HomeMy WebLinkAboutContract 31377 CiTY SECRETARN/
i CONTRACT NO. �I
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agree is made and entered into by and
between KB Home Lone Star, L.P. ("Assignor") and Joseph R McKenzie, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. A. Ramey Avenue L.P ("Ramey") and the City of Fort Worth, Texas (the "City")
entered into that certain Tax Abatement Agreement ("Agreement") for Property
Located 5905.McKaskle Drive , Fort Worth, TX 76119. Lot 15, Block 3, of
Ramey Place Addition ("Property") which is located in the Stop Six
Neighborhood Empowerment Zone, such Agreement approved by the City
Council of FortWorth c-;2 -,z,?5 J6Q3 City Secretary Contract Number A77
("Agreement"):
B. B. Pursuant to that certain Special Warranty Deed dated as of Z 1/ ,
recorded under Tarrant County Deed Records, Instrument Number 20 V 26 5/9
Ramey conveyed the Property to Assignor and Assignor acquired title to the
Property which is the subject of the Agreement:
C. C. Section 5 of the Agreement permits Ramey to assign all of its rights
under the Agreement to KB Home Lone Star, L.P. without obtaining the prior
consent of the City Council:
D. D. Ramey assigned the Agreement to KB Homes Assignor, such Agreement
is dated a -t - City Secretary Contract Number o3
E. E. Pursuant to that certain Special Warranty Deed dated as of
23�t�S/ recorded under Tarrant County Deed Records, Instrument
Number _d2og2704P7/ Assignor conveyed the Property to Assignee and
Assignee acquired title to the real property which is the subject of the Agreement.
F. F. 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:
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:
02-23-05P01 : 05 PCVD
4c,
i (
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 ("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 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
supercede 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
fJv�G�1` ul��tiuJ
Y
f
� t
ASSIGNEE:
Joseph R McKenzie
5905 McKaskle Drive
Fort Worth, TX 76119
ASSIGNOR:
KB Home Lone Star, L.P.
2711 LBJ Freeway#600
Dallas, TX 75075
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.
ASSIGNOR: KB Home Lone Star, L.P.
Name. AIIL J
Title:
ASSIGNEE:
Joseph R McKenzie
'v���r
CITY OF FORT WORTH
ssistant City Manager
ATTEST:
City Secretary
APPROV D AS TO FORM AND LEGALITY:
ynthia Garcia
Assistant City Attorney
M & C: C-19490
1C, Dry
L1.
leu' ` 1A
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, Acting 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 a , J-day of
f% , 200 .-5
X 'iL v
Notary Public in and for P % KATHY F.DURHAM
the State of Texas " MY COMMISSION EXPIRES
� = January 24,2009
r4�]�J`�l r:sS�U�ti!C
SY, 0
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
Fa tt W&41t of KB Home Lone Star L.P., a Texas
limited partners 'p, 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 KB Home Lone Star,L.P. a Texas limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
4 day of r ,2004.
��"�yP TERRI K.ALLRED
of blic in and for Notary Public
the Stat of Texas �y state of Texas
EOF If Comm. Expires 05-20-2008
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Joseph
R McKenzie known tome(or proved tome on the oath of R6-�
, or through -ff DoTL--e2s Lt' s ) 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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
Z3'5! day of� 52004.
Not Public in and for roi�eY►�el� MICHAEL R.BUCKNER
the State of Texas NOTARY PUBLIC
STATE OF TEXAS
of t�+may My Comm.Exp.6-22-2008
AUG-23-2004 MON 01 ;28 PM KR NOME MORTGAGE FAX N0, 99999999999999999999 P. 01
co 0110 a AsSadata5
402-72513777
any Dascrintia UNIFORM RESIDENTIAL APPRAISAL REPORT FIIallo. 0407012
( Fa h nr
Stam 7X 1I n 76 9.1607
�pp�1y11ddrrs: 5906 McKesklD P ve �WortCnnnl_y Tarrilgl -
J.BBni nnc-•Indr,n Lot 15 Blocks? Remev Plgrn Additlan
NelnhwMrhnod rn I?(OnIw
2004 Taxes$( e nss nts S_N/A
401509
n n tl McKenzie Josh OcrAlane t
IINA only) .OA /
P nen r 8tdnr.Si e n0il n act Cndalu D
" n Ma r 70- r ,rn036.02V
a.
Snl Prlm $ 108.834 Dntn of Side 71 004 '
rl $:unminl Gi lOa[LGhI[pa=(uxifn551an�tn lin m�hIbV 501 , one NOtD
or IroHome Mn I 0(210 48 n--g-1,keluum Rd.,San ADI 0 TX 78
I t alser Clint 6,Carnett rm:K 1021 on Prolrlo Roed Suite 403 •lower Mourld 7X 75022
Location Urban Suburban Rival Predominant In fatrtilylrousln0 prnaunonndusc% LAndusechunjlo
Built up Over 75% 25-757fi ❑Under 25% occaponcy RI , 5� Orn)Willy 75 ❑Not likely U Likely
Growill rete ❑Rnpld ®5141e ❑Slaw ®OwIlef 94`Sg 19 Low ow 2-A far lly 5 ®ln process
❑DCclhling Z'(allgpt 4.% fie 65 Multbfamlly 6 To;Wigle Femll
Demapropery values ❑IMteaeing in bol d (rodomIroll Commuiripl 5
Demandhaq(ply ❑Shormgu �In DBlancc Q Over supply �VacDlp(o-S"/.)
Mnrknlin {I I r a • pas I—I 7.151 mus.—:1-0i fin J vac fava.57L1 1 54 49 Voc 10
Nan. R*m r,d ow rsdA a Pvtdm d tom"410otrctnd are rux ApprWW facto
Nadglloorpood boundroles and cheracmrlsrlcs: The sublscl_( bounded pyprimey Streof-(a the north Berry street to thq-south.Eaat 1•V.EIl2 1120 to the
nnst and Stalcop,R,53d to the wast.
Factors Ihal afrect the mafhotubllllY or the properties Irl Ilse nelghaorhootl Oxoxlmlry la Dmplop)ientAnd omonlllus.empioymant slaUlllry,appeal to marks{,etc.);
"S �Attechedgpi m Addon m'"'
Market condilllms hl Elle sutjoet nolghh(400d(Including support far Mo Bbovo cuticluelDns rolatod Iu file trend of properly values,demand/s,upplY.gnu marlaaing lune
such us(1818 an compotillvl:lgapeM85 for 5alu In Ille nelgllborlteod,descrlptlon of rho prr:vplonce of salu5 and f ilgnclrig con=0jils,etc.)
"«Sae AUnchad Co ant Aticlen
Peojeet fnlormalian farI'l(Ir applicable)-•K rile tlegeloparrouildw In control of Ulu 11nIT a Owners'A aclallon(FIOA)7 Yes No
AppioxllnatB total nmobe(of units In lho;i 1bim project Appraslmrii�loud number or Linux rot sale In tho suhlt cl project
Dpicripp,rnmprinli EIP.tF. rilmnillonhi W111110;l; Tho sub ect Wroporly Is not locatod within a PUD, Mn:tly Level
Dlmanslonr F_:wrl lot dlmenrinQn were not avalla� rely on a Alin survey- Fopogrnphy Typical a ea
Silc niea 5,663.,gl•l Esf,_(p
er TAO) Carne(LOC u YDS ®Na SIZo
Specific Zoning 0%5incAtlon and doscilpllop Al Reeldentl0I Shape IrreflLI A
Zoning eomPllrmcu D�l Legal ❑Lege1 nonconforrning(Granow-A ❑l'nutarad Illegal ❑No aoning Drainage Appnur9 Atlaqualn
cr• r m Ir.) View NealdentigllPnwer Linea
Militias RINic Othor ofhsllalmprovements Typr. Publlr, Private Londwilplug Tvplcq[Lnr Area
kteclriclty X Street G70rrets ❑ Urlvowrty Swfaco concrVIA
Gas ❑ !A Curblgulwr Concrete ❑ A1)pafen[ea5emdnlrt NS? n orad
Water (� 514ewalit Concreto _ n FEMA Spacial 1:11)00 I{azora Moa ❑Yes ®NO
SnAllAly sewer ® $IfeGt Ilghts Yes FEMA 2onn. X Map Date _.
8(2!1 g05
EL—i—Limml4afi 40430100
Comments(appltrr'•rtl adverse easomunifi,encroochmants.sIvpsAl 0.5sassmanls,slide areas,illegal or 1001 nonconforming 2urllllg use,e(c.);
••See Attached Comment Ad m
GENERAI.DESCRIPTION EXTERIOR DESGWPTIMN FOUNDATION nASFMFNn` INS1U•ATION
No.of Units Qnn 1'911rldafion Co to 51;0 Co c e Aron Sq,ft. Roof Aden._
No,of 5ltxles one Exterior Walls J,•Flc Ven/Sldlm -Crawl Spare N/ %Flnlshad NIA Calling--AdnqT
Type(0el-IAtt.) Delec o Roof Surfacn Com asitia Basmpunr ,yin _Ceiling / Wells Adeq.
DcR1911(Style) Tra n u GIItID(S&IjMlspls,Adog.O.H. Sump Pump /A Wells BLA Floor N/A F]
FxlSdng/PrDposM -V .Cortes. Window Typo AI_ qrr r§;,[j 041YIP17e55 N/A Floor NIA Nona N/A ._U
Ago(Yrs.) ew SIDrpl/SGraanS Sc e a Settlement �N.I.d
4wside Entry NIA UpkiloW_N(>A ❑
f Ml vr.A e s New r. Irnrl nose No e.
Mo .9 Fn l r n 'I) -v LQQgI t" f ll I' Aron :j:L---
Iv,• X 1 3 0 X �559
anIstind area above so tin 6 7nr in, 3 ad on i s, 2 1,568 S(uare Feel n t mr;I.ivh A Da
INTERIOR MatariON/ContllElon HEATNG KITCHENEMPP• A1TIC AMENITIES CAR STORAGE;Gur4ge
Floof% Cal OLIVIy Typo AU RQf0geroror ❑ Node ❑ Flreplece(s)it. One Nona ❑
Wells Drvwnfl Fuel Electric Range/Ovan Stabs ❑ patio Concrete_ Gunge #orr:ats
Trim/Finish Wand Candlnnn New __plsposal Drop 5talr OecJt NIA❑ Aaeched Two
Bam Now Vinyl COMING CAU D150rdOwl 5culllr. Porch Cope nt� e Z Detached N/A
BoutWalns% FW!2rgl-st Central Yee Fapgivod Floor (.I Felice Wood ® Ruilt•1r1 N/A
Da„(s Hollow C Othor A Mlcrowave Ll llntlod U Paul.NibCarport N!P
CDndlOon: New Cartoon to New Was a n FI Ise _ prlvl!whv Two
Addlhoflrtl features(spacial antrgy e(BClapf Items,DIC,); Gnveretl porch sonnrnle Aergen_t : awn-In t e cIn bit roe nil umin or .n
Conrdlliun or ilia Improvomnni%depraclallaft(physical,ntlltdonal,and astorn:d),repairs noodad,gpnllty or construction,mmudellngladdlllona,e1c,: E:IB
I a ooc naled-b D a owor Ilnae. rt o al node n wore noted n of nc act o A 0.r bot c n ga)ntruon therort(e On 12vs ca _
da rednl o was naiad.The aIIUJvr a currently un4 tin atructlon t e yfnra nor HUDAuIdt1II
nab Ina HamebuyaG;gnmmary and VC 90aelc ore nal fa
These—nn oro not m ulre a o orad ctnab c n d no eAlee t o conelrutl a a UD guidelines,
Adverse onvlronmcntul wildlrlans(such as,bill not IlmUed to,nazordow;wastes,IOXIc subslmlces,etc.)present In the Improvements,on the site,or In th 1 17'
Immedlalo vicinity or Ilia subject propurlY: No apparent advGn.:a envlronmoElfal conditions wortZ,(toled at time of-I ., eetlon. S o alfa
FNMA 1nodi3 LIM(Ung Condifio - .
Freddle Mac Form 70 5/93 PAGE l OF
Farm Una—TOTAL for Windows'approlsal 5oflvmre by a In made,Inr•,—1-800-ALAMODE 17+ 'J L .[S ILtid•.
J�o •t.*�ICIUG.��f UIbl,e
AUG-23-2004 MON 01 :28 PM KB HOME MORTGAGE FAX N0, 99999999999999999999 P. 02
492.7256777
gnill Section UNIFORM RESIDENTIAL APPRAISAL REPORT Filntto. 0407012
ESTIMATED SITE VAI1I1= .....r $ 15,000 Comments on Cost Approach(such s5,source of cost a5da lu,elle value,
ESTIMATED RLPRODUCTION COSI•NF:W-DF IMPROVLMf:NTS: square turd calculation and far HUD,VA anti FInlIA,Vto esumpcea remolning
Dwelling 1.5 5q•'�4v$ 96,76Z economic lift.or the property); dna sttechod Marshall&5Yi)(1 1007
Fl --�-'$
_ Sq,F6 0$ - _ Form
see Com o -4.1611
GsragtUCarporr 414 5,1.Fr• '$ 17.08 - 7 435 M&6 1 Iler Aci:•-4,158
TnW Estimated Cost Ninv -........................._$700,034 Ss1
Les:: Pill lcol R11101aoel Ealurn+il etlmele a�lnllff.- sereDepreciation '$—
DapruclalydValueoflmprovctrlelics ...................I.•.-•----...W05"V;Ilue of 5110Imprevetnenr5........................••••••••...4$ 6000 act rorme o X.
MIN ro e
INDICATED VALUE BY COST APPROACH .--•---•--••••••••••• m 120,034 Ro Uremente,
ITEM Sll t I CT COMPARABLE 'n, CON RA NO.2 f.D ARABLE K),
5905 Mol(askle Drive 5528 Rosedale Strout tele Diver Court 2613 Dlvur Court
rr + ort Wort Fort Worth Fort WPM FRO Worth
Iry to 5 rl o.62 0 ea n.o6 m es
IDI 08 034 I f 122 000 125 5OD I I 77 865
rn 5.65
rr:++Frn-r 09.85 77.81 Ike I G8,8
Data anrUor Tax Rewrite TaxIMLS fs:10052129 Rapi-i Title or Teres (Republic Title of Texas
Vi.' D&N Ha os KB o )nmea -
llpn Saumn PraperlV Inepdck
--
VALUE ADJUSTMENTS DE PT G DES(-.R i I a - Ad Lim. GSCRIPTI2N .,(-I$A,ase, DC•SCRIPI IO +(-)s Al
Sales or Fln;lre lig I ConvontlOnal I Conventional I Conventional
P1�1n rr_•••, _'!:,pol 42 0 Pte COMLNIA I D Pte DO IA
I I IS4120!200 02/03/2 0. 10/0 0_03 0-
nr'• ll,gran _ urban Urbs ljr r D
pldlFnn.Slnml,: __ ale sir le res SIMP q Fee S e
5,663 S 5t. 7 77 L Est. ' 0- 5 113 s Ft Eat. _, -0-._ 6 8113 s Ft 0
Real Ines Ro l3�•y Street -0-_• ns dentia -2 00Q Resider l'tl 2 000
U d nal 1 onel ratlltlo I t o
Qdp(hv of Cru:miclloi,_ nvere a Goad 5 000 Ave rdn D- Nant�r?ce .4- 0
Age New Ne "w
n
Ne New New '
AbnvraGrade fgI'Adrmsl Hauls_ IntntIArJrmsI 13/111751 Totallndim51 Oni
RnnrA count 9 1 3 1 2— 6 3 3 12 0- 6
-0-
v 1 SS 6 8 0- .124 g.650 1,598Si1 -0
N/A N/A NIA
Basement A,Fldlsiled /A
nr1p. N/A NIA .d/A'
n !I AvoFt a Aver.+o� e _ Avare a Avera e
r.
,, I r Ov t. estiAlr a I.Hast/Alr Cent-Heal Cent.Flo,-)VA-Ir
JyPlcal for Area Ice!fo T Ic na 7 c n Area
r Two nr Gare e
Gere a Two Ce a Two 7 Gore e I I
Porch.Pallo,peck, Porch/Patlo PorchlPptlO Porch/Patlo PorchlPatlo
„ (5) DntT_Na Flraplece e-1.500 a Fre ace 0- one fillfl�" Q
f nr. wood Fence woad Fe n� wood na woocJ•Fn ne
OIhMr: - _ Q nn
n rl [AIA
nt Cor I I I il
350
A,{usred sees Pdc - 1181608 t1 .wt
�—
I715 BB5
Comments on Srdrs CamPudson(Inclil lln9 Me subject propurly's compatibility lu the nelghbahootl,alc.),
"See Arfach-s Comment endum"
_ ITEMSUBJECT COMPARADLENO.I COMPnRA11LENO.Z L0MPArAl 13
Data,Prlrr:hod Data *"Sae Attaandd No prior sale No prior Bale No prior sale
5aurre,for prior salas USPAP noted within the not04 within the noted wuliln the
Idll n Addendu " innst 12 months. ast 12 set 12 o I s.
Analysts of any current agreement rf stile,option,o listing nr subject properly incl 011*51s Of any tirILY skies of subJecl aur)compprablas Will rale year of the darn rd Approleell
Thea nat properly is cprrmatunder contrarl or see for QR,834:Tile au nr. s not curre :-.tad In the t n Lletln Be re but offered
ant a market b t der. DO a of ave!eb o o unueua v s one were t re co t.r ovided b ° ea.117 000_
INDICATED VALUE BY SALES COMPARISON APPROACH ...... ...................... $_
Ill VALUE ffYINrQ0[APPROACH rA sad n i N/A a rn- n l a NIA NA
Trils apprti l Is made 'au Ll' subject to lhr•repotrs,aperadans.In"Ireglon;or cnndlllbrts listed below sblllect to complilloo per plans 8 sptx:Iflcapons.
Earl al ApPniiYul: Prapo ,��ndar conarrucN2 com late acc In to sub nd tonsrrucNon oJshlhlrs,wltich woe rrmlewed by oris' arin
-dr.°A truer nniton rs re ulre n com letlo rovame
Final Roconcillhllorl 7116 Sales COMPBEl50rl Approach consldered I nffLg)g rellable rWIralor of value,Mm n ore waa rlms
co r dnrstion In fine -IIV518The astir ltnd value la also 4L RRnrted by Inc,crint Approach plJn to this auUJech;z market area bolog prinnaray
owner occuplad dwolllnes sufflclRnt rnntal data war nn(—illeble for on Income All r. a sl a e.
Tho purpose or this appraisal N la esdlnata tha marLnl value or the feat propuny ilial I5lho sutii l or this report,bared ani Ibe above condll,End die carllfirallnn,canungenl
Mild limiting condldone,and market value doMlllon thpi are stated In thy:mfulled Freddie Ml Form 439/FNMA form 1W4R(Ravl5od _. alga --J-
I(WE)ESTIMATE THE FAARKETVALUE,ASDEFINW,OF THE REAL PROPDRTYTHAT 19THESUB1ELrOFTHISREPORT.ASOF --27-106—/20-00
(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE PATE OF THIS REPORT)TO BE $ 117000
APPRNSEBt SLIFirr SbRYAPPRAISER(ONLYIfREQUIRED):
�- �:a ��AI11 ❑nw q Dm Not
gprllra
cunt S.Co nu NNAma _ Inspect P a Nprite _
Dila ReV4 juN 2g.2ni0
�qle f erilf'rulrin R IX•13271117-R Slarn TX r S IJ TA hr�l
0 n I'cr:n:n'!/
5;n f1r5,trrLrr:se 5
Freddie Mac Frim 70 G103 PAGE 2 OF 2 Fpnnls Mao rm 1D0+1
Farm UA2—`FOTAL for Wlndavrs'spprolsal sollyolrr.by a In mode,inc,—1.600-ALAM0%
PLAT SHOWING
Lot 15 , Block 3 , of Ramey Place Addition, an Addition to the City
of Fort Worth, Tarrant County, Texas, according to plat thereof recorded.
in Cabinet A, Slide 8051 of the Plat Records of Tarrant County, Texas.
5905 McKASKLE DRIVE
RAMEY AVENUE
60' R.O.W.
1.0
BRICK CCI. S 89°54'31" E 1.0
_
I RF ON LBJE 55.00' 1/2"RF
2.0 CABLE
0.
0.4 1 EL
SER 2.0
10' BL �0.3
LOT 15 CONC.
0.1 BLOCK 3 0.3
7.4
39.9 7,
0.3
ONE—STORY ry
BRICK HOUSE
w 3
0a o r
1— o o in.
O 0 p
0 n
J 14.7 2 p
J
z 5.7 n OP 0
Vl
7.7
N
7.4 19.6
WALK 20' BL o
0
CONC.
DRIVE
N
a�
5' UE
50.00' Hg
t/z^RF N 89"52'58" W 1 /2" o
(CONTROL BEARING) L=5.01'
R-50.00'
5905 McKASKLE DRIVE
50' ROW
V
"FLOOD CERTIFICATION"
Subject property is located in
Zone X according to the Flood "NOTE"
Insurance Rate Map Community To the best of my knowledge
Panel Map 4543900430 J and ability the easements recorded
Dated; AUG ST 23, 2000 in Volume 5007, Page 4; Volume 6800,
Page 579 and Volume 11666, Page 1122
"Zone X" (unshaded) of the Deed Records of Tarrant County,
Areas determined t0 be outside Texas are not located on subject property
500—year floodplain. except as shown.
"The Plot hereon is a true, correct and accurate representation JAM
of the property as determined by survey, the lines and dimensions
of said property being as indicated by the Plot, the size.location T.W. B A R R 0 W
and type of buildings and improvements ore as shown, 04
OF T�i improvements being within the boundaries of the property, except
ell.. g��9 as shown, set back from the property lines the distances indicated REGISTERED PROFESSIONAL
GJ.••Q• d'•tJ1 and that the distance from the nearest intersecting street or road
is as shown on said Plat. There we no encroachments, conflicts,
T.W. AND SURVEYOR
protrusions or apparent easements• except as shown."
:A 1994 y , ^ /=�ci,D
���:EssiooBARROW.. F7104 GR
ORT W Rfiw � I, IS 7'. l`.:,
DATE: 07-21-2004 t•I��` r,
0 .................................................................IRON ROD n f
X--X-- ..............................................FENCE LINE
--T--E-- ........................................UTILITY LINE SCALE: 15`"
City of Fort Worth, Texas
qVingor And cou"Cil communlicatio"
DATE REFERENCE NUMBER LOG NAME PAGE
2/25/03 C-19490 1 05RAMEY 1 1 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH RAMEY AVENUE, L.P., A
TEXAS LIMITED PARTNERSHIP, AND KB HOME LONE STAR, L.P., A TEXAS
LIMITED PARTNERSHIP, FOR THE RAMEY PLACE ADDITION IN THE STOP SIX
NEIGHBORHOOD EMPOWERMENT ZONE
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the application of Ramey Avenue, L.P. and KB Home Lone Star, L.P. for a five-year
Municipal Property Tax Abatement for the Ramey Place Addition in the Stop Six Neighborhood
Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with
Ramey Avenue, L.P., a Texas Limited Partnership, and KB Home Lone Star, L.P., are true and
correct; and
3. Authorize the City Manager to enter into a Tax Abatement Agreement with Ramey Avenue, L.P.,
and KB Home Lone Star, L.P., in accordance with the NEZ Basic Incentives.
DISCUSSION:
Ramey Avenue, L.P., a Texas Limited Partnership, and KB Home Lone Star, L.P., a Texas Limited
Partnership, are the owner/developer of the Ramey Place Addition located off the 5900 block of Ramey
Avenue and Cass Street in the Stop Six NEZ and Neighborhood Empowerment Reinvestment Zone
(NERZ No. 1). Ramey Avenue, L.P. and KB Home Lone Star, L.P. applied for a five-year municipal
property tax abatement under the NEZ Basic Incentives (M&C G-13208R dated June 5, 2001, M&C G-
13580 dated April 2, 2002, and M&C G-13662 dated July 23, 2002, 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 of the increased value of improvements to the owner of any new home
constructed within a NEZ.
KB Home Lone Star, L.P. will invest $6,200,000 to construct sixty (60) single-family homes, not
including the model home, in the Ramey Place Addition. The addresses, types and site plan of the
proposed development are attached to this report.
Upon execution of the tax abatement agreement, the total assessed values of each home in the Ramey
Place Addition 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, 2003, as follows:
City of Fort Worth, Texas
"Agar And Council Communication
DATE REFERENCE NUMBER I LOG NAME PAGE
2/25/03 C-19490 05RAMEY 2 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH RAMEY AVENUE, L.P., A
TEXAS LIMITED PARTNERSHIP, AND KB HOME LONE STAR, L.P., A TEXAS
LIMITED PARTNERSHIP, FOR THE RAMEY PLACE ADDITION IN THE STOP SIX
NEIGHBORHOOD EMPOWERMENT ZONE
• Pre-improvement TAD Value of Improvements -0-
0 Pre-improvement Estimated Value of Land $2,082 per lot
• Total Pre-improvement Estimated Value $2,082 per lot
The municipal property tax on the improved value is estimated at $649 per house, per year, or a total of
$194,625 over the five-year period.
KB Home Lone Star, L.P. expects to complete construction on or before September 30, 2003, and sell
sixty (60) homes to new owners. Upon the sale of each home by KB Home Lone Star, L.P., the new
owner may assume relevant terms and conditions under this tax abatement agreement by entering into
a new tax abatement agreement with the City, if the new owner meets all eligible criteria as stated in
the NEZ Basic Incentives.
The tax abatement agreement shall provide that the agreement may be assigned to KB Home Lone
Star, L.P., KB Home Lone Star, L.P.'s affiliates or its first mortgagee, or to a homeowner who will use
the required improvements as its primary residence or the homeowner's mortgagee, and any other
assignment must be approved by the City Council.
The Ramey Place Addition is located in COUNCIL DISTRICT 5.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the above 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 2/25/03
Additional Information Contact:
Jerome Walker 7537