HomeMy WebLinkAboutContract 46559-A1 -'" 3 4 5
6 CITY SECRETARY
�'-RACT NO. 4 W52—111
c) 2`ld�g j`` AMENDMENT
TO CITY SECRETARY CONTRACT NO. 46559
NEIGHBORHOOD EMPOWERMENT ZONE
TAX ABATMENT AGREEMENT
2521 Frazier Avenue
9� PC
This AMENDMENT TO CITY SECRETARY CONTRACT NO. 46559,
NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT AGREEMENT is
made and entered into by and between the CITY OF FORT WORTH (the "City"), a municipal
corporation of Tarrant County, Texas, acting herein by and through Fernando Costa, its duly
authorized Assistant City Manager, and CREST BERKELEY TIC I, LLC, Delaware limited
liability company, CREST BERKELEY TIC II, LLC, a Delaware limited liability company,
and CREST BERKELEY TIC III, LLC, a Delaware limited liability company (collectively,
"Owner").
RECITALS
WHEREAS,the City of Fort Worth("City") and Owner's predecessor in interest made and
entered into City Secretary Contract No. 46559 (the "Agreement") to authorize a Neighborhood
Empowerment Zone ("NEZ") tax abatement agreement for the property located at 2521 Frazier
Avenue, Fort Worth, Texas 76110; and
WHEREAS, the Agreement provides that the "Abatement Beginning Date" shall begin on
January 1 of the year following the Compliance Auditing Term;and
WHEREAS, it advisable to execute this Amendment to the Agreement to revise the
Agreement to revise the "Abatement Beginning Date" to begin in 2019 and terminate in 2023 to
provide for the full realization of the five year abatement period.
NOW THEREFORE, City and Owner, acting herein by and through their duly authorized
representatives,enter into the following that amends the Agreement:
1.
Section 2.5 Terms is hereby amended to revise the "Abatement Beginning Date"to 2019, to
read as follows:
2.5 Terms.
January 1 of the year following the year in which a final certificate of occupancy is
CSC No.46559 NEZ Tax Abatement Amendment 1 of4
Berkeley Apartments Phase 11 LLC
®FF6CIAL REC Ri=
CITY SECRETARY
FT. WORTH,T
issued for the Required Improvements will constitute the start of auditing for compliance of this
Agreement ("Compliance Auditing Term"). Taxes will not be abated during the first year of the
Compliance Auditing Term. The term of the Abatement benefit (the "Term") shall begin on
January 1, 2019 ("Abatement Beginning Date"). Unless sooner terminated as herein provided, the
Term and the Compliance Auditing Term shall end on the December 31, 2023. Information for the
last Compliance Auditing Term shall be submitted as indicated in Section 3.3.
2.
All other provisions of the Agreement and Exhibits which are not expressly amended herein
shall remain in full force and effect.
EXECUTED on this the IZd day of A.,!—st 12019.
CITY OF FORT WORTH:
Fernando Costa �7
Assistant City Manager
Mary J. Oy4er, City Secretary , A"
Approved as to Form Legality:
J V� V,--,
Melinda Ramos
Senior Assistant City Attorney
CREST BERKELEY TIC I,LLC,
a Delaware limited liability company
By: Crest Opportunity X, Inc.,
a Texas corporation, its Manager
By: ,7 6�'-- ga,,,
Printed ame:Kevin K. Braun
Title: Vice President
OFFICIAL RKORD
CSC No.46559 NEZ Tax Abatement Amendment gip }
Berkeley Apartments Phase II LLC CITY SE TARP
FT. WORTH,TX
CREST BERKELEY TIC II,LLC,
a Delaware limited liability company
By: Crest Opportunity X, Inc.,
a Texas,corporation, its Manager
By:
/L"-
Printed Name:Kevin K. Braun
Title: Vice President
CREST BERKELEY TIC III,LLC,
a Delaware limited liability company
By: Crest Opportunity X, Inc.,
a Texas corporation, its Manager
By:
Printed ame: Kevin K. Braun
Title: Vice President
CSC No.46559 NEZ Tax Abatement Amendment OFFICIAL RECORD
of4
Berkeley Apartments Phase 11 LLC CITY SECRETARY
F'r. WORTH,TX
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of
Texas, on this day personally appeared Fernando Costa, known to me to be the person whose
name is subscribed to the foregoing instrument, and acknowledged to me that he/she executed
the same for the purposes and consideration therein expressed, as the act and deed of the CITY
OF FORT WORTH, and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2019.
`Mr LAUREN ROSALES
Notary ID# 124818929
My Commission Expires Notary Public, State of Texas
'N Of 6 May 10,2020
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of
Texas, on this day personally appeared Kevin K. Braun, Vice President of Crest Opportunity X,
Inc., in its capacity as manager for Crest Berkeley TIC I, LLC, Crest Berkeley TIC I1, LLC, and
Crest Berkeley TIC III, LLC, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he/she executed the same for the purposes
and consideration therein expressed, and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this c day of
_LbAt".00 , 2019.
/ r SUSAN TANDUKAR Notary Public, State of Texas
r Notary ID# 124984311
My Commission Expires
�,\ 5 October 20,2020
E p IEy
7
CSC No.46559 NEZ Tax Abatement Amendment rCFT.
9'IAL RECURI
Berkeley Apartments Phase II LLC
Y SECRETARY .WORTH, TX