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Home My WebLink AboutContract 42253-CA2 -� CITY SECRETARV .A. Ct)INtTI�+►CT No. � � 'G1l z MAY 2 4 ASSIGNMENT OF TAX ABATEMENT AGREEMENT V OF FORTW(`? 'C�ORFT� This Assignment of Tax Abatement Agreement is made and entered into by and between Michael Scott Freeland and Virginia Gayle Freeland ("Assignor") and Brian M.Phillips and Kelly L. Phillips, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Shawn Fite and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1710 5th Avenue, Block 7, Lots 27 and 28, Fairmount Addition, an Addition to the City of Fort Worth, Tarrant County Texas, according to the plat thereof recorded in Volume 63, Page 25, Plat Records, Tarrant County, Texas. ("Property") which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth July 26, 2011, City Secretary Contract Number 42253 ('Agreement'): B. Pursuant to that certain Special Warranty Deed dated as of August 1, 2012, recorded under Tarrant County Deed Records, Shawn Fite.conveyed the Property to Assignor and Assignor acquired title to the Property which is the subject of the Agreement: C. Section 5 of the Agreement permits Shawn Fite to assign all of its rights under the Agreement to a home buyer, without obtaining the prior consent of the City Council: D. Shawn Fite assigned the Agreement to Michael Scott Freeland and Virginia Gayle Freeland, Assignor, such Agreement is dated August 1, 2012, City Secretary Contract Number 42253-CAL 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 16, 2015, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Brian M. Phillips and Kelly L. Phillips 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. AssigMent. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, duties, obligations,title and interest under the Agreement to Assignee. Assignment of Tax Abatement Contract#42253-CAI From Michael Sco t Freeland and Virginia Gayle Freeland to Brian M. Phillips and Kelly L. Phil 119fFICIAL RECORD 1 CITY SECRETARY FT.WORTH,TX STATE OF § COUNTY OF § i BEFORE ME, the undersigned authority, on this day personally appeared Virginia Gayle Freeland, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that she executed the same for the purposes and consideration therein expressed, in the capacity therein stated. GIVEN UNDER HAND AND SEAL OF OFFICE this day of 15. ,�� 1I✓ Notary Public in and for the State of ASSIGNEE: Brian M. Phillips Name: Brian M. Phillips ASSIGNEE: Kelly L. Phillips 1 _ Name: Kelly Lj Phillips CITY OF FORT WORTH Fernando Costa - Assistant City Manager ��, F ATTEST: , �g 0 00o Mary KayserOFFICIAL RECORD City Secretary CITY SECRETARY FT.WORTH, TX Assignment of Tax Abatement Contract#42253-CAI From Michael Scott Freeland and Virginia Gayle Freeland to Brian M. Phillips and Kelly L. Phillips 4 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of S nA)Qrnta ) On before me,'� wt (insert name and title of the officer) personally appeared AA-t,&�� 2q-k 7;44--SLA-- fl X. ('--Io�4.4 z: j?7ZZ&9A"a who proved to me on the basis of satisfactory evidence to be the persons)whose name(s) are subscribed to the within instrument and acknowledged to me that qe/soe/they executed the same in *h1t3r/their authorized capacity(ies), and that by h s/o�r/their sign tures) on the instrument the person(s), or the entity upon behalf of which the pdrsdn(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. BRANDYN M. HEALER WITNESS my hand and official seal. ' .; Commission # 1972538 Notary Public -California z Z _._ '' Napa County D My Comm.Expires Mar 18,2016 Signature (Seal) APPROVED AS TO FORM AND LEGALITY: Vl� Melinda Ramos Assistant City Attorney M&C: C-22513 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 H ND AND SEAL OF OFFICE this �?o�'-day of 201 ..c� r Notary Public i andf !x ;Oti'µY Pye,,�, TRIKINYA L JOHNSON zNotary Public,State of Texas the State of Texas +� Comm. Expires 04-17-2018 Notary ID 1238832-0 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Brian M. Phillips, 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. IVEN UNDE MY HAND AND SEAL OF OFFICE this I—Q— day of __W� ' 2015. CA Notary Public in and for the State of Texas Assignment of Tax Abatement Contract#42253-CAI From Michael Scott Freeland and Virginia Gayle Freeland to Brian M. Phillips and Kelly L. Phillips 5 'VI&C, Review Page 1 of 2 Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FORT, I1 COUNCIL ACTION: Approved on 7/26/2011 DATE: 7/26/2011 REFERENCE C-25069 LOG NAME: 17NEZ17105THAVENUE NO.. NON- PUBLIC CODE: C TYPE: CONSENT HEARING: NO SUBJECT: Authorize Five-Year Tax Abatement Agreement with Shawn Fite for Property Located at 1710 5th Avenue in the Magnolia Village Neighborhood Empowerment Zone (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to enter into a five-year Tax Abatement Agreement with Shawn Fite for the property at 1710 5th Avenue in the Magnolia Village Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives. DISCUSSION: Shawn Fite (Property Owner) is the owner of the property described as Block 7, Lots 27 and 28, Fairmount Addition an Addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Volume 63, Page 25, of the Plat Records of Tarrant County, Texas, at 1710 5th Avenue, Fort Worth, Texas. The property is located within the Magnolia Village Neighborhood Empowerment Zone (NEZ) and the Fairmount/Southside Historic District. On May 9, 2011, the Historic and Cultural Landmarks Commission approved a Certificate of Appropriateness for the construction of a single family residential structure at 1710 5th Avenue. The Property Owner plans to invest an estimated $80,000.00 to construct an approximately 2,261 square foot single family residence (Project). The Project will be sold as a primary residence. The Housing and Economic Development Department reviewed the application and certified that the property owner and Project met the eligibility criteria to receive a NEZ Municipal Property Tax Abatement. The NEZ Basic Incentives includes a five-year Municipal Property Tax Abatement on the increased value of improvements to the qualified owner of any new construction or rehabilitation within the NEZ. Upon execution of the Agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years, starting January 2012 at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) on June 27, 2011, for the property as follows: Pre-Improvement TAD Value of Improvements $ 0.00 Pre-Improvement Estimated Value of Land $31,700.00 Total Pre-Improvement Estimated Value $31,700.00 The municipal property tax on the improved value of Project after construction is estimated at $684.00, per year, for a total of$3,420.00 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District http://apps.cfwnet.org/council_packet/mc review.asp?ID=15578&councildate=7/26/2011 05/19/2016 -/ &C Review Page 2 of 2 appraised value of the property. In the event of a sale of this property, the NEZ Tax Abatement Agreement may be assigned to a new owner's first mortgagee or a new homeowner as their primary residence. All other assignments must be approved by the City Council. This property is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services 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: Susan Alanis (8180) Originating Department Head: Jay Chapa (5804) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS http://apps.cfwnet.org/council_packet/mc review.asp?ID=15 5 7 8&councildate=7/26/201 1 05/19/2016