HomeMy WebLinkAboutContract 46679-CA1 CITY SECRETARY
CONTRACT NO.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Tarrant County Housing Partnership ("Assignor") and Brian C. Miller,
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Tarrant County Housing Partnership and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located 923 E. Allen Avenue, Block 22, Lot 574, Hyde Park Addition,
an Addition to the. City of Fort Worth, Tarrant County, Texas, according to the
Deed recorded in Volume 10068, Page 279, of the Deed Records of Tarrant
County, Texas ("Property"). Which is located in the Evans and Rosedale
Neighborhood Empowerment Zone, such Agreement approved by the City
Council of Fort Worth on November 18, 2014, City Secretary Contract Number
46679 ("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 November 20, 2015
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Brian C. Miller 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 November 20, 2015
"Effective Date"). All rights, duties and obligations under the Agreement arising,
R ruing or relating to the period before the Effective Date are allocated to Assignor
all rights, duties and obligations arising, accruing or relating to the period
�t�G� th fter shall be allocated to Assignee.
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d c���ts`�' Assignment of Tax Abatement Contract#46679 from CITY SECRETARY
Tarrant County Housing Partnership to Brian C. Miller FT.WORTH, �i
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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
Neighborhood Services Department
NEZ Program
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR:
Tarrant County Housing Partnership
Attn: Donna VanNess
4200 S. Freeway, Ste, 307
Fort Worth, TX 76115
ASSIGNEE:
Brian C. Miller
923 E. Allen Avenue
Fort Worth, Texas 76104
Assignment of Tax Abatement Contract#46679 from
Tarrant County Housing Partnership to Brian C. Miller
2
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: Tarrant County Housing Partnership
a onna Va
Title: President
AS GNEE: Brian C. Miller
,
3e: Brian C. Ajiller
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
ATTEST:
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Ci y Secr tar' 7
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OFFICIAL RECORD
Assignment of Tax Abatement Contract#46679 from CITY SECRETARY
Tarrant County Housing Partnership nto Brian C. Miller FT.WORTH,TX
APPROVED AS TO FORM AND LEGALITY:
v�dq, kwmT
Melinda Ramos
Sr. Assistant City Attorney
M& C: C-27086
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 she 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 ;ZS' day of
2017
Notary P lic in for
the State of Te
=Nlt.
TRIKINVA L JOHNSON
otary Public,State of Texas
omm. Expires 04-17-2018
Notary ID 1236832.0
OFFICIAL RECORD
Assignment of Tax Abatement Contract#46679 from
Tarrant County Housing Partnership to Brian C. Miller CITY SEp
CRET'ARY
4 FT'. N g�ORTH' R X
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Donna
VanNess, President of Tarrant County Housing Partnership, 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 and as the act and deed of Tarrant County Housing Partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this `9day of
2016.
RACHAEL FIERRO
No ary a lic in and for Notary ID # 11170975
the State of Texas My Commission Expires
February 23, 2019
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Brian C.
Miller, 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.
reTexas
DER MY HAND AND SEAL OF OFFICE this L6 day of
2016. l
RACHAEL FIERRO
for Notary ID # 11170975
My Commission Expires
E*•� February 23, 2019
Assignment of Tax Abatement Contract#46679 from
Tarrant County Housing Partnership to Brian C. Miller
5
Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL A A`1P)A FORT ii
COUNCIL ACTION: Approved on 11/18/2014
DATE: 11/18/2014 REFERENCE NO.: C-27086 LOG NAME: 17NEZTCHP
CODE: C TYPE: NON-CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Tarrant County
Housing Partnership, Inc., for the Construction of Ten Low-Income Single Family Homes in
the Evans and Rosedale 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 Tarrant County Housing Partnership, Inc., for the construction of ten low-income
single family homes in the Evans and Rosedale Neighborhood Empowerment Zone, in accordance
with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives.
DISCUSSION:
On June 3, 2014, (M&C L-15686) the City Council authorized the direct sale of 12 tax-foreclosed
properties to Tarrant County Housing Partnership, Inc. (TCHP), for the development of low-income
housing. TCHP plans to invest an estimated amount of$1,270,000.00 to construct ten low-income
single family homes of approximately 2,300 to 2,500 square feet each. The homes will be sold to
low-income buyers 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 Neighborhood Empowerment Zone
(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 will be subject to the
tax abatement for a period of five years starting January 2015.
The municipal property tax on the improved value of each home after construction is estimated in the
amount of$1,085.85 per year for a total amount of$5,429.25 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.
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.
The properties are located in COUNCIL DISTRICT 8, Mapsco 77P, 77Q and 77U.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that this action will not increase the total
appropriations of City funds.
05/19/2017
Page 2 of 2
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jesus Chapa (5804)
Cynthia Garcia (8187)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
Elevations and Floor Plans.pdf
List of Properties For Abatement.pd
TCHP Map.pd
05/19/2017
Tarrant County Housing Partnership, Inc.
Properties for NEZ Abatement
Street Address Block Lot Addition
923 E. Allen Avenue 22 574 Hyde Park
1116 E. Allen Avenue 42 1177 Hyde Park
1203 E. Allen Avenue 44 1244 Hyde Park
1113 E. Baltimore Avenue 39 22 Southland
1004 E. Harvey Avenue 35 2 Southland
1005 E. Harvey Avenue 36 35 Southland
1121 E. Harvey Avenue 36 20 Southland
945 E.Jessamine Street 31 19 Southland
1205 E.Jessamine Street 5 29 Vickery Southeast
1325 E.Jessamine Street 8 21 Vickery Southeast