HomeMy WebLinkAboutContract 36794-CA2�fly r,
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into by and
between Impression Homes, LLC, ("Assignor") and Lori Jean Martin, ("Assignee") and the City
of Fort Worth, ("City")
RECITALS
A. Waterview Estates, L.P., Pars Investment, Inc., General Partner ("Waterview") and the
City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement
Agreement ("Agreement") for Property Located 5508 Grenada Drive ; Lot 30; Block 3;
Waterfront at Enchanted Bay; an Addition to the City of Fort Worth, Tarrant County,
Texas, according to the plat recorded and filed in Cabinet A; Slide No. 11723, Plat
Records, Tarrant County, Texas ("Property") which is located in the Lake Arlington
Neighborhood Empowerment Zone, such Agreement approved by the City Council of
Fort Worth November 6, 2007, City Secretary Contract Number 36794 ('Agreement").
B. Pursuant to that certain Special Warranty Deed dated as of February 8, 2013 recorded
under Tarrant County Deed Records, Waterview conveyed the Property to Assignor and
Assignor acquired title to the Property which is the subject of the Agreement:
C. Section 5 of the Agreement permits Waterview to assign all of its rights under the
Agreement to Impression Homes, L.L.C. ("Impression"), without obtaining the prior
consent of the City Council.
D. Waterview assigned the Agreement to Impression Assignor, such Agreement is dated
February 8, 2013 City Secretary Contract Number 36794-CAI
E. Pursuant to that certain Special Warranty Deed dated as of April 24, 2013, recorded
under Tarrant County Deed Records, Assignor conveyed the Property to Lori Jean Martin
and Assignee acquired title to the real property which is the subject of the Agreement.
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:
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. Assigmnent. 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 a
Assignor's rights, duties and obligations arising under the Agreement. OFF�C�AL RECpRD
tF7T,
TY SECRETARY
woRTH, TX
Assignment of Tax Abatement Contract #36794 from ImpressionLL
to Lori Jean Martin on April 24, 2013.
1
i
3. Effective Date. The effective date of this Assignment is April 24, 2013 ("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
Housing &Economic Development Department
Neighborhood Empowerment Zone Program
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR:
Impression Homes, L.L.C.
P.O. Box 1838
Keller, Texas 76244
ASSIGNEE:
Lori Jean Martin
5537 Grenada Drive
Fort Worth, Texas 76119
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.
Assignment of Tax Abatement Contract #36794 from Impression Homes, LLC
to Lori Jean Martin on Apri124, 2013.
2
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.
CITY OF FORT WORTH
;�sw..a: L:;M
Fernando Costa
Assistant City Manager
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.
UNDER MY HAND
ft 2013.
otary Public in and for
the State of Texas
ATT�,ST:
APPROVED AS TO FORM AND
Melinda Ramos
Assistant City Attorney
M & C: C-22514
AND SEAL OF OFFICE this � day of
EVONIA DANIELS
Notary Publlc, State of Texos
My Commisslon Expires
July 10, 2017
OFFICIAL RECOR®
CITY SECRET' <`�
FT. WORTC19 VA
Assignment of Tax Abatement Contract #36794 from Impression Homes,
to Lori Jean Martin on Apri124, 2013.
3
ASSIGNOR:
l
Homes, L.L.0
Name Bruce Heikkinen
Title: Managing Member
STATE OF TEXAS
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heikkine 19
Managing Member of Impression Homes, L.L.C., 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 the Impression Homes, L.L.C. a Texas limited liability company.
HAND
13.
Notary P
the State
Texas
ASSIGNEE: Lori Jean Martin
Name: Lori Jean Martin
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on thi
known to me to be the person whose name
acknowledged to me that he executed same
expressed, in the capacity therein stat
GIVEN UNDER � HAND AND
2013.
Notary Pu c m and for
the Sta of Texas
SEAL OF OFFICE tills
,i��Y PNalfoo MY COMMESS 0 EXPIRES
June 19, 2017
s
y personally appeared Lori Jean Martin,
subscribed to the foregoing instrument, and
for the purposes and consideration therein
SEAL OF OFFICE this
Assignment of Tax Abatement Contract #36794 from Impression Homes, LLC
to Lori Jean Martin on April 24, 2013.
4
Name:
Title: Manar., 6 Member
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, W11 this day personally appeared Bruce Heikkinen,
Managing Member of Impression
subscribed to the foregoing instru
the purposes and consideration t
deed of the Impression Hom , L.
GIVEN
Notary P is in and for
the St of Texas
3om , L.L.C., known to me to be the person whose name is
t, and acknowledged to me that he executed the same for
ein expressed, in the capacity therein stated and as the act and
.C. a Texas limited liability company.
MY HAND AND SEAL OF OFFICE this day of
. 2013.
ASSIGNEE: Lori Jean Martin
N
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Lori Jean Martin,
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
I►7ii�i:�_�1�7
AND SEAL OF OFFICE this day of
Assignment of Tax Abatement Contract #36794 from Impression Homes, LLC
to Lori Jean Martin on Apri124, 2013.
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M&C Review
Page 1 of 3
C7fficial site of the City of Fort Worth, Texas
FORT �VORTII
I COUNCIL GE DA
COUNCIL ACTION: Approved As Amended on 11/6/2007
-a
DATE: 11/6/2007 REFERENCE C_22514 LOUN ma 05EN%M A# DBAY
NO..
NOW PUBLIC NO
CODE: C TYPE: CONSENT HEARING:
SUBJECT: Authorize Execution of a Five Year Tax Abatement Agreement with Waterview Estates,
L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, Located in the Lake Arlington Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to enter into a five year Tax Abatement Agreement with Waterview
Estates, L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, located in the Lake Arlington Neighborhood Empowerment Zone; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with
Waterview Estates, L.P., and Woodhaven Homes, L.P., are true and correct.
DISCUSSION:
Waterview Estates, L.P., and Woodhaven Homes, L.P., are the owners/developers of the 118
properties listed in Exhibit "A". This real property is located in the Lake Arlington NEZ and
Neighborhood Empowerment Reinvestment Zone (NERZ No. 16). Waterview Estates, L.P. and
Woodhaven Homes, L.P. have applied for a five-year municipal property tax abatement under the
NEZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ Program
offers a five-year municipal property tax abatement on the increased value of improvements to the
qualified owner of any new construction within a NEZ. The Housing Department has reviewed the
application and certified that the property meets the eligibility criteria to receive NEZ municipal
property tax abatement.
Waterview Estates, L.P., and Woodhaven Homes, L.P., will invest a minimum of $15,200,000.00 to
construct 118single-family homes in the Lake Arlington NEZ. In order for Woodhaven Homes, L.P.,
or any other developer or builder approved by the City Manager or his designee to qualify for the tax
abatement, they must construct homes with a minimum of 1200 square feet of living space with at
least three bedrooms, one and one-half baths and 70% mortared brick which will appraise for a
minimum of $100,000.00. A more detailed description of the homes to be constructed and sample
drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C".
http://apps.cfwnet.org/council�acket/mc review.asp?ID=8145&councildate=ll/6/2007 8/20/20�
M&C Review
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Upon execution of the tax abatement agreement, the total assessed value of each home used for
calculating municipal property tax will be frozen for a five-year period, starting on the date the home is
sold to a homebuyer to be used as a primary residence, at the pre -improvement value as defined by
the Tarrant Appraisal District (TAD) on January 1, 2007, as follows:
Pre -improvement TAD Value of Improvements $ 0.00
Pre -improvement Estimated Value of Land $2,025000
Total Pre -improvement Estimated Value $ 2025000
The municipal property tax on the improved value is estimated at $550.00 per house, per year, for a
total of
$21750.00 over the five-year period for each house. However, this estimate may be different from the
actual tax abatement value, which will be calculated based on the TAD appraised value of the
property.
The tax abatement agreement provides that the agreement may be assigned without subsequent City
Council approval to Woodhaven Homes, L.P., or another builder approved by the City Manager or his
designee or the developer's first mortgage, or to a homebuyer who will use the required
improvements as his/her primary residence, or to the homeowner's mortgagee. All other
assignments must be approved by City Council. The agreement also provides that the failure of the
owner to send the City notification of the sale of the required improvements and the executed
assignment of the agreement with the new owner within 30 days of the transfer of ownership of the
required improvements shall result in the automatic termination of the Agreement.
This property is located in COUNCIL DISTRICT 5.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers
Submitted for City Manager's Office bv:
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
Continued Exhibit B fior M&C.pdf
Exhibit A for M&C.xls
FROM Fund/Account/Centers
Dale Fisseler (6140)
Jerome Walker (7537)
Sarah Odle (7316)
ittp:Happs.cfwnet.org/council_packct/nc_revi ew. asp?ID=8145 &councildate=ll /6/2007
8/20/201:
M&C Review Page 3 of
Exhibit B for M&C.doc
Final TA Agreement for M&C.doc
Location Map for M&C.pdf
http://apps.cfwnet.org/council�acket/mc review.asp?ID=8145&councildate=ll/6/2007 8/20/2013