HomeMy WebLinkAboutContract 44715-CA3 y� 7 8 ,9
r.b, - rja CITY SECRETARY / l
R p CONTRACT NO. `�' �-
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
crry p�PO,
9 2018 ,
crryS��AET,q�,9i ti� This Assignment of Tax Abatement Agreement is made and entered into
and between April L. Prevost and Patrick H. Prevost ("Assignor") and Prevost
e 19 5 and
Trust, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Shawn Fite and the City of Fort Worth, Texas (the "City") entered into that
certain Tax Abatement Agreement ("Agreement") for Property Located 1809
Alston Avenue, Block H, Lot 12, Bellevue Hill Addition, an Addition to the City
of Fort Worth, Tarrant County Texas, according to the plat thereof recorded in
Volume 106, Page 39, Plat Records, Tarrant County, Texas. ("Property") which
is located in the Magnolia Village Neighborhood Empowerment Zone, such
Agreement approved by the City Council of Fort Worth July 16, 2013, City
Secretary Contract Number 44715 ("Agreement"):
B. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to a home buyer, without obtaining the prior consent of the City
Council:
C. Shawn Fite assigned the Agreement to Mark P. Mitchell and Erin R. Mitchell,
Assignor, such Agreement is dated March 20, 2014, City Secretary Contract
Number 44715-CAL
D. 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:
E. Mark P. Mitchell and Erin R. Mitchell assigned the Agreement to April L. Prevost
and Patrick H. Prevost, Assignor, such Agreement is dated April 7, 2017, City
Secretary Contract Number 44715-CA2.
F. 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:
G. Pursuant to that certain Special Warranty Deed dated as of May 18, 2017,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
April L. Prevost and Patrick H. Prevost 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 suf iciency of which
are hereby acknowledged,the parties hereby agree as follows: OFIRCIA.L RECORD
CITY SECRETARY
Assignment of Tax Abatement Contract# 44715-CA2 ETA I R I TX
From April L. Prevost and Patrick H. Prevost to Prevost Revoca le rus
1
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 May 18, 2017, ("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
Neighborhood Services Department
NEZ Program
200 Texas Street
Fort Worth, Texas 76102
Assignment of Tax Abatement Contract#44715-CA2
From April L. Prevost and Patrick H. Prevost to Prevost Revocable Trust
2
ASSIGNOR: ASSIGNEE:
April L. Prevost and Patrick H. Prevost Prevost Revocable Trust
1809 Alston Avenue 1809 Alston Avenue
Fort Worth, TX 76109 Fort Worth, TX 76109
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: April L. Prevost
N e: April L. Prevost
ASSIGNOR: Patrick H. Prevost
126� -
Name: Patri H. Prevost
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared April L.
Prevost, 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. I
GIVE UNDER MY HAND AND SEAL OF OFFICE this t-1 day of
2018.
�1�pY Ffl ANGEL TRUNO
Notary Pdblic in an for * NOTARY PUBLIC STATE OF TEXAS
the State of TexasMY COMM.EXP 0410612019
�OF � NOTARY ID 13017700-2
Assignment of Tax Abatement Contract# 44715-CA2
From April L. Prevost and Patrick H. Prevost to Prevost Revocable Trust
3
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Patrick H.
Prevost, 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.
#,VEN UNDER DER M Y HAND AND SEAL OF OFFICE this day of
' 2018.
Notary
LARA S DALE
,:��ar oue%.
Nota Public in and for _�: ��:Notay Public,State cf Texas
the State of Texas .,' 5� Comm.Expires 03-11-2019
Notary 10 12835430 4
ASSIGNEE: Prevost Revocable Trust
�tl�&VJU4'z�
N e: April L. Prevost, Owner
ASSIGNEE: Prevost Revocable Trust
4��-
Name: Patrick ff Prevost, Ow er
CITY OF FORT WORTH
/l�Lta�-dam La+�_
Fernando Costa
Assistant City Manager
M&C:
ATT F o 1295:
oF• RTS
Mary/Kayser
'City Secretary
�'XAS
OFFICIAL,RECORD
CITY SECRETARY
Assignment of Tax Abatement Contract# 44715-CA2--
From April L. Prevost and Patrick H. Prevost to Prevost Revocable Trust
4
APPROVED AS TO FORM AND LEGALITY:
Melinda Ramos
Sr. Assistant City Attorney
M & C: C-26333
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 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 22Aday of
2018.
Notary Public ' for "e` yp�'•, TRIKINYA L. JOHNSON
the State of Texas Notary Public,State of Texas
�;• '�� Comm. Expires 04-17-2022
Notary ID 1238832-0
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared April L.
Prevost, Owner of Prevost Revocable Trust 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.
GI N UNDER MY HAND AND SEAL OF OFFICE this day of
2018.
° ANGEL TREVINO
Notary Pub 'c in and for NOTARY PUBLIC STATE OF TEXAS
MY COMM EXP 0410612019
the State of Texas �''FOF '!h NOTARY ID 130171002
Assignment of Tax Abatement Contract#44715-CA2
From April L. Prevost and Patrick H. Prevost to Prevost Revocable Trust
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Patrick H.
Prevost, Owner of Prevost Revocable Trust 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.
7771
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
fQ� , 2018.
LARA S DALE
otary Public in and for ='o'' `'��''
�!1 '•;�:Notory Public,State of Texas
the State of Texas Comm.Expires 03-11-2019
''FOft` •''`
Notary ID 12835480-4
Assignment of Tax Abatement Contract# 44715-CA2
From April L. Prevost and Patrick H. Prevost to Prevost Revocable Trust
6
M&C Review
Official
CITY COUNCIL AGENDA FORT_�_II
COUNCIL ACTION: Approved on 7/16/2013
DATE: 7/16/2013 REFERENCE NO.: **C-26333 LOG NAME: 17NEZ1809ALSTON
CODE: C TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Shawn Fite for the
Construction of a Single Family Dwelling at 1809 Alston Avenue in the Magnolia Village
Neighborhood Empowerment Zone (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council authorize the execution of a five-year Tax Abatement
Agreement with Shawn Fite for the construction of a single family dwelling at 1809 Alston Avenue
in the Magnolia Village Neighborhood Empowerment Zone, in accordance with the Neighborhood
Empowerment Zone Tax Abatement Policy and Basic Incentives.
DISCUSSION:
Shawn Fite (Property Owner), is the owner of the property described as Block H, Lot 12, Bellevue
Hill Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the plat
recorded in Volume 106, Page 39, of the Plat Records of Tarrant County, Texas, at 1809 Alston
Avenue, Fort Worth, Texas. The property is located within the Magnolia Village Neighborhood
Empowerment Zone (NEZ) and the Fairmount/Southside Historic District. On April 8, 2013, the
Historic and Cultural Landmarks Commission approved a Certificate of Appropriateness for the
construction of a single family residential structure at 1809 Alston Avenue.
The Property Owner plans to invest an estimated amount of$126,500.00 to construct an
approximately 2,489 square foot single family residence (Project). The Project will be sold 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 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 used for
calculating municipal property tax will be frozen for a period of five years starting January
2014. At this time, Tarrant Appraisal District has the improvements on the property valued in the
amount of$400.00. The owner has planned to demolish the existing building on the property so
the pre-improved value for tax abatement purposes will be $0.00.
The municipal property tax on the improved value of Project after construction is estimated in the
amount of$1,081.58 per year for a total amount of$5,407.88 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
http://apps.cfivnet.org/council_packet/mc_review.asp?ID=18663&councildate=7/16/2013[08/24/2013 5:46:45 PM]
M&C Review
assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that this action will not increase the total
appropriations of City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Cynthia Garcia (8187)
Robert Sturns (8003)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
1809 Alston Ave Mappdf
1809 Alston Avenue Elevation.adfi
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=18663&councildate=7/16/2013[08/24/2013 5:46:45 PM]