HomeMy WebLinkAboutContract 30776 CITYSECRE'TAR'Y
CONTRACT NO.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agree is made and entered into by and
between Courtney Homes, Inc. ("Assignor") and Deana S. Harwell, ("Assignee") and the
City of Fort Worth, ("City")
RECITALS
A. Courtney Homes, Inc. ("Courtney") and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located at 5321 Carver ("Property") which is located in the Ridglea
Village and Como Neighborhood Empowerment Zone, such Agreement approved
by the City Council of Fort Worth October 7, 2003 City Secretary Contract
Number -AM'� ("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 General Warranty Deed dated as of September 24,
2004, recorded under Tarrant County Deed Records, Instrument Number
Assignor conveyed the Property to Deana S. Harwell 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 _September 24, 2004
("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 Assi nor. 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. m. 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
ASSIGNEE:
Deana S. Harwell
5321 Carver Drive
Fort Worth, Texas 76107
ASSIGNOR:
Courtney Homes, Inc.
5203 Shadow Glen Drive
Grapevine, Texas 76051
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.
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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: Courtney Homes, Inc.
Name: Sherr a for
Title: President
ASSIGNEE:
Name: Deana S. Harwell
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CITY OF FORT WORTH
Dale Fi eler
Acting Assistant City Manager
ATTEST:
City Secretary
APPRO zEI AS TO FORM AND LEGALITY:
Cyn hia Gafcia
Assistant City Attorney
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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 3 0)11ay of
� 2004.
....
;'�PaY Pie`•., ROSELLA BARNES
Notary Public in and for NOTARY PUBLIC
the State of Texas =*t * state or Texas
Comm, Exp, 03-31-2005
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Sherry Saylor,
President of Courtney Homes, Inc., 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 Courtney Homes, Inc.
GIVE*: UNDER MY HAND AND SEAT, OF OFFICE this vW day of
5
72004.
,J1R7 P� • JayfJ MICHAEL KONEPd
Notary Public in and for i_a° _ Ncta� , state of Ter '
{- My Commissi.,n Fxcu r
the State of Texas 2-,, 10; i
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Deana S.
Harwell, 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.
GIVEN UNDER DIY HAND AND SEAL OF OFFICE this aY day of
Sl/ftti. , 2004.
Notary Public in and for
the State of Texas
DAVID MICHAEL KONEN
5 ar° vetary Mate of Te
°,/ly Commss m ExCiiF, 1
Aprli 21 — J
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 10/7/2003
DATE: Tuesday, October 07, 2003
LOG NAME: 05SAYLORTAAG1 REFERENCE NO.: C-19807
SUBJECT:
Approval of Tax Abatement Agreement with Courtney Homes, Inc. for 7 Real Properties Located in
the Ridglea Village/Como Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for 7 Real properties listed in Exhibit "A", owned
by Courtney Homes, Inc. and located in the Ridglea Village/Como Neighborhood Empowerment Zone
(NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Courtney
Homes, Inc. are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Courtney Homes,
Inc. for each one of the properties listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy
and Basic Incentives.
DISCUSSION:
Courtney Homes, Inc. is the owner of the 7 properties listed in Exhibit "A". The real properties are located
in the Ridglea Village/Como NEZ and Neighborhood Empowerment Reinvestment Zone No. 2. Courtney
Homes, Inc. applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy
and Basic Incentives (M&C G-13208R, M&C G-13580 and M&C G-13662, as amended). The Housing
Department reviewed the application and certified that the properties meet 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. Courtney Homes, Inc. will invest, at a minimum, $504,000 to construct 7 single-family homes
in the Ridglea/Como NEZ. A description of the homes to be constructed is attached as Exhibit "B". The
form of the Tax Abatement Agreement is attached as Exhibit "C".
Upon execution of the agreement, the total assessed value of the home used for calculating municipal
property tax will be frozen for a five-year period, starting on January 1, 2004, at the estimated pre-
improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, for each one of
the properties as follows:
Pre-improvement TAD Value of Improvements $0
Pre-improvement Estimated Value of Land $2,500
Total Pre-improvement Estimated Value $2,500
The municipal property tax on the improved value of the homes is estimated at $484 per year on each
property for a total of $16,940 over the five-year period for the 7 homes. However, this estimate may be
Logname: 05SAYLORTAAGI Page 1 of 2
different from the actual tax abatement value, which will be calculated based on the TAD appraised value of
the property. Upon the sale of the home, the agreement will be assigned to the new owner, so long as the
new owner meets all eligible criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives. The
Tax Abatement Agreement provides that the agreement may be assigned without subsequent City Council
approval to Courtney Homes, Inc.'s first mortgagee, or to a homeowner 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.
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 C. Walker (7537)
Additional Information Contact: Jerome C. Walker (7537)
Elizee Michel (7336)
Logname: 05SAYLORTAAGI Page 2 of 2