, Is an •4 ����
estimate based an the data stated hereon, and should not be interpreted �'.,A ,`S•Q'
as o study or determinotion of the flooding propensities of this property. •��pA, ��.. Q
L•88�•• '0
Note: This survey was performed In connection with the transaction o •SUM
described in:
GF. No. FT-44122-4412205235-8d, for Fidelity Notional Title Company.
JV']z1 :0.0 :1-41-41,01JY-4:3, MAJ. Richard C. Maki
P.O. BOX 14293 ARLINGTON, TEXAS 76094-1293 Registered Professional
( 817 ) 226-2700, Firm Reg. No. 100487-00 Land Surveyor No. 4587
Legend: O Iron Rod Found —x—x— Wood or Wire Fence Dote: 17119114
• Iron Rod Set A Control Monument Job No. 68978
All iron rods are 112" rebor unless otherwise noted. Drawn 8 . RCM