HomeMy WebLinkAboutContract 28112-CA1 Cmr sECRVANY -CA
CONTRACT NO.
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Fort Worth Housing Finance Corporation ("Assignor") and Samuel
Galicia, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Fort Worth Housing Finance Corporation and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located 3100 Eastcrest Ct, Block 1, Lot 10, Eastcrest Addition
("Property") which is located in the Stop Six Neighborhood Empowerment Zone,
such Agreement approved by the City Council of Fort Worth September 10, 2002,
City Secretary Contract Number 28112 ("Agreement"):
B. 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:
C. Pursuant to that certain Special Warranty Deed dated as of August 3, 2011,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Samuel Galicia and Assignee acquired title to the real property, which is the
subject of the Agreement.
OFFICIAL RECORD
CITY SECRETARY
AGREEMENT FT. WORTH, TX
NOW THEREFORE, in consideration of the mutual tennis and conditions Herem
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.
3. Effective Date. The effective date of this Assignment is August 3, 2011("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
06-29-12 PO4 :55 IN 1
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 and Economic Development Department
1000 Throckmorton Street
Fort Worth, Texas 76102
ASSIGNEE:
Samuel Galicia
3100 Eastcrest Ct.
Fort Worth, Texas 76105
ASSIGNOR:
Fort Worth Housing Finance Corporation
1000 Throckmorton Street
Fort Worth, Texas 76102
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.
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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: Fort Worth Ho si g Finance Corporation
Name: Jesus J. Chapa
Title: Assistant General Manager
ASSIGNEE: Samuel Galicia
Name: Samuel Galicia
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CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
ATTEST: �y�ou° 0000
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8t" ity, Secretary °°°oo°oo°°°O *a
A PPR OVFD A S TO FORM AND LEGALITY:
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M_linda Ramos
Assistant City Attorney
M & C: C- 19235
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
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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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this alday of
Une., 92012.
do�� M "fl ub"�
Notary Public in and for
the State of Texas
' LNDA M.HlRRLINGER
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jesus J. Chapa,
Assistant General Manager of Fort Worth Housing Finance Corporation, 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 Fort Worth Housing Finance
Corporation. y �
IVEN UNDER MY HAND AND SEAL OF OFFICE this day of
012.
Notary Public in and
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Samuel
Galicia, 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 MY HAND AND SEAL OF OFFICE this 17'day of
201 .
Notary ublic in and f
the State of Texas
YYYW�9
MY COMMISSION EXPIRES s
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Click here to open original Microsft Word Version
City of Fort Worth, Texas
4vayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 .. . . C 19235 ' 05NEZ 3 of 3
................... ........................... ...... [. ...... ................
SUBJEcr AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH ',
THE FORT WORTH HOUSING FINANCE CORPORATION FOR THE 1
DEVELOPMENT OF SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST
SUBDIVISION LOCATED IN THE STOP SIX NEIGHBORHOOD
EMPOWERMENT ZONE
_.. . ..... .................... ...... .. .. ...... ._... ............ . ... _ ...
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the Fort Worth Housing Finance Corporation (FWHFC) application for Municipal
Property Tax Abatement for the Eastcrest Subdivision; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement
s
Agreements (the Agreements)with FWHFC are true and correct; and
3. Authorize the City Manager to enter into tax abatement agreements with FWHFC for the
development of sixteen single-family homes in the Eastcrest Subdivision located in the
Stop Six Neighborhood Empowerment Zone (NEZ), in accordance with the NEZ Basic
Incentives.
DISCUSSION:
The FWHFC is the developer/owner of the Eastcrest Subdivision in the 4700 Block of East Berry
Street and Eastcrest Court located in NEZ No. 1.
The FWHFC applied for municipal property tax abatement under the NEZ Basic Incentives (M&C
G-13208R dated June 5, 2002, M&C G-13580 dated April 2, 2002, as amended, and M&C G-
13662R dated July 23, 2002, as amended). The Housing Department has reviewed the 3
application and certified that the property meets the eligibility criteria to receive NEZ municipal
property tax abatement. The NEZ Basic Incentives offers a five-year municipal property tax
abatement of the increased value of improvements to a developer/owner of any new home
constructed within a NEZ.
Upon execution of the Agreements, the total assessed value of each home in the Eastcrest
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Subdivision used for calculating municipal property tax will be frozen for a five-year period, E
-starting on January 1, of the year following the year in which the home is sold, at the pre-
improvement value of each lot as defined by the Tarrant Appraisal District (TAD) on January 1,
2002, as follows:
o Pre-Improvement TAD Value of Improvements $ -0-
o Pre-Improvement TAD Value of Land $1,000 per lot
o Total Pre-Improvement TAD Value $1,000 per lot
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Address Legal Description
3100 Eastcrest Court Lot 10, Block 1, Eastcrest Addition
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3101 Eastcrest Court Lot 6, Block 2, Eastcrest Addition
3104 Eastcrest Court Lot 9, Block 1, Eastcrest Addition
3105 Eastcrest Court Lot 5, Block 2, Eastcrest Addition
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3108 Eastcrest Court Lot 8, Block 1, Eastcrest Addition
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3109 Eastcrest Court Lot 4, Block 2, Eastcrest Addition
3112 Eastcrest Court Lot 7, Block 1, Eastcrest Addition
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3113 Eastcrest Court Lot 3, Block 2, Eastcrest Addition
3116 Eastcrest Court Lot 6, Block 1, Eastcrest Addition
3120 Eastcrest Court Lot 5, Block 1, Eastcrest Addition
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3124 Eastcrest Court Lot 4, Block 1, Eastcrest Addition
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3128 Eastcrest Court Lot 3, Block 1, Eastcrest Addition
! 3132 Eastcrest Court Lot 2, Block 1, Eastcrest Addition
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3133 Eastcrest Court Lot 2, Block 2, Eastcrest Addition
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3136 Eastcrest Court Lot 1, Block 1, Eastcrest Addition
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3137 Eastcrest Court Lot 1, Block 2, Eastcrest Addition j
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FWHFC expects to complete construction on or before June 30, 2003, and sell the sixteen
homes to new owners. Upon the sale of each home by FWHFC, the Housing Department staff
f will present the proposed assessment of the tax abatement agreements to the City Council for
approval if the new owner meets all eligible criteria as stated in the NEZ Basic Incentives.
FWHFC will invest $1,600,000 to construct sixteen single-family homes in the Eastcrest
Subdivision. The location of the proposed development, typical elevation, and project description
are attached to this Mayor and Council Communication. The municipal property tax on the
improved value is estimated at $558 per house per year or a total of $44,640 over the five-year
period.
On August 13, 2002, the above proposal was endorsed by the Economic and Community
Development Committee for City Council approval.
The Eastcrest Subdivision is located in COUNCIL DISTRICT 5.
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I FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
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