HomeMy WebLinkAboutContract 36967-CA3 ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assigrunent of Tax Abatement Agreement is made and entered into
by and between Impression Homes, L.L.C., ("Assignor") and Daniel Brown and Netra
Brown, ("Assignee") and the City of Fort Worth,("City")
RECD
A. Waterview IFstates, L.P., Pars Investment, Inc., General Partner ("Waterview")
and the City of Fort Worth, Texas (the "City") entered into th4t certain. Tax
Abatement Agreement ("Agreement") for Property Located 5436 Grenada Drive;
Lot 24; Block 3; Waterfront at Enchanted Bay; an Addition to the City of Fort
Worth, Tarrant County, Texas, according to the plat recorded and fled 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 36967 ("Agreement");
B. Section 5 of the Agreement permits Waterview tQ assign all of its rights under the
Agreement to CTMGT Waterview Estates FL-1, LLC ("CTMGT"), without
obtaining the prior consent of the City Council, such Agreement is dated
September 27,2013, City Secretary Contract Number 36967-CAI,
� C. Section 5 of the Agreement permits CMGT to assign all of its rights under the
M Agreement to Impression Homes, L.L.C. ("Impression"), without obtaining the
M prior consent of the City Council;
0
mD. CMGT assigned the Agreement to impression (Assignor), such Agreement is
dated August 25,2014, City Secretary Contract Number 36967-CA2;
E. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assignee, without obtaining the prior consent of the City Council:
F. Pursuant to that certain Special Warranty Deed dated as of November 26, 2014,
recorded tinder Tarrant County Deed Records,.Assignor corsveyed the Property to
Daniel Brown and Netra Brown and Assignee acquired title to the real property
which is the subject of the Agreement.
AGREEMENT
Fn NOW THEREFORE, in consideration of the mutual terms and conditions herein
contained and othcr good and valuable consideration,the receipt and sufficiency of which
are hereby acknowledged,the parties hereby agree as follows:
P..
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Assignment of Tax Abatement Contract#365167-CA2 OFFICIAL RECORD
from Impression Homes,LLC,to Daniel Brown&Netra Brown. CITY SECRETARY
FT.WORTH,TX
1. Assi , ent. 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
411 of Assignor's rights, duties and obligations arising under the Agreement.
3. Effective Date. 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 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 to
the Assignee on or before 11:59 p. in. on the date prior to the Effective Date in ils
present condition. Assignor relinquishes any right to any improvements, fixtures or
equipment on the property.
5. presentations, 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 Assigninpnt 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
supersede any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing&Economic Development Department
Neighborhood Empov,,ement Zone;Program
1000 Throckmoiton
Fort Worth,Texas 76102
Assignment of 1 ax Abatementorttract#361967-CAS
from impression flonies, LLC,to Daniel_ Brown Netra Brown,
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ASSIGNOR: ASSIGNEE:
Impression Homes, L.L.C. Daniel&Netra Brown
P.O. Box 92726 5436 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.
ASSIGNO pression o s, L.
N Holl stides
Title: Authorized Agent
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Holly
Arestides, Authorized Agent of 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 act and deed of the Impression Homes, L.L.C. a Texas limited
liability company.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this Ll day of
664 , 2014.
f
,�
�' "" :�'"Y'f"r, LAURA HARRINGTON
otary Public in and for MY COMMISSION EXPIRES
� .
the State of Texas . .` AOg�st 1,2016
Assignment of Tax Abatement Contract#36967-CA2
from Impression Homes,LLC,to Daniel Brown&Netra Brown.
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ASSIGNEE: Daniel Brown ASSIGNEE: Netra Brown
o-
Name: Daniel Brown Name: Netra Brown
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
v °c)
�/e o o�
Ronald P GoMfie,AW: (,'ky §WMIW �¢�� O0 Qy ,d
0000o000 XY
APPROVED AS TO FORM AND LEGALITY:
11
Melinda Ramos:4
Sr. Assistant City Attorney
M & C: C-22514
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Daniel Brown,
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 this day of
91014.
ASHLEY MARIE HAMMACK
IL
." MY COMMISSION EXPIRES
Notary Public in and for ,4 October 17,2016
the State of Texas
OFFICIAL RECORD
Assignment of Tax Abatement Contract#36967-CA2 CITY I ECRETARV
from Impression Homes, LLC,to Daniel Brown&Netra Brow . FT.WORTH, TX
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Netra Brown,
known to me to be the persons whose names are subscribed to the foregoing instrument,
and aclknowledged to me that he executed the sane for the purposes and consideration
therein expressed, in the capacity therein stated.
glvTNCINDER MY HAND AND SEAL OF OFFICE this Z�Q0� day of
2014.
ASHLEY MARIE HAMMAC
*• MY COMMISSION EXPIRES
-- — :.
Notary Public inania for '";p '•' ocm�er 1�,2o1g
the State of Texas
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 acid consideratioi) therein expressed and in the capacity therein
stated.
GIVEN UNDER MY LAND AND SEAL OF OFFICE this o?3 day of
'114 t D an ,WgA 2014.
M -. OV, f*\.Qel
Notary Public in and for
the State of Texas
rAy LINDA M.HIRRLINQER
My EXPIRES
RES
February 2,20 8
Assignment of Tax Abatement Contract#36467-CA2
from Impression Homes, LLC,to Daniel Brown &Netra Browtz.
5
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/ M&CD°riew ' ^
Official site of the City of Fort Worth,Texas'
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DATE: 11/8/2007 REFERENCE C-22514 LOG KJAK8E' 05ENCMANTEOBAY
NC]: '
NON- PUBLIC CODE: C TYPE: NO
CONSENT HEARING:
SUBJECT: Authorize Execution ofa Five Year Tax Abatement Agreement with WatervimwEstates.
L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, Located in the Lake Arlington Neighborhood Empowerment Zone
|tis recommended that the City Council:
1. Authorize the City Manager to enter into a five year Tax Abatement Agreement with Waterview
Estates, LP.. o Texas Limited Partnership. and Woodhaven Homes, LP., 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
VVatervievv Estates, L.P.. and Woodhaven Homes, L.P., are true and correct.
DISCUSSION:
VVatomievvEstates, LP.. and Woodhaven Homes, LP, are the owners/developers of the 118
properties listed in Exhibit 'YY' This real property is located in the Lake Arlington NEZond
Neighborhood Empowerment RoinventmentZoDe (NERZ Nu. 16). \Aaten/ievv Estates, L.P. and
Woodhaven Homes, L.P. have applied for a five-year municipal property tax abatement under the
NEZToX Abatement Policy and Basic |OoeOt|vea (K8&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 ofany 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.
\8/aten/ievv Estates, L.P.. and Woodhaven Homes, LP.' will invest a nnininnuOn of$15,200,000.00
to construct 118 single-family homes in the Lake Arlington NEZ. |n order for Woodhaven Homes,
L.P., or any other developer orbuilder approved by the City Manager or his designee to qualify for
the tax abatement, they must construct homes with a rnininnunn of 1200 square feet of living space
with at least three bedrooms, one and one-half baths and 70Y6 rnnrtooad brick which will appraise
for e nnin|rnunn of$100,000.00. A more detailed description of the homes to be constructed and
http:Vunyu.cfwmet.ong/uvuuo�rucic»dmc revip^uny?-ED~Vl45&cotmvDdatv~ll8/2007[O9/l9/20l33:35:x4PM]
M&C Review
ATTACHMENTS
Continued Exhibit B for M&C.�df
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=11/6/2007[09/19/2013 3:35:54 PM]
WATERFRONT AT ENCHANTED BAY
PHASE IA
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County, Texas
118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084
Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07
B_lock == _Lot,,;_ _ � Street Address _r'- ' __ , �Subd_►vs�,on _
2 17 5572 Thunder Bay Dr. Waterfront At Enchanted Bay
2 18 5568 Thunder Bay Dr. Waterfront At Enchanted Bay
2 19 5564 Thunder Bay Dr. Waterfront At Enchanted Bay
2 20 5560 Thunder Bay Dr. Waterfront At Enchanted Bay
2 21 5556 Thunder Bay Dr. Waterfront At Enchanted Bay
2 22 5552 Thunder Bay Dr. Waterfront At Enchanted Bay
2 23 5548 Thunder Bay Dr. Waterfront At Enchanted Bay
2 24 5544 Thunder Bay Dr. Waterfront At Enchanted Bay
2 25 5540 Thunder Bay Dr. Waterfront At Enchanted Bay
2 26 5536 Thunder Bay Dr. Waterfront At Enchanted Bay
2 27 5532 Thunder Bay Dr. Waterfront At Enchanted Bay
2 28 5528 Thunder Bay Dr. Waterfront At Enchanted Bay
2 29 5524 Thunder Bay Dr. Waterfront At Enchanted Bay
2 30 5516 Thunder Bay Dr. Waterfront At Enchanted Bay
3 1 5621 Thunder Bay Dr. Waterfront At Enchanted Bay
3 2 5617 Thunder Bay Dr. Waterfront At Enchanted Bay
3 3 5613 Thunder Bay Dr. Waterfront At Enchanted Bay
3 4 5609 Thunder Bay Dr. Waterfront At Enchanted Bay
3 5 5601 Thunder Bay Dr. Waterfront At Enchanted Bay
3 6 5561 Thunder Bay Dr. Waterfront At Enchanted Bay
3 7 5553 Thunder Bay Dr. Waterfront At Enchanted Bay
3 8 5549 Thunder Bay Dr. Waterfront At Enchanted Bay
3 9 5545 Thunder Bay Dr, Waterfront At Enchanted Bay
3 10 5541 Thunder Bay Dr. Waterfront At Enchanted Bay
3 11 5537 Thunder Bay Dr. Waterfront At Enchanted Bay
3 12 5533 Thunder Bay Dr. Waterfront At Enchanted Bay
3 13 5529 Thunder Bay Dr. Waterfront At Enchanted Bay
3 14 5525 Thunder Bay Dr. Waterfront At Enchanted Bay
3 15 5521 Thunder Bay Dr. Waterfront At Enchanted Bay
3 16 5517 Thunder Bay Dr. Waterfront At Enchanted Bay
3 17 5513 Thunder Bay Dr. Waterfront At Enchanted Bay
3 18 5509 Thunder Bay Dr. Waterfront At Enchanted Bay
3 19 5505 Thunder Bay Dr. Waterfront At Enchanted Bay
3 20 5501 Thunder Bay Dr. Waterfront At Enchanted Bay
3 21 5424 Grenada Drive Waterfront At Enchanted Bay
3 22 5428 Grenada Drive Waterfront At Enchanted Bay
3 23 5432 Grenada Drive Waterfront At Enchanted Bay
3 24 5436 Grenada Drive Waterfront At Enchanted Bay
3 25 5440 Grenada Drive Waterfront At Enchanted Bay
3 26 5444 Grenada Drive Waterfront At Enchanted Bay
3 27 5448 Grenada Drive Waterfront At Enchanted Bay
3 28 5500 Grenada Drive Waterfront At Enchanted Bay
3 29 5504 Grenada Drive Waterfront At Enchanted Bay
3 30 5508 Grenada Drive Waterfront At Enchanted Bay
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