Loading...
HomeMy WebLinkAboutContract 31569 CITY SECRETAM 03-29-05A09 : 10 '7CVD CONTRACT NO. ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Rosie Brown Ward ("Assignor") and i._ nited Riverside Rebuildin=g Comoration, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Rosie Brown Ward and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 2901 Ennis Avenue, Block 81, W 90' Lots 5&6, Riverside Addition ("Property") which is located in the Riverside Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth December 9, 2003, City Secretary Contract Number 29425 ("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 of the City Council: C. Pursuant to that certain Special Warranty Deed dated as of December 23, 2003, Assignor conveyed the Property to United Riverside Rebuilding Corporation 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: 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 Date. The effective date of this Assignment is December 23, 2003 ("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 Assiggor. 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 t CST" SRL Iffiff 1 Ff, TH, TEd4. the Assignee on or before 11:59 p. in. 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 r equired u nder t he A greement. T he a ddresses s et f orth b elow 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: United Riverside Rebuilding Corporation 201 S. Sylvania Avenue Fort Worth, Texas 76111 ASSIGNOR: Rosie Brown Ward 2901 Ennis Avenue 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 parties so t� J MON 2 CITY A RtAff R ' '01'�HH, YVIL 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. ASSIGNOR: Rosie Brown Ward Si alar. Name: Rosie Brown Ward ASSIGNEE: Uni Riv rsi e R ding Co oration Purcha i igmgmn Name: ejqllij Title: CITY OF FORT WORTH Dale Fisseler Assistant City Manager ATTEST: City Secretary 7j . APPROVED AS TO FORM AND LEGALITY: ynthia Garcia Assistant City Attorney M & C: C-19893 4 Ci� R" 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 2LiLday of TD�Xci_ ' 2005. Notary Public n and for the State of Texas Qf flc1AI WON 5 CRY SECKTARY Fy. ME, YR. 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 -� Jam. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of ) 2005. lvo ryPublic in d for `\\�•,8id� •,//%%i the St to of Texas STATE OF TEXAS § �Ntl `�����`` COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Rosie Brown Ward 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. 1� GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of r , 2005. Notar Public in or ������""'���n� t/ N p JEAN'yA the State of Texas �q�Of=�'P5 '• M 6 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 12/9/2003 DATE: Tuesday, December 09, 2003 LOG NAME: 05RIVERNEZ REFERENCE NO.: C-19893 SUBJECT: Approval of Tax Abatement Agreement with Rosie Brown Ward for Property Located in the Riverside Neighborhood Empowerment Zone at 2901 Ennis Avenue RECOMMENDATION: It is recommended that the City Council 1. Approve the application of Rosie Brown Ward, owner of the property located at 2901 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 Rosie Brown Ward are true and correct; and 3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Rosie Brown Ward for each property in the Riverside NEZ in accordance with the NEZ Tax Abatement Policy and Basic Incentives. DISCUSSION: Rosie Brown Ward is the owner of the property at 2901 Ennis Avenue (Riverside Addition, Block 81, W90 feet, Lots 5 and 6). The property is located in the Riverside NEZ and Neighborhood Empowerment Reinvestment Zone (NERZ No. 11). Rosie Brown Ward applied for a five-year municipal property tax abatement under the NEZ Basic Incentives (M&C G-13208R, M&C G-13580, M&C G-13662, and M&C C-19551, 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. Rosie Brown Ward will invest $74,000 to demolish the current structure and construct one new single- family home in the Riverside NEZ. A description of the home 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 improvement used for calculating municipal property tax will be frozen for five years at the most recent pre-improvement value as defined by the Tarrant Appraisal District (TAD). The tax abatement only applies to the improvement value, not the land. The term of the abatement was completed and, unless sooner terminated, shall end on December 31 immediately preceding the fifth anniversary of the beginning date. On January 1, 2003, TAD estimated the pre-improvement value as follows: Logname: 05RIVERNEZ Page 1 of 2 Pre-improvement estimated TAD value of land $ 2,000 Pre-improvement TAD value of improvements $21,800 Total pre-improvement estimated value $23,800 The municipal property tax on the improved value of the new home is estimated at $338 per year on the property for a total of $1,692 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. The tax abatement agreement provides that the agreement may be assigned without subsequent City Council approval to Rosie Brown Ward's first mortgagee, or to a homebuyer 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. 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 b Reid Rector (6140) Originating Department Head: Jerome Walker (7537) Additional Information Contact: Chris Anderson (7331) Logname: 05RIVERNEZ Page 2 of 2