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CON RACTE VO-Y.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Glen & Ricci Mace ("Assignor") and
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Glen and Ricci Mace and the City of Fort Worth, Texas (the "City") entered into
that certain Tax Abatement Agreement ("Agreement") for Property Located at
1319 6t' Avenue ("Property"), which is located in the Magnolia Village
Neighborhood Empowerment Zone, such Agreement approved by the City
Council of Fort Worth February 22, 2005, City Secretary Contract Number 31822
("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 Special Warranty Deed dated as of
January 11, 2000. recorded under Tarrant County Deed Records, Assignor
conveyed the Property to 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 January 11 .
2006("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. 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:
Glenn Redding, & Shealynn Walker
1319 6'Avenue
Fort Worth, Texas 76104
ASSIGNOR:
Glen & Ricci Mace
4225 Shadow Drive
Fort Worth, Texas 76116
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: Glen & Ricci Mace
signature--
Name:
ignature-Name: Glen Mace
signature/'--
• --'/, j Ri ci Mace
ASSIGNEE:
Purchaser Si nature +�—
Name: Glenn Redding, & Shealynn er
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CITY OF FORT WORTH
Dale A. Fisseler
Assistant City Manager
ATTEST:
City S6etary
APPROVED AS TO FORM AND LEGALITY:
eann Guzman
Assistant City Attorney
M& C: C-20539
F-7
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale A.
Fisseler, 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 v��' HAND AND SEAL OF OFFICE thisday of
2006.
Notary Public in and for ....
A s,wnf+�•oo�
the State of Texas *: 1 MY COMMISSION EXPIRES
.•!�V November 5,2007
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Glen Mace,
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 MY HAND AND SEAL OF OFFICE this day of
2006
���113 Q (]A t
Notary Public in and o
the State of Texas
*t Y COMMISISSJ
.ODLE
MON EXPIRES
November 5,2007
5 � �U
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Ricci Mace,
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
exp re sed, in the capacity therein stated. ,^
GIVEN UNDER MY HAND AND SEAL OF OFFICE this Z! day of
2006.
st3L 4a
Notary Public in and for
the State of Texas ; " sARM J.ootE
MY COMMISSION EXPIRES
November 5,2007
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Glenn Redding
& Shealynn Walker, 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 MY HAND AND SEAL OF OFFICE this 3 day of
2006.
IT —Y44
Notary Public in and for
the State of Texas
+�tAY•P4B
DAVIS R.BLANTON
Notary Public,State of Texas
r�of��}.• My Commission Expires 06.22.08
6 4
Page 1 of 2
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/22/2005
DATE: Tuesday, February 22, 2005
LOG NAME: 05MACE REFERENCE NO.: C-20539
SUBJECT:
Authorization to Enter into a Five Year Tax Abatement Agreement with Glen & Ricci Mace,
for Property Located at 1319 6th Avenue in the Magnolia Village Neighborhood Empowerment
Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
agreement) with Glen & Ricci Mace are true and correct; and
2. Authorize the City Manager to enter into a 5 year Tax Abatement Agreement with Glen & Ricci Mace,
for the property at 1319 6th Avenue in the Magnolia Village Neighborhood Empowerment Zone (NEZ) in
accordance with the NEZ Tax Abatement Policy and Basic Incentives.
DISCUSSION:
Glen & Ricci Mace are the owners of the property at 1319 6th Avenue, (Johnson Subdivision; Block 1 Lot
27) which is located in the Magnolia Village NEZ and Neighborhood Empowerment Reinvestment Zone
(NERZ No. 5). Mr. & Mrs. Mace have 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, M&C G-13662, M&C C-
19551 and M&C G-14327), as amended. 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. The Housing Department has reviewed the application and certified that the
property meets the eligibility criteria to receive NEZ municipal property tax abatement.
The owner plans to invest a total of $89,000 to construct a single family home in the Magnolia Village
NEZ. The property is also located in the Fairmount Southside Historic District. The Historic and Cultural
Landmarks Commission approved the construction plan at its meeting dated July 12, 2004. A copy of the
approval letter from the Commission is attached as Exhibit "A." A description of the home to be
constructed is attached as Exhibit"B." 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, 2006, at the pre-improvement value
as defined by the Tarrant Appraisal District (TAD) on January 1, 2005 as follows:
Pre-construction TAD value of improvements $ 0
Pre-contstruction TAD value of land $ 8,000
Total pre-improvement estimated value $ 8,000
The municipal property tax on the improved value of the home after its construction is estimated
at $538.00, per year, for a total of $2,694.00 over the five-year period. However, this estimate may be
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 2/13/2006
Page 2 of 2
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 Glen & Ricci Mace's LTD'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 the City Council.
This property is located in Council District 9.
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 (6266)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 2/13/2006