HomeMy WebLinkAboutContract 47239-CA1 OTY, SECRETARY J
SECEIVED �-O I E}AC NO, `-/ 7 -
ASSIGNMENT OF TAX ABATEMENT AGREEMENT -
MAY 2 4 2dti
CITY OF FORT WORT[]
CITYSFCRETARY This Assignment of Tax Abatement Agreement is made and entered into by
and between Impression Homes, L.L.C., ("Assignor") and Erica N. Elliott, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. Waterview Estates,L.P., Pars Investment, Inc., General Partner("Waterview") and
the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement
Agreement ("Agreement") for Property Located 5752 Maui Drive; Lot 33; Block
4; 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
36976 ("Agreement"):
B. Section 5 of the Agreement permits Waterview to 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 36976-CAL
C. Section 5 of the Agreement permits CMGT to assign all 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 dated
October 27, 2015, City Secretary Contract Number 47239.
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 March 29, 2016,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Erica N. Elliott 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:
[AL RF-GCORf0
Assignment of Tax Abatement Contract#47239 C �rJn � ��113e(
from Impression Homes, LLC, to Erica N. Elliott.
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Name: Erica N. Elliott
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
ATTEST:
08
Mary Kayser, City Secretary ,
° . .
Opp
APPROVED AS TO FORM AND LEGALITY:
L
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 Erica N. Elliott,
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.
MOtte
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
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Assignment of Tax Abatement Contract#47239 " pt
from Impression Homes, LLC, to Erica N. Elliott. 'Tt3�
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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this Z/A-day of
2016.
("A IV 1"A,A
Notary Public 4 and
the State of Texas iRIKINYA L JOHNSON
° S Notary Public,state of Texas
Comm.Expires 04-17-2018
%SOF`. Notary ID 1238832-0
Assignment of Tax Abatement Contract#47239
from Impression Homes, LLC,to Erica N. Elliott.
5
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nn&C Review
e
t FORT TWORTH
COUNCIL ACTION: Approved As Amended on 1116/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NO.:
NON- PUBLIC
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
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
M&C Review
sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C".
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)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
http://apps.effivnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Exhibit "A"
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
Block± Lot Street Address 'Subdivision'
1 1 5641 Grenada Drive Waterfront At Enchanted Bay
1 2 5637 Grenada Drive Waterfront At Enchanted Bay
1 4 5629 Grenada Drive Waterfront At Enchanted Bay
1 6 5621 Grenada Drive Waterfront At Enchanted Bay
1 7 5617 Grenada Drive Waterfront At Enchanted Bay
1 9 5609 Grenada Drive Waterfront At Enchanted Bay
1 10 5605 Grenada Drive Waterfront At Enchanted Bay
1 11 5601 Grenada Drive Waterfront At Enchanted Bay
1 12 5549 Grenada Drive Waterfront At Enchanted Bay
1 13 5545 Grenada Drive Waterfront At Enchanted Bay
1 14 5541 Grenada Drive Waterfront At Enchanted Bay
1 15 5537 Grenada Drive Waterfront At Enchanted Bay
1 16 5533 Grenada Drive Waterfront At Enchanted Bay
1 17 5529 Grenada Drive Waterfront At Enchanted Bay
1 18 5525 Grenada Drive Waterfront At Enchanted Bay
1 21 5513 Grenada Drive Waterfront At Enchanted Bay
1 22 5509 Grenada Drive Waterfront At Enchanted Bay
1 26 5441 Grenada Drive Waterfront At Enchanted Bay
1 27 5437 Grenada Drive Waterfront At Enchanted Bay
1 28 5429 Grenada Drive Waterfront At Enchanted Bay
1 29 5425 Grenada Drive Waterfront At Enchanted Bay
1 30 5421 Grenada Drive Waterfront At Enchanted Bay
1 31 5417 Grenada Drive Waterfront At Enchanted Bay
1 33 5409 Grenada Drive Waterfront At Enchanted Bay
1 35 5401 Grenada Drive Waterfront At Enchanted Bay
1 37 5365 Grenada Drive Waterfront At Enchanted Bay
2 1 5640 Grenada Drive Waterfront At Enchanted Bay
2 2 5636 Grenada Drive Waterfront At Enchanted Bay
2 3 5628 Grenada Drive Waterfront At Enchanted Bay
2 4 5808 Grenada Court Waterfront At Enchanted Bay
2 5 5804 Grenada Court Waterfront At Enchanted Bay
2 6 5800 Grenada Court Waterfront At Enchanted Bay
2 7 5801 Grenada Court Waterfront At Enchanted Bay
2 8 5805 Grenada Court Waterfront At Enchanted Bay
2 9 5809 Grenada Court Waterfront At Enchanted Bay
2 10 5813 Grenada Court Waterfront At Enchanted Bay
2 11 5620 Thunder Bay Dr. Waterfront At Enchanted Bay
2 12 5616 Thunder Bay Dr. Waterfront At Enchanted Bay
2 13 5612 Thunder Bay Dr. Waterfront At Enchanted Bay
2 14 5608 Thunder Bay Dr. Waterfront At Enchanted Bay
2 15 5604 Thunder Bay Dr. Waterfront At Enchanted Bay
2 16 5600 Thunder Bay Dr. Waterfront At Enchanted Bay
Page 1 of 3
WATERFRONT AT ENCHANTED BAY
PHASE 1A-
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
Block Lot Street Address Subdivision
3 31 5512 Grenada Drive Waterfront At Enchanted Bay
3 32 5516 Grenada Drive Waterfront At Enchanted Bay
3 33 5520 Grenada Drive Waterfront At Enchanted Bay
3 34 5524 Grenada Drive Waterfront At Enchanted Bay
3 35 5528 Grenada Drive Waterfront At Enchanted Bay
3 36 5532 Grenada Drive Waterfront At Enchanted Bay
4 32 5748 Maui Drive Waterfront At Enchanted Bay
4 33 5752 Maui Drive Waterfront At Enchanted Bay
5 9 5749 Maui Drive Waterfront At Enchanted Bay
5 10 5753 Maui Drive Waterfront At Enchanted Bay
5 11 5801 Maui Drive Waterfront At Enchanted Bay
5 12 5805 Maui Drive Waterfront At Enchanted Bay
5 13 5809 Maui Drive Waterfront At Enchanted Bay
5 14 5813 Maui Drive Waterfront At Enchanted Bay
5 15 5817 Maui Drive Waterfront At Enchanted Bay
5 16 5821 Maui Drive Waterfront At Enchanted Bay
5 17 5428 Saba Drive Waterfront At Enchanted Bay
5 18 5424 Saba Drive Waterfront At Enchanted Bay
5 19 5420 Saba Drive Waterfront At Enchanted Bay
5 20 5416 Saba Drive Waterfront At Enchanted Bay
5 21 5412 Saba Drive Waterfront At Enchanted Bay
5 22 5408 Saba Drive Waterfront At Enchanted Bay
5 23 5404 Saba Drive Waterfront At Enchanted Bay
5 24 5400 Saba Drive Waterfront At Enchanted Bay
6 12 5361 Saba Drive Waterfront At Enchanted Bay
6 13 5365 Saba Drive Waterfront At Enchanted Bay
6 14 5369 Saba Drive Waterfront At Enchanted Bay
6 15 5373 Saba Drive Waterfront At Enchanted Bay
6 16 5368 Grenada Drive Waterfront At Enchanted Bay
6 17 5364 Grenada Drive Waterfront At Enchanted Bay
6 18 5360 Grenada Drive Waterfront At Enchanted Bay
6 19 5356 Grenada Drive Waterfront At Enchanted Bay
Page 3 of 3