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Home My WebLink AboutContract 36972-CA2 (2)ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between CTMGT Waterview Estates FL4, LLC, ("CTMGT"), ("Assignor") and Impression Homes, L.L.C., ("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 at 5640 Grenada Drive; Lot 1; Block 2; 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 36972 ("Agreement"): B. Section 5 of the Agreement permits Waterview to assign all of its rights under the Agreement to CTMGT, without obtaining the prior consent of the City Council: C. Waterview assigned the Agreement to CTMGT, Assignor, such Agreement is dated September 27, 2013, City Secretary Contract Number 36972-CA1. D. Pursuant to that certain Special Warranty Deed dated as of May 6, 2015, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Impression Homes, L.L.C. and Assignee acquired title to the real property, which is the subject of the Agreement. E. 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. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, duties, obligations, title and interest under the Agreement to Assignee. Accetance. Assignee hereby accepts the Assignment granted herein, and assumes all n of Assignor's rights, duties and obligations arising under the Agreement. m_ c 3. Effective Date. The effective date of this Assignment is May 6, 2015, ("Effective my Date"). All rights, duties and obligations under the Agreement arising, accruing or c relating to the period before the Effective Date are allocated to Assignor and all rights, 00 Assignment of Tax Abatement Contract #36972-CAI from CTMGT Waterview Estates FL-1, LLC to Impression Homes, I LVFFIC9A RECORD 1 CITY SECRETARY FTv WORTH, TX 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 I is 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. CitY0f 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 The addresses set forth below supercede any manner required under the Agreement# addresses for notices set forth in the Agreement. CITY OF FORT WORTH: City of Fort Worth Housing cut Economic Development Department (NEZ) 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: CTMGT Waterview Estates, FL-1, LLC ASSIGN 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. Assignment of Tax Abatement Contract #36972-CAl from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 2 s 1 u. Binding Offer, all three parties. IN WITNESS first above written. This Assignment will be not be binding until executed and delivered by WHEREOF, the parties have executed this Assignment as of the date CITY OF FORT WORTH C� 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 HANDft 2015. Notary Pudic in the State of Texa ti r v I'ywmpr � I Melinda Ramos Sr. Assistant City Attorney M & C: C-22514 SEAL OF OFFICE this .��day of AND TRIKINYA 1. JOHNSON Notory Public, Stata of Texas My Commission Expires April 17, 2018 OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX Assignment of Tax Abatement Contract #36972-CAl from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 3 ASSIGNOR: CTMGT Waterview Estates FL -I, LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, o s day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Wate 'ew Estates FL -I, L.L.C. known to me to be the person whose name is subscribed t e foregoing instrument, and acknowledged to me that he executed the same for the oses and consideration therein expressed, in the capacity therein stated and as the act d deed of CTMGT Waterview Estates FL -I, L.L.C. GIVEN UI�ER MY HAND AND SEAL OF 2015. Notaiy Public in and for the State of Texas ASSIGNEE: Name: Bru�rieikkinen Title: Manama LMember STATE OF TEXAS § COUNTY OF TARRANT § L.L.C. OFFICE this BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heikkinen, 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. EN UND �T tad Public the State of Tr and for r HAND AND SEAL OF OFFICE this 2ols. 044 HOLLY SKIDMORE ARESTIDES *E *= MY COMMISSION EXPIRES April 12, 2016 day of Assignment of Tax Abatement Contract #36972-CAl from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 4 ASSIGNOR: CTMGT Waterview Estates FL-1, LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF A a, a S § BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Waterview Estates FL43 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 CTMGT Waterview Estates FL-1, L.L.C. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of rM A IA 2015. A Notary P�'61ic in and the State of Texas ASSIGNEE: Impression Homes, L.L.C. Name: Bruce Heikkinen Title: Mana in Member STATE OF TEXAS § COUNTY OF TARRANT § LAURA L WAYLAND My Commission Expires July 14, 2016 BEFORE ME, the undersigne thority, on this day personally appeared Bruce Heikkinen, Managing Member of Im ssion Homes, L.L.C. known to me to be the person whose name is subscribed to the fo going instrument, and acknowledged to me that he executed the same for the purposes consideration therein expressed, in the capacity therein stated. UNDER MY HAND AND SEAL OF OFFICE this — day of , 2015. Notary Public in and for the State of Texas Assignment of Tax Abatement Contract #36972-CAl from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 4 n/I&C Review FORT�'�'ORTH �Y`TY ��UNCIL. �GENDA _ _ . _ y -. COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY NO.. NON- 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 afive-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ Program offers afive-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 118 single-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 asn9m=R145X:councildate=ll/6/2007�09/19/2013 3:35:54 PM] rr�l&C Review sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C". Upon execution of the tax abatement agreement, the total assessed value of each home used for calculating municipal property tax will be frozen for afive-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 $2,02�,nn Total Pre -improvement Estimated Value $ 2025.00 The municipal property tax on the improved value is estimated at $550.00 per house, per year, for a total of $2,750.00 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/A countlCenter Submitted for City Manager's Office by Originating Department Head• Additional Information Contac • FRU11I� Fund%A n�rnt/C nters Dale Fisseler (6140) Jerome Walker (7537) Sarah Odle (7316) http://apps.cfwnet.org/council�acicet/mc review.asp?ID=8145&councildate=ll/6/2007[09/19/2013 3:35:54 PMl T.�&C Review • ' � �� • --��'� • Ili �• • • .� • �• 7m=R145R.crnincildate=ll/6/2007f09/19/2013 3:35:54 PM] Exhibit "A" WATERFRONT AT ENCHANTED BAY PHASE lA David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas 118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084 Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 Block Lot Street Address 1 1 5641 Grenada Drive 1 2 5637 Grenada Drive 1 4 5629 Grenada Drive 1 6 5621 Grenada Drive 1 7 5617 Grenada Drive 1 9 5609 Grenada Drive 1 10 5605 Grenada Drive 1 11 5601 Grenada Drive 1 12 5549 Grenada Drive 1 13 5545 Grenada Drive 1 14 5541 Grenada Drive 1 15 5537 Grenada Drive 1 16 5533 Grenada Drive 1 17 5529 Grenada Drive 1 18 5525 C�renarla rlrivc � Subdivision Waterfront At Enchanted Ba Waterfront At Enchanted Ba Waterfront At Enchanted Ba Waterfront At Enchanted Ba Waterfront At Enchanted Ba Waterfront At Enchanted Ba� Waterfront At Enchanted Ba� Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bad Waterfront At Enchanted Ba} Waterfront At Enchanted Ba} Waterfront At Enchanted Bay 1 21 --�--------' 5513 Grenada Drive a..��v�l� rll. LIIl.I1QIRCU Dcly Waterfront At Enchanted Bay 1 22 5509 Grenada Drive Waterfront At Enchanted Bay 1 26 5441 Grenada Drive Waterfront At Enchanted Bay 1 27 5437 Grenada Drive Waterfront At Enchanted Bay 1 28 5429 Grenada Drive Waterfront At Enchanted Bay 1 29 5425 Grenada Drive Waterfront At Enchanted Bay 1 30 5421 Grenada Drive Waterfront At Enchanted Bay 1 31 5417 Grenada Drive Waterfront At Enchanted Bay 1 33 5409 Grenada Drive Waterfront At Enchanted Bay 1 35 5401 Grenada Drive Waterfront At Enchanted Bay 1 37 5365 Grenada Drive Waterfront At Enchanted Bay 2 1 5640 Grenada Drive Waterfront At Enchanted Bay 2 2 5636 Grenada Drive Waterfront At Enchanted Bay 2 3 5628 Grenada Drive Waterfront At Enchanted Bay 2 4 5808 Grenada Court Waterfront At Enchanted Bay 2 5 5804 Grenada Court Waterfront At Enchanted Bay 2 6 5800 Grenada Court Waterfront At Enchanted Bay 2 7 5801 Grenada Court Waterfront At Enchanted Bay 2 8 5805 Grenada Court Waterfront At Enchanted Bay 2 9 5809 Grenada Court Waterfront At Enchanted Bay 2 10 5813 Grenada Court Waterfront At Enchanted Bay 2 11 5620 Thunder Bay Dr. Waterfront At Enchanted Bay 2 12 5616 Thunder Bay Dr. Waterfront At Enchanted Bay 2 13 5612 Thunder Bay Dr. Waterfront At Enchanted Bay 2 14 5608 Thunder Bay Dr. Waterfront At Enchanted Bay 2 15 5604 Thunder Bay Dr. Waterfront At Enchanted Bay 2 16 5600 Thunder Bay Dr. Waterfront At Enchanted Bay Page 1 of 3 WATERFRONT AT ENC]�IANTED BAY PHASE lA David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas 118 Residential Lots, 22.159 Acres Final P1atNo. FP 04-084 Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 Block Lot Street Address Subdivision 2 17 5572 Thunder Bay Dr. Waterfront At Enchanted Bay 2 18 5568 Thunder Bay Dr. Waterfront At Enchanted Bay 2 19 5564 Thunder Bay Dr. Waterfront At Enchanted Bay 2 20 5560 Thunder Bay Dr. Waterfront At Enchanted Bay 2 21 5556 Thunder Bay Dr. Waterfront At Enchanted Bay 2 22 5552 Thunder Bay Dr. Waterfront At Enchanted Bay 2 23 5548 Thunder Bay Dr. Waterfront At Enchanted Bay 2 24 5544 Thunder Bay Dr. Waterfront At Enchanted Bay 2 25 5540 Thunder Bay Dr. Waterfront At Enchanted Bay 2 26 5536 Thunder Bay Dr. Waterfront At Enchanted Bay 2 27 5532 Thunder Bay Dr. Waterfront At Enchanted Bay 2 28 5528 Thunder Bay Dr. Waterfront At Enchanted Bay 2 29 5524 Thunder Bay Dr. Waterfront At Enchanted Bay 2 30 5516 Thunder Bay Dr. Waterfront At Enchanted Bay 3 1 5621 Thunder Bay Dr. Waterfront At Enchanted Bay 3 2 5617 Thunder Bay Dr. Waterfront At Enchanted Bay 3 3 5613 Thunder Bay Dr. Waterfront At Enchanted Bay 3 4 5609 Thunder Bay Dr. Waterfront At Enchanted Bay 3 5 5601 Thunder Bay Dr. Waterfront At Enchanted Bay 3 6 5561 Thunder Bay Dr. Waterfront At Enchanted Bay 3 7 5553 Thunder Bay Dr. Waterfront At Enchanted Bay 3 8 5549 Thunder Bay Dr. Waterfront At Enchanted Bay 3 9 5545 Thunder Bay Dr. Waterfront At Enchanted Bay 3 10 5541 Thunder Bay Dr. Waterfront At Enchanted Bay 3 11 5537 Thunder Bay Dr. Waterfront At Enchanted Bay 3 12 5533 Thunder Bay Dr. Waterfront At Enchanted Bay 3 13 5529 Thunder Bay Dr. Waterfront At Enchanted Bay 3 14 5525 Thunder Bay Dr. Waterfront At Enchanted Bay 3 15 5521 Thunder Bay Dr. Waterfront At Enchanted Bay 3 16 5517 Thunder Bay Dr. Waterfront At Enchanted Bay 3 17 5513 Thunder Bay Dr. Waterfront At Enchanted Bay 3 18 5509 Thunder Bay Dr. Waterfront At Enchanted Bay 3 19 5505 Thunder Bay Dr. Waterfront At Enchanted Bay 3 20 5501 Thunder Bay Dr. Waterfront At Enchanted Bay 3 21 5424 Grenada Drive Waterfront At Enchanted Bay 3 22 5428 Grenada Drive Waterfront At Enchanted Bay 3 23 5432 Grenada Drive Waterfront At Enchanted Bay 3 24 5436 Grenada Drive Waterfront At Enchanted Bay 3 25 5440 Grenada Drive Waterfront At Enchanted Bay 3 26 5444 Grenada Drive Waterfront At Enchanted Bay 3 27 5448 Grenada Drive Waterfront At Enchanted Bay 3 28 5500 Grenada Drive Waterfront At Enchanted Bay 3 29 5504 Grenada Drive Waterfront At Enchanted Bay 3 30 5508 Grenada Drive Waterfront At Enchanted Bay Page2of3 . WATERFRONT AT ENCHANTED BAY PHASE 1A David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas 118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084 Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 Block Lot Street Address Subdivision 3 31 5512 Grenada Drive Waterfront At Enchanted Bay 3 32 5516 Grenada Drive Waterfront At Enchanted Bay 3 33 5520 Grenada Drive Waterfront At Enchanted Bay 3 34 5524 Grenada Drive Waterfront At Enchanted Bay 3 35 5528 Grenada Drive Waterfront At Enchanted Bay 3 36 5532 Grenada Drive Waterfront At Enchanted Bay 4 32 5748 Maui Drive Waterfront At Enchanted Bay 4 33 5752 Maui Drive Waterfront At Enchanted Bay 5 9 5749 Maui Drive Waterfront At Enchanted Bay 5 10 5753 Maui Drive Waterfront At Enchanted Bay 5 11 5801 Maui Drive Waterfront At Enchanted Bay 5 12 5805 Maui Drive Waterfront At Enchanted Bay 5 13 5809 Maui Drive Waterfront At Enchanted Bay 5 14 5813 Maui Drive Waterfront At Encharted Bay 5 15 5817 Maui Drive Waterfront At Enchanted Bay 5 16 5821 Maui Drive Waterfront At Enchanted Bay 5 17 5428 Saba Drive Waterfront At Enchanted Bay 5 18 5424 Saba Drive Waterfront At Enchanted Bay 5 19 5420 Saba Drive Waterfront At Enchanted Bay 5 20 5416 Saba Drive Waterfront At Enchanted Bay 5 21 5412 Saba Drive Waterfront At Enchanted Bay 5 22 5408 Saba Drive Waterfront At Enchanted Bay 5 23 5404 Saba Drive Waterfront At Enchanted Bay 5 24 5400 Saba Drive Waterfront At Enchanted Bay 6 12 5361 Saba Drive Waterfront At Enchanted Bay 6 13 5365 Saba Drive Waterfront At Enchanted Bay 6 14 5369 Saba Drive Waterfront At Enchanted Bay 6 15 5373 Saba Drive Waterfront At Enchanted Bay 6 16 5368 Grenada Drive Waterfront At Enchanted Bay 6 17 5364 Grenada Drive Waterfront At Enchanted Bay 6 18 5360 Grenada Drive Waterfront At Enchanted Bay 6 19 5356 Grenada Drive Waterfront At Enchanted Bay Page 3 of 3