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Home My WebLink AboutContract 51295-A1 CITY SECRETARY CONTRACT NO. 51 a95-81 0 FZEC�32�� AMENDMENT NO. 1 TO pEC WoR TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE (CITY SECRETARY CONTRACT NO. 51295) This AMENDMENT NO. 1 TO TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE ("Amendment") is made and entered into by and between the CITY OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of the State of Texas, and Jose Pozos ("Owner"). The following introductory provisions are true and correct and for the basis of this Amendment: A. As of September 19, 2018 the City and Owner entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 51295 (the "Agreement"). Under the Agreement, Owner agreed, to construct single family residence (the "Project", as more specifically defined in the Agreement) on certain real property located in the Stop Six Neighborhood Empowerment Zone. In return, the City agreed to grant Owner a Municipal Tax Abatement as authorized by Chapter 378 of the Texas Local Government Code and outlined in the Agreement. B. Owner covenants to complete construction of all of the Required Improvements within two years from the date of Council approval as provided in section 1.2 of the agreement (the "Completion Date"). The Required Improvements will be deemed complete upon the issuance of a final inspection for the Required Improvements by the Planning and Development Department. C. The Agreement shall be amended to correct Section 1.1 ("Real Property Improvements") and Exhibit 3 ("Project Description"). NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City and Owner hereby agree as follows: 1. Section 1.1 of the Agreement (Real Property Improvements) is hereby amended to reflect the updated square footage of the Premises and the Required Improvements: The amended square footage of the Premises and the Required Improvements shall be approximately 2,421 square feet in size. OFFICIAL RECORD Page 1 CITY SECRETARY Amendment No. 1 to CSC No.51295QR�I� �, Neighborhood Empowerment Zone Tax Abatement Agreement with Jose Pozos r 2. Exhibit 3 of the Agreement (Project Description) is hereby amended to reflect the updated description: New Construction of a single family residence • 2,421 square feet living space • 4 bedroom, 2 bath • Covered front porch • Living room • Kitchen • Dining area • Laundry room • Masonry exterior • Attached 2 car garage 3. All terms and conditions of the Agreement that are not expressly amended pursuant to this Amendment shall remain in full force and effect. EXECUTED as of the last date indicated below: CITY OF FORT WORTH: JOSE POZOS Fernando Costa Jo ozos Assistant City Manager Date: /2 ,Z�B Date: APPROVED AS TO FORM AND LEGALITY: .oF FORT :offby• c Melinda Ramos Sr. Assistant City Attorney CItySec ............ M&C: C-28845 Date Approved: September 11, 2018 OFFICIAL RECI Page 2 CITY SECRET Amendment No. 1 to CSC No.51295 FT. WORTH, Neighborhood Empowerment Zone Tax Abatement Agreement with Jose Pozos 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 resolution 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 day of , 2018. - v� �� LINDA M.HIRRUNGER —r —T Notary ID#124144746 Notary Public in and for _> aa •�- E>gliresFobn�ary2,2022 the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Jose Pozos, 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 DEY MY HAND AND SEAL OF OFFICE this P�!day of O1 . Notary lic in and f r the State of Texas .. ,, SARAH J. ODLE 3=0:• ��c Notary Public.State of lexos =�. :-Z comm. Expires 1 1-05.2019 '`,* Notary ID 6215320 1 OFFICIAL RECORD Page 3 CITY SECRETARY Amendment No. 1 to CSC No.51295 FT. WORTH,TX Neighborhood Empowerment Zone Tax Abatement Agreement with Jose Pozos M&C Review Official FORTWoRTil CITY COUNCIL AGENDA `= 'COUNCIL.°ACTIO W,.:Ap0-64" 'on �t 01 DATE: 9/11/2018 REFERENCE NO.: C-28845 LOG NAME: 195109TURNERST CODE: C TYPE: NON-CONSENT PUBLIC HEARING: NO SUBJECT: Authorize Execution of a Five-Year Tax Abatement Agreement with Jose Pozos for the Construction of a Single-Family Dwelling Located at 5109 Turner Street in the Stop Six 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 Pozos for the construction of a single-family dwelling located at 5109 Turner Street in the Stop Six Neighborhood Empowerment Zone, in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives. DISCUSSION: Jose Pozos (Property Owner) is the owner of the property described as Lot 7, Block 16, Sunrise Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 1634, Page 558, Deed Records, Tarrant County, Texas, at 5109 Turner Street, Fort Worth, Texas. The property is located within the Stop Six Neighborhood Empowerment Zone (NEZ). The Property Owner plans to invest an estimated amount of$170,000.00 to construct an approximately 2,724 square foot single-family residence (Project). The Project will be used as the homeowner's primary residence. The Neighborhood Services 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 2019 at the estimated pre-improvement value as defined by the Tarrant Appraisal District(TAD) in August 2018 for the property as follows: Pre-Improvement TAD Value of $ 0.00 Improvements Pre-Improvement Estimated Value of Land $21,601.00 Total Pre-Improvement Estimated Value P21, 601.00 The municipal property tax on the improved value of the Project after construction is estimated in the amount of$1,369.00 per year for a total amount of$6,843.00 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. http://apps.cfwnet.org/council_packet/mc_review.asp?ID=26257&councildate=9/11/2018[9/12/2018 2:54:54 PM] M&C Review In the event of a sale of this property, the Tax Abatement Agreement may be assigned to a new owner's first mortgage or a new owner as a primary residence. All other assignments must be approved by the City Council. This property is located in COUNCIL DISTRICT 5. This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that upon approval of the above recommendations an estimated $6,843.00 in property taxes will be abated over the five year period from 2019-2023. This amount will be included in the City's five year financial forecast. TO Fund Department Account Project Program Activity Budget Reference#— Amount ID �� ID��_ Year Reference 2) FROM Fund Department Account Project Program Activity Budget Reference# Amount ID ID Year (Chardield 2) Submitted for City Manager's Office bv: Fernando Costa (6122) Originating Department Head: Aubrey Thagard (8187) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS 5109 Turner Map for Council.pdf Elevations 2.{�df http://apps.cfwnet.org/council_packet/mc_review.asp?ID=26257&councildate=9/11/2018[9/12/2018 2:54:54 PM]