HomeMy WebLinkAboutContract 33655-CA1 CITY SECRETARY
CONTRACT NO. 33 5 -C_Pl
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax_Abatement Agreement is made and entered into
by and between Alta Ridglea Village L.P. ("Assignor") and CFH Realty IV/Ridglea
Village,L.P.,("Assignee")and the City of Fort Worth, ("City").
RECITALS.
A. Alta Ridglea Village L.P. and the City-of Fort Worth,Texas (the"City") entered
into that certain Tax Abatement Agreement ("Agreement") for Property Located
3601 Westridge Avenue ("Property") which is located in the Ridglea Como
Neighborhood Empowerment- Zone,.such Agreement approved by the City
Council of Fort Worth July 23, 2002, City Secretary Contract Number 27980
("Agreement");
B. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assignee,with the prior consent of the City Council;
C. Pursuant to that certain Special Warranty Deed dated as of June 23, 2006,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
CFH Realty IV/Ridglea Village, L.P. 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 arising
from and after the Effective Date(as defined below).
3. Effective Date. The effective-date of this Assignment is June 23, 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.
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX 1
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:
CFH Realty IV/Ridglea Village,L.P.
2100 McKinney,Suite 700
Dallas,Texas 75201 -
Attention: Asset Manager—Ridglea Village
ASSIGNOR:
J.Kline L.L.C.,Alta Ridglea Village L.P.
1110 Northchase Pkwy, Suite 150
Marietta,GA 30067
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:
ALTA RIDGLEA VILLAGE,L.P., a Georgia limited partnership
By: Wood Alta Ridglea Village,L.P.,
its general partner
By: Wood Texas Manager, Inc.,its general partner
By: �W
Name:
Title:
ASSIGNEE:
CFH Realty IV/Ridglea Village, L.P.
By: CH Realty IV/Multifamily GP;-L.L.C.,
a Delaware limited liability company
its general partner
By: Crow Holdings Managers,L.L.C.,
a Texas limited liability company,its m er
By:
Name:
Title:
3
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:
ALTA RIDGLEA VILLAGE,L.P.,a Georgia limited partners
By: Wood Alta Ridglea Village, L.P.,
its general partner
By: Wood Texas M er, Inc., its general partner
By:
e:
Title:
ASSIGNEE:
CFH Realty IV/Ridglea Village,L.P.
By: CH Realty IV/Multifamily GP, L.L.C.,
a Delaware limited liability company
its general partner
By: Crow Holdings Managers, L.L.C.,
a Texas li ited 1'ability company, its manager
By:
Name: Charinc
Title: Vice President
3
CITY OF FORT WORTH
Z,/,�44�L
rte.
Susan Alanis
Assistant City Manager
ATTEST: oRrn`Gaa-
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City Secretary o �Y0
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APPROVED AS TO FORM AND LEGALITY:
Charlene Sanders
Assistant City Attorney
M &C: C- 21477
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ICIAL RECORDY SECRETARY WORTH$ TX
4
STATE OF TEXAS §
COUNTY OF TARRANT § r
BEFORE ME, the undersigned authority, on this day personally appeared Sus
ip
Alanis, 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 she 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 day of
2011.
o ary Public in and for
the State of Texas
LINDA M.HIRRLINGER
MY3 COMMISSION EXPIRES February 2,2014
9
5
STATE OF TEXAS §
COUNTY OF T §
Harns _
FO ME, the undersi ed authority, on this day personally appeared
Qtp the of Wood.Texas Manager; Inc., the general
partner of Wood Alta Ridglea Village, L.P., which is the general partner of Alta Ridglea
Village L.P., 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
Alta Ridglea Village L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
ht� ,
2006.-
_:°��"t'% JAMIE LIEGH SEMIEM
Not P is in and or a Notary Pub"C State of Texas
th tate of Texas ti�� ��s� MyCommission Expires
June 18,2008
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
, the of•Corw Holdings Managers, L.L.C., the
manager of CH Realty IV/Multifamily GP, L.L.C., which is the general partner of CFH
Realty IV/Ridglea Village, L.P.,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 CFH Realty IV/Ridglea Village,L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this _ day of
2006.
Notary Public in and for
the State of Texas
6
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
, the - of Wood Texas Manager, Inc., the general
partner of Wood Alta Ridglea Village, L.P., which is the general partner of Alta Ridglea
Village L.P., 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
Alta Ridglea Village L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
32006.
Notary Public in and for
the State of Texas
STATE OF TEXAS §
COUNTY OF'F §
'DAI�LAS
BEFORE ME, the undersigned authority, on this day personally appeared
6"-A04-- .�;.l�. , the t)ILc P&IS L&1--4 of Corw Holdings Managers, L.L.C., the
manager of CH Realty IV/Multifamily GP, L.L.C., which is the general partner of CFH
Realty IV/Ridglea Village, L.P., 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 CFH Realty IV/Ridglea Village,L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this Z C5day of
2006.
Notary Public in and for
SL
MELISSA C. HUBER
Notary Public
State of Texas
Comm, Expires 12.05.2006
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M&C'Review Pagel of 2
Official site of the City of Fort Wotth,Texas
ITY COUNCIL AGENDA FOIST WORTH
Ir—
COUNCIL ACTION: Approved on 5/30/2006
DATE: 5/30/2006 REFERENCE NO.: C-21477 LOG NAME: 05ALTA
RIDGLEA
CODE: C TYPE: NON-CONSENT PUBLIC NO
HEARING:
SUBJECT: Approval of a Tax Abatement Assignment between Alta Ridglea Village L.P. and CFH
Realty IV/Ridglea Village, L.P. for the Remaining Term of Alta Ridglea's Original Tax
Abatement Agreement and Authorize Execution of Assignment of Tax Abatement
Agreement between Alta Ridglea Village L.P., CFH Realty IV/Ridglea Village, L.P., and the
City of Fort Worth
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a Tax Abatement Assignment between Alta Ridglea Village L.P. and CFH Realty
IV/Ridglea Village, L.P. for the remaining term of Alta Ridglea's original Tax Abatement;
2. Find that the statements set forth in the recitals of the attached Assignment of Tax Abatement
Agreement between Alta Ridglea Village L.P. and CFH Realty IV/Ridglea Village, L.P. are true and
correct; and
3. Authorize the City Manager to enter into an Assignment of Tax Abatement Agreement between
Alta Ridglea Village L.P., CFH Realty IV/Ridglea Village, L.P. and the City of Fort Worth for the
property listed in Exhibit"A" in accordance with paragraph 5 of the tax abatement agreement.
DISCUSSION:
On July 23, 2002 (M&C G-13679 )the City Council authorized the Tax Abatement Agreement with J.
Kline, LLC and the designation of Neighborhood Empowerment Reinvestment Zone No. 3.
This property is now being sold to CFH Realty IV/Ridglea Village, L.P. and council approval is needed
for the assignment of the tax abatement agreement to the new owner. The new owner is aware of all
rights, duties and obligations of the tax abatement agreement. The Assignment of Tax Abatement
Agreement is attached as Exhibit"A."
This property is located in COUNCIL DISTRICT 3.
http://apps.cfwnet.org/council_packet/mc review.asp?ID=5758&councildate=5/30/2006 02/20/2011
M&C'Review Page 2 of 2
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)
ATTACHMENTS
Exhibit A.doc
Exhibit B.DOC
http://apps.cfwnet.org/council_packet/mc review.asp?ID=5758&councildate=5/30/2006 02/20/2011