HomeMy WebLinkAboutContract 48645 CITY SECRETARY
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TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD
X I I EMPOWERMENT ZONE
3017 Booker Street
This TAX ABATEMENT AGREEMENT ("Agreement") is entered into by and between
the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal corporation organized
under the laws of the State of Texas and acting by and through David Cooke, its duly authorized City
Manager, and Terry Wright, ("Owner") of property located at 3017 Booker Street, Lots 25 and 26,
Lincoln Place Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to
the Plat recorded in Volume 1627,Page 354,Plat Records,Tarrant County, Texas.
The City Council of the City of Fort Worth ("City Council") hereby finds and the City and
Owner hereby agree that the following statements are true and correct and constitute the basis upon
which the City and Owner have entered into this Agreement:
A. Chapter 378 of the Texas Local Government Code allows a municipality to create a
neighborhood empowerment zone if the municipality determines that the creation of the zone would
promote:
(1) the creation of affordable housing,including manufactured housing in the zone;
(2) an increase in economic development in the zone;
(3) an increase in the quality of social services, education, or public safety provided to
residents of the zone; or
(4) the rehabilitation of affordable housing in the zone.
B. Chapter 378 of the Texas Local Government Code provides that a municipality that
creates a neighborhood empowerment zone may enter into agreements abating municipal property
taxes on property in the zone.
C. On July 31, 2001, the City Council adopted basic incentives for property owners who
own property located in a Neighborhood Empowerment Zone, stating that the City elects to be
eligible to participate in tax abatement and including guidelines and criteria governing tax abatement
agreements entered into between the City and various third parties, titled "Neighborhood
Empowerment Zone "NEZ Basic Incentives" ("NEZ Incentives"),these were readopted on May 19,
2015 (Resolution No. 4455).
D. The NEZ Incentives contains appropriate guidelines and criteria governing tax
abatement agreements to be entered into by the City as contemplated by Chapter 312 of the Texas Tax
Code, as amended(the "Code").
E. On August 20, 2013, the City Council adopted Ordinance No. 20882 ("Ordinance")
establishing "Neighborhood Empowerment Reinvestment Zone No. 11," City of Fort Worth, Texas
("Zone") and adopted Resolution No. 4233 establishing "Designation of Riverside Area as a
Neighborhood Empowerment Zone" ("NEZ").
F. Owner owns certain real property located entirely within the Zone and that is more
particularly described in Exhibit"I", attached hereto and hereby made a part of this
purposes (the "Premises").
OFFICIAL RECORD
Page 1 of 13 CITY SECRETARY
NEZ Tax Abatement with Terry Wright, 3017 Booker Stree FT. FORTH,TX
Approved by M&C C-28016, December 6, 2016
G. Owner or its assigns plan to renovate and expand an existing commercial building for
use as a medical office, more particularly described in Section 1.1 of this Agreement, on the Premises
(the "Project").
H. On September 12, 2016, Owner submitted an application for tax abatement to the City
concerning the Premises (the "Application"), attached hereto as Exhibit "2" and hereby made a part
of this Agreement for all purposes.
I. The contemplated use of the Premises, the Required Improvements, as defined in
Section 1.1, and the terms of this Agreement are consistent with encouraging development of the
Zone in accordance with the purposes for its creation and are in compliance with the NEZ Incentives,
the Ordinance and other applicable laws, ordinances,rules and regulations.
J. The terms of this Agreement, and the Premises and Required Improvements, satisfy
the eligibility criteria of the NEZ Incentives.
K. Written notice that the City intends to enter into this Agreement has been furnished in
the manner prescribed by the Code to the presiding officers of the governing bodies of each of the
taxing units in which the Premises is located.
NOW, THEREFORE, the City and Owner, for and in consideration of the terms and
conditions set forth herein, do hereby contract, covenant and agree as follows:
1. OWNER'S COVENANTS.
1.1. Real Property Improvements.
An interior and exterior remodel of (i) an existing commercial building of
approximately 2,884 square feet in total; and (ii) having a construction cost upon completion
of$120,000.00 including site development costs but such minimum construction costs shall be
reduced by any construction cost saving (collectively, the "Required Improvements"). The
type, and conceptual elevation and floor plan of the Required Improvements are described in
Exhibit "3". Owner shall provide a copy of the final construction invoices to City once the
construction is complete; the construction invoices shall be a part of this Agreement and shall
be labeled Exhibit "4". Minor variations, and more substantial variations if approved in
writing by both of the parties to this Agreement, in the Required Improvements fiom the
description provided in the Application for Tax Abatement shall not constitute an Event of
Default, as defined in Section 4.1, provided that the conditions in the first sentence of this
Section 1.1 are met and the Required Improvements are used for the purposes and in the
manner described in Exhibit 113".
Page 2 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
1.2. Construction Costs.
"Construction Costs" shall mean site development costs (including demolition and
environmental abatement), hard construction costs; contractor fees; engineering fees;
architectural fees; design and consulting fees; and development fee and permitting fees
expended by Owner directly in connection with construction of the Required Improvements.
The City recognizes that Owner will request bids and proposals from various contractors in
order to obtain the lowest reasonable price for the cost of the Required Improvements. In
the event that bids and proposals for the Required Improvements are below $120,000.00 in
Construction Costs for work substantially the same as that provided in Exhibit "3" and
otherwise described in this Agreement, the City will meet with Owner to negotiate in good
faith an amendment to this Agreement so that Owner is not in default for its failure to
expend at least $120,000.00 in Construction Costs, with the understanding that the City's
staff will recommend, but cannot guarantee, approval of such amendment by the City
Council. The final site plan shall be in substantially the same form as the site plan submitted
and attached as Exhibit "3". Minor variations, and more substantial variations if approved
in writing by both parties to this Agreement, in the Required Improvements from the
description provided in the Application for Tax Abatement shall not constitute an Event of
Default, as defined in Section 4.1, provided that the conditions in the first sentence of this
Section 1.1 are met and the Required Improvements are used for the purposes and in the
manner described in Exhibit"3".
1.3. Completion Date of Required Improvements.
Owner covenants to complete construction of all of the Required Improvements by
December 6, 2018, (the "Completion Deadline"). The abatement will automatically terminate
two years after Council approval if the Required Improvements are not complete. The
Required Improvements shall be deemed complete upon the issuance of a fmal certificate of
occupancy for the Required Improvements by the Planning and Development Department. If
the Owner fails to expend at least One Hundred Twenty Thousand Dollars ($120,000.00) in
Construction Costs for the Required Improvements by the Completion Deadline as provided in
Section 1.1 of this agreement; the City shall have the right to terminate this Agreement by
providing written notice to the Owner without further obligation to the Owner hereafter.
1.4. Use of Premises.
Owner covenants that the Required Improvements shall be redeveloped and the
Premises shall be continuously used as a medical office and in accordance with the
description of the Project set forth in Exhibit "3". In addition, Owner covenants that
throughout the Term, the Required Improvements shall be operated and maintained for the
purposes set forth in this Agreement and in a manner that is consistent with the general
purposes of encouraging development or redevelopment of the Zone.
Page 3 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
2. ABATEMENT AMOUNTS, TERMS AND CONDITIONS.
Subject to and in accordance with this Agreement, the City hereby grants to Owner real
property tax abatement on the Premises,the Required Improvements, as specifically provided in this
Section 2 ("Abatement"). Abatement of real property taxes only includes City of Fort Worth-
imposed taxes and not taxes from other taxing entities.
2.1. Amount of Abatement.
The actual amount of the Abatement granted under this Agreement shall be based
upon the increase in value of the Required Improvements over their values as determined
by TAD in September 2016, and this amount is $48,020.00 the year in which this
Agreement was entered into:
One Hundred percent (100%) of the increase in value from the
construction of the Required Improvements.
If the square footage requirement and the appraised value of the Required
Improvements are less than as provided in Section 1.1 of this Agreement, except that
such minimum construction costs shall be reduced by construction cost savings, Owner
shall not be eligible to receive any Abatement under this Agreement.
2.2. Increase in Value.
The abatement shall apply only to taxes on the increase in value of the Premises due
to construction of the Required Improvements and shall not apply to taxes on the land, nor
shall the abatement apply to mineral interests.
2.3. Abatement Limitation.
Notwithstanding anything that may be interpreted to the contrary in this Agreement,
Owner's Abatement in any given year shall be based on the increase in value of the Required
Improvements over its value in September 2016, up to a maximum of$180,000.00. In other
words,by way of example only, if the increase in value of the Required Improvements over its
value in April 2016, in a given year is $250,000.00, Owner's Abatement for that tax year shall
be capped and calculated as if the appraised value of the Required Improvements for that year
had only been$180,000.00.
2.4. Protests Over Appraisals or Assessments.
Owner shall have the right to protest and contest any or all appraisals or assessments
of the Premises and/or improvements thereon.
2.5. Term.
The term of the Abatement (the "Term") shall begin on January 1 of the year
following the calendar year in which a final certificate of occupancy is issued for the
Required Improvements ("Beginning Date") and, unless sooner terminated as herein
Page 4 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
provided, shall end on December 31 immediately preceding the fifth (5th) anniversary of the
Beginning Date.
2.6. Abatement Application Fee.
The City acknowledges receipt from Owner of the required Abatement application fee
of one half of one percent (.5%) of Project's estimated cost, not to exceed $2,000. The
application fee shall not be credited or refunded to any party for any reason.
3. RECORDS,AUDITS AND EVALUATION OF PROJECT.
3.1. Inspection of Premises.
Between the execution date of this Agreement and the last day of the Term and for five
(5) years after termination ("Compliance Auditing Term"), at any time during normal office
hours throughout the Term and the year following the Term and following reasonable notice
to Owner, the City shall have and Owner shall provide access to the Premises in order for the
City to inspect the Premises and evaluate the Required Improvements to ensure compliance
with the terns and conditions of this Agreement. Owner shall cooperate fully with the City
during any such inspection and/or evaluation.
3.2. Audits.
The City shall have the right to audit at the City's expense the financial and business
records of Owner that relate to the Project and Abatement terms and conditions
(collectively, the "Records") at any time during the Compliance Auditing Term in order to
determine compliance with this Agreement and to calculate the correct percentage of
Abatement available to Owner. Owner shall make all applicable Records available to the
City on the Premises or at another location in the City following reasonable advance notice
by the City and shall otherwise cooperate fully with the City during any audit.
3.3. Provision of Information.
On or before March 1 following the end of every year during the Compliance
Auditing Term and if requested by the City, Owner shall provide information and
documentation for the previous year that addresses Owner's compliance with each of the
terms and conditions of this Agreement for that calendar year. This information shall
include, but not be limited to, the number and dollar amounts of all construction contracts
and subcontracts awarded on the Project.
Failure to provide all information within the control of Owner required by this Section 3.3
shall constitute an Event of Default, as defined in Section 4.1.
3.4. Determination of Compliance.
On or before August 1 of each year during the Compliance Auditing Term, the City
shall make a decision and rule on the actual annual percentage of Abatement available to
Owner for the following year of the Term and shall notify Owner of such decision and
Page 5 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
ruling. The actual percentage of the Abatement granted for a given year of the Term is
therefore based upon Owner's compliance with the terms and conditions of this Agreement
during the previous year of the Compliance Auditing Term.
4. EVENTS OF DEFAULT.
4.1. Defined.
Unless otherwise specified herein, Owner shall be in default of this Agreement if(i)
Owner fails to construct the Required Improvements as defined in Section 1.1.; (ii) ad valorem
real property taxes with respect to the Premises or the Project, or its ad valorem taxes with
respect to the tangible personal property located on the Premises, become delinquent and
Owner does not timely and properly follow the legal procedures for protest and/or contest of
any such ad valorem real property or tangible personal property taxes or (iii) OWNER DOES
NOT COMPLY WITH CHAPTER 7 AND APPENDIX B OF THE CODE OF
ORDINANCE OF THE CITY OF FORT WORTH (collectively, each an "Event of
Default").
4.2. Notice to Cure.
Subject to Section 5, if the City determines that an Event of Default has occurred, the
City shall provide a written notice to Owner that describes the nature of the Event of Default.
Owner shall have sixty (60) calendar days from the date of receipt of this written notice to
fully cure or have cured the Event of Default. If Owner reasonably believes that Owner will
require additional time to cure the Event of Default, Owner shall promptly notify the City in
writing, in which case (i) after advising the City Council in an open meeting of Owner's
efforts and intent to cure, Owner shall have ninety (90) calendar days from the original date of
receipt of the written notice, or (ii) if Owner reasonably believes that Owner will require more
than ninety (90) days to cure the Event of Default, after advising the City Council in an open
meeting of Owner's efforts and intent to cure, such additional time, if any, as may be offered
by the City Council in its sole discretion.
4.3. Termination for Event of Default and Payment of Liquidated Damages.
If an Event of Default, which is defined in Section 4.1, has not been cured within the
time frame specifically allowed under Section 4.2, the City shall have the right to terminate
this Agreement immediately. Owner acknowledges and agrees that an uncured Event of
Default will (i) harm the City's economic development and redevelopment efforts on the
Premises and in the vicinity of the Premises; (ii) require unplanned and expensive additional
administrative oversight and involvement by the City; and (iii) otherwise harm the City, and
Owner agrees that the amounts of actual damages there from are speculative in nature and will
be difficult or impossible to ascertain. Therefore, upon termination of this Agreement for any
Event of Default, Owner shall not be eligible for the Abatement for the remaining Term and
Owner shall pay the City, as liquidated damages, all taxes that were abated in accordance with
this Agreement for each year when an Event of Default existed and which otherwise would
have been paid to the City in the absence of this Agreement. The City and Owner agree that
this amount is a reasonable approximation of actual damages that the City will incur as a result
of an uncured Event of Default and that this Section 4.3 is intended to provide the City with
compensation for actual damages and is not a penalty. This amount may be recovered by the
Page 6of13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
City through adjustments made to Owner's ad valorem property tax appraisal by the appraisal
district that has jurisdiction over the Premises. Otherwise, this amount shall be due, owing
and paid to the City within sixty (60) days following the effective date of termination of this
Agreement. In the event that all or any portion of this amount is not paid to the City within
sixty(60) days following the effective date of termination of this Agreement, Owner shall also
be liable for all penalties and interest on any outstanding amount at the statutory rate for
delinquent taxes, as determined by the Code at the time of the payment of such penalties and
interest. Notwithstanding anything herein to the contrary, damages due under this paragraph
shall be the sole responsibility of Terry Wright.
4.4. Termination at Will.
If the City and Owner mutually determine that the development or use of the
Premises or the anticipated Required Improvements are no longer appropriate or feasible, or
that a higher or better use is preferable, the City and Owner may terminate this Agreement in
a written format that is signed by both parties. In this event, (i) if the Term has commenced,
the Term shall expire as of the effective date of the termination of this Agreement; (ii) there
shall be no recapture of any taxes previously abated; and (iii) neither parry shall have any
further rights or obligations hereunder.
4.5. Sexually oriented Business & Liquor Stores or Package Stores.
a. Owner understands and agrees the City has the right to terminate this
agreement if the Project contains or will contain a sexually oriented business.
b. Owner understands and agrees that the City has the right to terminate this
agreement as determined in City's sole discretion if the Project contains or will contain a
liquor store or package store.
5. EFFECT OF SALE OF PREMISES.
Owner may assign this Agreement and all or any portion of the benefits provided hereunder
to Terry Wright, or an Affiliate without the consent of the City, provided that (i) prior to or
contemporaneously with the effectiveness of such assignment, Owner provides the City with written
notice of such assignment, which notice shall include the name of the Affiliate and a contact name,
address and telephone number, and (ii) the Affiliate agrees in writing to assume all terms and
conditions of Owner under this Agreement. For purposes of this Agreement, an "Affiliate" means
all entities, incorporated or otherwise, under common control with Owner, controlled by Owner or
controlling Owner. For purposes of this definition, "control" means fifty percent (50%) or more of
the ownership determined by either value or vote. Owner may not otherwise assign this Agreement
or any of the benefits provided hereunder to another party without the consent of the City Council,
which consent shall not unreasonably be withheld or delayed, provided that (i) the City Council
finds that the proposed assignee is financially capable of meeting the terms and conditions of this
Agreement and (ii) the proposed assignee agrees in writing to assume all terms and conditions of
Owner under this Agreement. Any attempted assignment without the City Council's prior written
consent shall constitute grounds for termination of this Agreement and the Abatement granted
hereunder following ten(10) calendar days of receipt of written notice from the City to Owner.
Page 7 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
6. NOTICES.
All written notices called for or required by this Agreement shall be addressed to the
following, or such other party or address as either party designates in writing, by certified mail,
postage prepaid, or by hand delivery:
City: Owner:
City of Fort Worth Dr. Terry Wright
Attn: City Manager Family Foot Care
1000 Throckmorton 813 Warwick Ct.
Fort Worth, TX 76102 Kennedale, TX 76060
and
Neighborhood Services Department
Attn: Director
1000 Throckmorton
Fort Worth, TX 76102
7. MISCELLANEOUS.
7.1. Bonds.
The Required Improvements will not be financed by tax increment bonds. This
Agreement is subject to rights of holders of outstanding bonds of the City.
7.2. Conflicts of Interest.
Neither the Premises nor any of the Required Improvements covered by this
Agreement are owned or leased by any member of the City Council, any member of the City
Planning or Zoning Commission or any member of the governing body of any taxing units
in the Zone.
7.3. Conflicts Between Documents.
In the event of any conflict between the City's zoning ordinances, or other City
ordinances or regulations, and this Agreement, such ordinances or regulations shall control.
In the event of any conflict between the body of this Agreement and Exhibit"3", the body of
this Agreement shall control. As of December 6, 2016, the City is unaware of any conflicts
between this Agreement and the City's zoning ordinance or other ordinances or regulations.
7.4. Future Application.
A portion or all of the Premises and/or Required Improvements may be eligible for
complete or partial exemption from ad valorem taxes as a result of existing law or future
legislation. This Agreement shall not be construed as evidence that such exemptions do not
apply to the Premises and/or Required Improvements.
Page 8 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
7.5. City Council Authorization.
This Agreement was authorized by the City Council through approval Mayor and
Council Communication No. C-28016 on December 6, 2016, which, among other things,
authorized the City Manager to execute this Agreement on behalf of the City.
7.6. Estoppel Certificate.
Any party hereto may request an estoppel certificate from another party hereto so
long as the certificate is requested in comiection with a bona fide business purpose. The
certificate, which if requested will be addressed to the Owner, shall include, but not
necessarily be limited to, statements that this Agreement is in full force and effect without
default (or if an Event of Default exists, the nature of the Event of Default and curative
action taken and/or necessary to effect a cure), the remaining term of this Agreement, the
levels and remaining term of the Abatement in effect, and such other matters reasonably
requested by the party or parties to receive the certificates.
7.7. Owner Standing.
Owner shall be deemed a proper and necessary party in any litigation questioning or
challenging the validity of this Agreement or any of the underlying laws, ordinances,
resolutions, or City Council actions authorizing this Agreement and Owner shall be entitled
to intervene in any such litigation.
7.8. Venue and Jurisdiction.
This Agreement shall be construed in accordance with the laws of the State of Texas
and applicable ordinances, rules, regulations, or policies of the City. Venue for any action
under this Agreement shall lie in the State District Court of Tarrant County, Texas. This
Agreement is performable in Tarrant County, Texas.
7.9. Severability.
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired.
7.10. HeadinjZs Not Controlling.
Headings and titles used in this Agreement are for reference purposes only and shall
not be deemed a part of this Agreement.
7.11. Entirety of A14reement.
This Agreement, including any exhibits attached hereto and any documents
incorporated herein by reference, contains the entire understanding and agreement between
the City and Owner, their assigns and successors in interest, as to the matters contained
herein. Any prior or contemporaneous oral or written agreement is hereby declared null and
void to the extent in conflict with any provision of this Agreement. This Agreement shall
Page 9 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
not be amended unless executed in writing by both parties and approved by the City
Council. This Agreement may be executed in multiple counterparts, each of which shall be
considered an original, but all of which shall constitute one instrument.
(REMAINDER OF PAGE INTENTIONALLY BLANK)
Page 10 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
City of Fort Worth
By: / (� 4� �4— By:
Fernando Costa T@1T y Wr' h
Assistant City Manager
FO&7.,
ATT S
By.
V". ty Secretary
.XAS
APPROVED AS TO FORM AND LEGALITY:
By: 'k6Le— u
Melinda Ramos
Sr. Assistant City Attorney
M & C: C-28016
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
Page 11 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
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 resolution 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 kA day of
At 2011.7
�. TRIKINYA L JOHNSON
Y Pu �%
IF
IlkNotary Public,State of Texas
Notary Publi in and r Comm. Expires 04-17-2018the State of Texas .6; NotorY ID 1238832-0
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Terry Wright, 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. 4&
GIVEN UNDER MY HAND AND SEAL OF OFFICE this 9A day of
' 016.
, A"?, J0 MAE BURKE
QOtary PUb11C m and for 3 1. ,' MY COMMISSION EXPIRES
The State of Texas
DECEMBER 3, 20'17
Page 12 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
Exhibit 1: Property Description
Exhibit 2: Application: (NEZ) Incentives and Tax Abatement
Exhibit 3: Project description
Exhibit 4: Final Construction Invoices (to be attached after construction)
Page 13 of 13
NEZ Tax Abatement with Terry Wright, 3017 Booker Street
Approved by M&C C-28016, December 6, 2016
Exhibit 1
Property Legal Description
3017 Booker Street, Lots 25 and 26, Lincoln Place Addition, an Addition to the City of
Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 1627, Page
354, Plat Records, Tarrant County, Texas.
Exhibit 2
FORT T � uG IQC3, �_ d Z e,7
City of Fort ''Orth
N-eigli.borhood Einpovvoirrtielti 7onc'(NEZ) APPlicatiol, for Basic Incentives
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Exhibit 3
Project Description
Renovation and expansion of a commercial building. Renovation to include the
following:
• Exterior Remodel
• HVAC for non-HVAC Spaces &Upgrades
• Roof Repair/Replacement
• Electrical and Plumbing Repair/Upgrade
• Flooring Upgrade
• Added Square Footage
• Foundation Repair
• Bathroom and Kitchen Remodel
• Interior Finish out
Exhibit 4
Final Construction Invoices
Will be provided to City after construction is complete and final Certificate of
Occupancy is issued.
M&C Review '
Official
CITY COUNCIL AGENDA FORT II
COUNCIL ACTION: Approved on 12/6/2016
DATE: 12/6/2016 REFERENCE C-28016 LOG NAME: 19NEZ3017BOOKER
NO..
CODE: C TYPE: NON- PUBLIC NO
CONSENT HEARING:
SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Terry Wright, to
Renovate and Expand an Existing Commercial Building for Use as a Medical Office,
Located at 3017 Booker Street in the Riverside Neighborhood Empowerment Zone
(COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council authorize the execution of a five-year Tax Abatement
Agreement with Terry Wright, to renovate and expand an existing commercial building for use as a
medical office, located at 3017 Booker Street in the Riverside Neighborhood Empowerment Zone.
DISCUSSION:
Terry Wright (Property Owner) is the owner of the property described as Lots 25 and 26, Lincoln
Place Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the plat
recorded in Volume 1627, Page 354, Plat Records, Tarrant County Texas, 3017 Booker Street
Fort Worth, Texas. The property is located within the Riverside Neighborhood Empowerment
Zone (NEZ).
The Property Owner plans to invest an estimated amount of $120,000.00 to renovate and expand
an existing commercial building for use as a medical office (Project). The Neighborhood Services
Department reviewed the application and certified that the Project met the eligibility criteria to
receive a Municipal Property Tax Abatement. The NEZ Tax Abatement Policy and 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 2017 at
the estimated pre-improvement value, as defined by the Tarrant Appraisal District (TAD) in
September 2016, for the property as follows:
Pre-Improvement TAD Value of Improvements $48,020.00
Pre-Improvement Estimated Value of Land $ 12,480.00
Total Pre-Improvement Estimated Value $ 60,500.00
The Municipal Property Tax Abatement on the improved value of the Project after construction is
estimated in the amount of$1,026.00 per year for a total in the amount of$5,130.00 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 appraised value of the property.
http://apps.cAvnet.org/council_packet/mc_review.asp?ID=24094&councildate=12/6/2016[12/07/2016 2:37:37 PM]
M&C Review
The Tax Abatement Agreement may be assigned to an affiliate of the Property Owner without the
consent of the City Council. If the property is sold to a new owner, other than an affiliate, the
Agreement may be assigned only with City Council approval and provided that the new owner
meets all of the eligibility criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives.
This property is located in COUNCIL DISTRICT 8, Mapsco TAR-63Z.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that approval of the above recommendations will have no material
effect on the Fiscal Year 2017 Budget. While no current year impact is anticipated from this
action, upon approval, reduced revenues will be included in the long-term forecast associated with
years 2018 - 2022.
TO
Fund Department Account Project Program Activity Budget Reference # Amount
ID ID Year (Chartfield 2)
FROM
Fund Department Account Project Program Activity Budget Reference# Amount
ID I I ID I Year (Chartfield 2)
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Aubrey Thagard (8187)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
3017 Booker Current Condition.pdf
3017 Booker St. Map for Council.pdf
Elevations and Site Plan.pdf
http://apps.cfwnet.org/council_packeUmc review.aspM=24094&councildate=12/6/2016[12/07/2016 2:37:37 PM]