HomeMy WebLinkAboutContract 47233-CA1 $00 11 r2
�1 q� CITY SECRETARY
CONTRACT NO. ����
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
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This Assignment of Tax Abatement Agreement is made and entered into
;*y a tween Jose Luciano Santos and Daniel Santos ("Assignor") and Maria Gomez-
it l OL 8
Z "Assignee") and the City of Fort Worth, ("City")
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RECITALS
A. Jose Luciano Santos and Daniel Santos and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located at 3201 Avenue N ("Property") which is located in the
Polytechnic/Wesleyan Neighborhood Empowerment Zone, such Agreement
approved by the City Council of Fort Worth September 29, 2015, City Secretary
Contract Number 47233 ("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 October 26, 2016,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Maria Gomez-Duran 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:
I. 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 October 26, 2016
("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
OFFICIAL RECOR®
1 CITY SECRETARY
FT.WORTH,TX
M
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
ATTEST:
Mary Kay
City Secretary
APPROVED AS TO FORM AND LEGALITY:
4y)&��"M4
Melinda Ramos
Sr. Assistant City Attorney
M & C: C-27497
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
4
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 perforin 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 �gr day of
QVA,, , 2017.
TRIKINYA L JOHNSON
Notary Public,State of Texas
Notary Public in for = Comm.Expires 04-17-2018
isi:,l^1r�:
the State of Texay NotarY ID 1238832-0
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jose Luciano
Santos, 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 �40�� day of
, 2017.
Notary Public in and for
th ;,.0f,Te —,
CARMEN SAN10S
Notary Public,State of Texas
8
•. 'tif My Commission Exnir"s
October 13, 2L,;6
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Daniel Santos,
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
2017.
Notary Public in andor
the State of Texas
CARMEN SANTOS
ib Notary Public,State Of Texas
ay = my Commission Expires
z4,+•E Se,'.� October 13, 2018
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Maria Gomez-
Duran, 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.
IVEN UNDER MY HAND AND SEAL OF OFFICE this Pti day of
7 , 2017.
N t y 1lZlic in_ for
the State of Texa —
Mr
V'I00N J'1cu��L jj
My Commission Exoite9
s
April 29, 2619
YE OF
6
Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY _ FORTIVORT111
COUNCIL ACTION: Approved on 9/29/2015
DATE: 9/29/2015 REFERENCE NO.: C-27497 LOG NAME: 17NS NEZSANTOS-
MORRIS
CODE: C TYPE: NON- PUBLIC CONSENT HEARING: NO
SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Jose Luciano Santos,
Daniel Santos and Steven Wayne Morris for the Construction of Three Single-Family
Dwellings Located at 3201, 3205, and 3209 Avenue N in the Polytechnic/Wesleyan
Neighborhood Empowerment Zone (COUNCIL DISTRICT 5)
RECOMMENDATION:
It is recommended that the City Council authorize the execution of a five-year Tax Abatement
Agreement with Jose Luciano Santos, Daniel Santos and Steven Wayne Morris for the construction
of three single-family dwellings located at 3201, 3205, and 3209 Avenue N in the
Polytechnic/Wesleyan Neighborhood Empowerment Zone, in accordance with the Neighborhood
Empowerment Zone Tax Abatement Policy and Basic Incentives.
DISCUSSION:
Jose Luciano Santos, Daniel Santos and Steven Wayne Morris (Property Owners) are the owners of
the properties described as Block 122, Lots 9, 10, and 11, Polytechnic Heights Addition, an Addition
to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 63, Page
109, Plat Records, Tarrant County, Texas, at 3201, 3205 and 3209 Avenue N, Fort Worth,
Texas. The properties are located within the Polytechnic/Wesleyan Neighborhood Empowerment
Zone (NEZ).
The Property Owners plan to invest an estimated amount of$150,000.00 to construct three single-
family dwellings of approximately 1,250 square feet each (Project). The Project homes will have the
same floor plans with different elevations and will be used as rental properties.
The Neighborhood Services Department reviewed the application and certified that the Property
Owners and Project met the eligibility criteria to receive a NEZ Municipal Property Tax
Abatement. The NEZ Basic Incentives include 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 2016 at the estimated
pre-improvement value as defined by the Tarrant Appraisal District (TAD) in August 2015 for the
properties as follows:
Pre-Improvement TAD Value of Improvements $ 0.00
Pre-Improvement Estimated Value of Land IP0oo-oo
Total Pre-Improvement Estimated Value 1$2,000.00
The municipal property tax on the improved value of the Project after construction is estimated in the
amount of$427.50 per year, per single-family home for a total amount of$2,137.50 per year each
05/19/2017
Page 2 of 2
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 the properties, the NEZ Tax Abatement Agreements may be assigned to a
new owner's first mortgagee or a new owner as rental properties. All other assignments must be
approved by the City Council.
This property is located in COUNCIL DISTRICT 5, Mapsco 78P.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that approval of the above recommendations
will have no material effect on the Fiscal Year 2015 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 2016-2020.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Allison Gray (8187)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
3201-3205 and 3209 Ave M Map.pdf
Proposed Development.pdf
05/19/2017