HomeMy WebLinkAboutContract 31361 CITY SECRETARY
Q1
I—JONTRACT No.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between United Riverside Rebuilding Corporation ("Assignor") and Rickey &
Sharon Jordan ("Assignee") and the City of Fort Worth ("City")
RECITALS
A. United Riverside Rebuilding Corporation ("URRC") and the City of Fort Worth,
Texas (the "City") entered into that certain Tax Abatement Agreement
("Agreement") for Property Located 120 Paradise Street, Block 1, Lot 11R,
Riverside Addition ("Property") which is located in the Riverside Neighborhood
Empowerment Zone, such Agreement approved by the City Council of Fort
Worth October 22, 2003 City Secretary Contract Number 29206 ("Agreement"):
B. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assignee, without obtaining the prior consent o City Council:
C. P suant to that certain Special Warranty Deed dated as
Assignor conveyed the Property to Rick Sharon J dan and
Assignee acquired title to the real property which is the su ject 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:
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 undAthgreement.
3. Effective Date. The effective date of this Assignment ' ffzRA644-("Effective Date"). A 11 rights, duties and obligatit h IA 4eement
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 Surrender of Assignor. 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--tom
02-16-J5P03 :52 .„
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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 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
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 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 may have, or a
waiver of 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 s upercede
any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing Department (NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNEE:
Rickey & Sharon Jordan
120 Paradise Street
Fort Worth, Texas 76111
ASSIGNOR:
United Riverside Rebuilding Corporation
201 S. Sylvania Ave.
Fort Worth, TX 76111
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 parti�-
Vo .. ..i..�...�
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.
ASSIGN ited Riverside Rebuilding Corporation
S' a
Name: lly Atlen Gra
Title: Executive Director
ASSIGNEE: Rickey& Sharon Jordan
Purchase Sip-nature ,
Name: �Z) tr}ti/
Purchaser Si ature ''§z---
Name: ,o
CITY OF FORT WORTH
Dale Fisseler
Assistant City Manager
ATTEST:
_f
City Secretary
3 - -
APPROV AS TO FORM AND LEGALITY:
Cynthia G rcia
Assistant City Attorney
M & C: C-19762
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, 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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2000.
s rKATHY F.DURHAM
Notary Public in and for *= MY COMMISSION EXPIRES
the State of Texas ":1�Qf; Janua►y 24,2009
5YI
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Kelly Allen
Gray, Executive Director of United Riverside Rebuilding Corporation, 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 act and deed of United Riverside Rebuilding
Corporation
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
20Q�
Notary Public in and for
the State of Texas
ELENA CORRALES
*� NOTARY PUBLIC
STATE OF TEXAS
My Comm Exp.05-28-2005
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Rickey &
Sharon Jordan, 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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
20045
Notary Public in and for
the State of Texas
ELENA CORRALES
NOTARY PUBLIC
STATE OF TEXAS
My Comm.Exp.05-28-2005
!
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City of Fort Worth, Texas
11DAyar and Council COMI"U"icatio"
DATE REFERENCE NUMBER LOG NAME PAGE
9/23/03 C-19762 05RIVERSTA 1 of 3
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH THE UNITED RIVERSIDE
REBUILDING CORPORATION FOR PROPERTIES LOCATED IN THE RIVERSIDE
NEIGHBORHOOD EMPOWERMENT ZONE AT 613 SOUTH JUDKINS STREET, 120
PARADISE STREET, AND 2928 ENNIS AVENUE
RECOMMENDATION:
It is recommended that the City Council
1. Approve the application of United Riverside Rebuilding Corporation (URRC), owner of properties
located at 613 South Judkins Street, 120 Paradise Street, and 2928 Ennis Avenue for a five-year
Municipal Property Tax Abatement for the above mentioned property in the Riverside Neighborhood
Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with the URRC are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with the URRC for
each property in the Riverside NEZ in accordance with the NEZ Tax Abatement Policy and Basic
Incentives.
DISCUSSION:
URRC is the owner of the property at 613 South Judkins Street (Riverside Addition, Block 81, Lot 4),
120 Paradise Street (Riverside Addition, Block 1, Lot 11 R), and 2928 Ennis Avenue (Adams Heirs Sub-
division, Lot A-3). The properties are located in the Riverside NEZ and Neighborhood Empowerment
Reinvestment Zone (NERZ No. 11).
URRC applied for a five-year municipal property tax abatement under the NEZ Basic Incentives (M&C
G-13208R, M&C G-13580, and M&C G-13662, as amended). The Housing Department has reviewed
the application and certified that the property meets the eligibility criteria to receive NEZ municipal
property tax abatement. The NEZ Basic Incentives offers a five-year municipal property tax abatement
on the increased value of improvements to the qualified owner of any new home constructed within a
NEZ.
URRC will invest $208,600.00 to construct three single-family homes in the Riverside NEZ. A
description of the homes to be constructed is attached as Exhibit A. The form of the agreement is
attached as Exhibit B.
Upon execution of the agreement, the total assessed value of the home used for calculating municipal
property tax will be frozen for a five-year period starting on January 1, 2004, at the pre-improvement
value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, as follows:
City of Fort Worth, Texas
"Cogor And council communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/23/03 C-19762 05RIVERSTA 2 of 3
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH THE UNITED RIVERSIDE
REBUILDING CORPORATION FOR PROPERTIES LOCATED IN THE RIVERSIDE
NEIGHBORHOOD EMPOWERMENT ZONE AT 613 SOUTH JUDKINS STREET, 120
PARADISE STREET, AND 2928 ENNIS AVENUE
613 South Judkins Street
Pre-improvement TAD Value of Improvements $ 0
Pre-irriprovement Estimated Value of Land $2,000
Total Pre-improvement Estimated Value $2,000
120 Paradise Street
Pre-improvement TAD Value of Improvements $ 0
Pre-improvement Estimated Value of Land $2,500
Total Pre-improvement Estimated Value $2,500
2928 Ennis Avenue
Pre-improvement TAD Value of Improvements $ 0
Pre-improvement Estimated Value of Land $ 0
Total Pre-improvement Estimated Value $ 0
The municipal property tax on the improved value of the homes is estimated at $442 per year on the
property located at 613 South Judkins Street, $439 per year on the property located at 120 Paradise
Street, and $484 per year on the property located at 2928 Ennis Avenue for a total of $6,825 over the
five-year period. 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.
Upon the sale of the home, the agreement will be assigned to the new owner so long as the new owner
meets all eligible criteria as stated in the NEZ Basic Incentives.
The tax abatement agreement provides that the agreement may be assigned without subsequent City
Council approval to URRC's affiliates or its first mortgagee, or to a homeowner who will use the
required improvements as his/her primary residence or the homeowner's mortgagee. All other
assignments must be approved by the City Council.
City of Fort Worth, Texas
"Agar And Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/23/03 C-19762 05RIVERSTA 3 of 3
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH THE UNITED RIVERSIDE
REBUILDING CORPORATION FOR PROPERTIES LOCATED IN THE RIVERSIDE
NEIGHBORHOOD EMPOWERMENT ZONE AT 613 SOUTH JUDKINS STREET, 120
PARADISE STREET, AND 2928 ENNIS AVENUE
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
RR:k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Jerome Walker 7537 (from) APPROVED 09/23/03
Additional Information Contact:
Chris Anderson 7331