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HomeMy WebLinkAboutContract 36796-CA1 ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Waterview Estates, L.P., Pars Investment, Inc., General Partner("Assignor") and CTMGT Waterview Estates FL-1, LLC., ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Waterview Estates, L.P., Pars Investment, Inc., General Partner and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 5809 Maui Drive; Lot 13; Block 5; 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 36796 ("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. Waterview Estates, L.P. has formed CTMGT Waterview Estates FL-1, LLC under the direction of Waterview Estates, L.P. to manage the remaining properties in Waterview Estates not yet sold to a builder. D. Pursuant to that certain Special Warranty Deed dated as of September 27, 2013 recorded under Tarrant County Deed Records, Assignor conveyed the Property to CTMGT Waterview Estates FL-I, LLC. and Assignee acquired title to the real property, which is the subject of the Agreement. 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. 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 September 27, 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 pe f shall be allocated to Assignee. OFFICIAN RECORD Assignment of Tax Abatement Contract#36796 from CITY SECRETARY RECEIVED NOV 2 O 2013 Waterview Estates, LP to CTMGT, LLC FT- WORTH, TX 1 4. Release and Surrender of AssigLior. 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. in. 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(NEZ) 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: ASSIGNEE: Waterview Estates, L.P. CTMGT Waterview Estates FL-I, L.L.C. Pars Investment, Inc., General Partner 3901 Airport Freeway, Suite 200 3901 Airport Freeway, Suite 200 Bedford, TX 76021 Bedford, TX 76021 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#36796 from Waterview Estates, LP to CTMGT, LLC 2 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 nF F RT/WORTH 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 52013. EVONiA DANIELS fo;tary Public in and for *`•�`"••".�a G =�'* M- Notary public,Siote of Texas the State of Texas 3�h � MV Commission Expires July 10, 2017 All ATT10 1T �94ai Kayser, City Secretary ' APPROVED AS TO FORM AND LEIY I Melinda Ramos Assistant City Attorney M &C: C-22514 t0f:Fj(C1A1V RF-COR®Assignment of Tax Abatement Contract#36796 fromS�CR��ARYWaterview Estates, LP to CTMGT, LLCFT ���� 3 .- ASSIGNOR: Waterview Estates, L.P., Pars Investment, Inc., General Partner �� Name: Mehrdad Moayedi Title: President STATE OF TEXAS L�j COUNTY OF TART NT § BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi of Waterview Estates, L.P., a Texas Limited Partnership, Pars Investments, Inc., General Partner, 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 Waterview Estates, L.P., a Texas Limited Partnership, Pars Investment, Inc., General Partner. N UNDER MY HAN --AND SEAL OF OFFICE thi day of 2013 01 DEBBIE RENEE LYTLE My Commission Expires ary Public in an or s g August 1, 2016 the State of Texas ASSIGNEE: CTMGT Waterview Estates FL-1, L.L.C. :21- Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS COUNTY OF TA NT § BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Waterview Estates FL-1, 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 the in stated. �� aEN UNDER MY AND D SEAL OF OFFICE this'•, day of 20 �ini rVH C' DEBBIE RENEE LYTLE My Commission Expires ry blic in and August 1, 2016 the State of Texas �tx Assignment of Tax Abatement Contract#36796 from Waterview Estates, LP to CTMGT, LLC 4 vi\..4W 4\ +YAM VY • "�J••• • ••� Offdaf site of the City of Fort Worth, Cexas CITY � CIL AGENDA �Oft� ' UIt71t COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE: 11/6/2007 REFERENCE C-22514. LOG NAME: 05ENCHANTEDBAY NO.. NOW PUBLIC CODE: C TYPE: CONSENT HEARING: NO 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 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 sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C". http://apps.cfwnet.org/council_packet/me_review.asp?ID=8145&councildate=l 1/6/2007 05/19/2009 lYic`S U -Kevzew Page L of Y 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 $2,025.00 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 INFO]RMATIONICERTIFICATION: The Finance Director certifies that this action will have no material effect on City funds. TD Fund/AccountlCenters FROM Fund/Account/Centers Submitted for City Manager's Office by: Dale Fisseler (6140) Originating Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS Continued_ Exhibit B for M&C.pdf Exhibit A for M&C.As Exhibit B for M&C.doc http://apps.cfwnet.org/co-uncil_packet/mc—review.asp?ID=8145&councildate=I l/6/2007 05/19/2009 i Final TA Agreement for M&C.doc Location Map for M&C.pdf http-//apps.cfwnet.org/council_packet/mc_review.asp?ID=8145&councildate—l l/6/2007 05/19/2009 WATERFRONT AT ENCHANTED BAY PHASE 1A David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 N Z"Ce ... -Buck Lot _- ;Street.Address.:, ' Subdivision . Maferi ebts LA-C-0001-001 1 1 5641 Grenada Drive Waterfront At Enchanted Bay Tax Abatement 1 LA-C-0001-002 1 2 5637 Grenada Drive .Waterfront At Enchanted Bay Tax Abatement LA-C-0001-003 1 4 5629 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-004 1 6 5621 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-005 1 7 5617 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-006 1 9 56091 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-007 1 10 66051 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-008 1 11 56011 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-009 1 12 55491 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-010 1 13 55451 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-011 1 14 5541 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-012 1 15 5537 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-013 1 16 5533 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-014 1 17 5529 Grenada Drive Waterfront At Enchanted Bay Tax Abatement L.A-C-0001-015 1 1 18 55251 Grenada Drive Waterfront At Enchanted Bay Tax Abatement L4-C-0001-016 1 21 55131 Grenada Drive Waterfront At Enchanted Say Tax Abatement LA-C-0001-017 1 22 55091 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-018 1 26 54411 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-019 1 27 54371 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-020 1 28 54291 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-021 1 29 54251 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-022 1 30 54211 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-023 1 31 54171 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-024 1 33 54091 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-025 1 35 54011 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-026 1 37 53651 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-027 2 1 56401 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-0-0001-028 2 2 56361 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-029 2 3 56281 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-030 2 4 58081 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-031 2 5 53041 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-032 2 6 5800 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-033 2 7 5801 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-034 2 8 5805 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-035 2 9 5809 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-036 2 10 58131 Grenada Court Waterfront At Enchanted Bay Tax Abatement LA-C-0001-037 2 11 56201 Thunder Bay Dr. Waterfront At Enchanted Say Tax Abatement LA-C-0001-038 2 12 56161 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-039 2 1 13 56121 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-040 2 1 14 5608 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-041 2 15 56041 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-042 2 16 5600 Thunder Bay Dr, Waterfront At Enchanted Bay Tax Abatement LA-C-0001-043 2 17 5572 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-044 1 2 18 1 5568 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement Page 1 of 3 WATERFRONT AT ENCHANTED BAY PHASE IA David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County,Texas Filed in Cabinet A, Slide No.11723, Plat Records,Tarrant Co., Texas on 02/23107 NE7t :"'srd6kb.6d" -t& tfi&dtVf �kwm IAbatsmont LA-C-0001-045 2 19 55641 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-046 2 20 55601 Thunder Bav Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-047 2 21 5556 Thunder Bay Dr. Waterfront At Enchanted Ba Tax Abatement LA-C-0001-048 2 22 15552 Thunder Say Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-049 2 23 15548 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-050 2 24 15544 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-051 2 25 55401 Thunder Bay_Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-052 2 26 5536 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-053 2 27 5532 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-054 2 28 5528 Thunder Bay Dr. Water-front At Enchanted Bay Tax Abatement LA-C-0001-055 2 29 5524 Thunder Bay Dr. Water-front At Enchanted Bay Tax Abatement LA-C-0001-056 2 30 155161 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-057 3 1 56211 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-058 3 2 5617 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement, LA-C-0001-059 3 3 5613 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-060 3 4 5609 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-061 3 5 5601 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-062 3 6 55611 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-063 3 7 155531 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-064 3 8 55491 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-065 3 9 55451 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-066 3 10 55411 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-067 3 11 5537 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-068 3 12 5533 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-069 3 13 5529 Thunder Bay Dr. Waterfront At Enchanted Say ;Tax Abatement LA-C-0001-070 3 14 5525 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-071 3 15 15521, Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-072 3 16 155171 Thunder Bay Dr. Waterfront At Enchanted Ba Tax Abatement LA-C-0001-073 3 17 5513 Thunder Say Dr. Water-front At Enchanted Bay Tax Abatement LA-C-000 1-074 3 18 5509 Thunder Ba Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-075 3 19 5505 Thunder Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-076 3 20' 5501 Thunder_Bay Dr. Waterfront At Enchanted Bay Tax Abatement LA-C-0001-077 3 21 154241 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-078 3 22 154281 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-079 3 23 5432 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-080 3 24 5436 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-081 3 25 5440 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-0-0001-082 3 26 5444 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-083 3 27 154481 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-084 3 28 55001 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-085 3 29 5504 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-086 3 30 5508 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-087 3 31 5512 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-088 3 32 5516 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-089 3 .1 33155201 Grenada Drive lWaterfront At Enchanted Bay_ Tax Abatement LA-C-0001-090 3 1 34 155241 Grenada Drive lWaterfront At Enchanted Bay ITax Abatement Page 2 of 3 WATERFRONT AT ENCHANTED BAY PHASE IA David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas Filed in Cabinet A, Slide No.11723, Plat Records,Tarrant Co., Texas on 02/23/07 NEZ G6rL# Slbb-,C Lat . Btre #: kc[dibs`9=: �, ..,, slur '. Abatements. LA-C-0001-091 3 35 552$ Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-092 3 36 5532 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-093 4 32 5748 Maui Drive Waterfront At Enchanted Bay Tax Abatement i_A-C-0001-094 4 33 5752 Maui Drive Waterfront At Enchanted Bay Tax Abatement i*A-C-0001-095 5 9 57491 Maui Drive Waterfront At Enchanted Ba Tax Abatement i..A-C-0001-096 5 10 5753 Maui Drive Waterfront At Enchanted Bay, Tax Abatement f-A-C-0001-097 5 1 11 5801 Maui Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-098 5 12 J5806 Maui Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-099 5 13 5809 Maui Drive. Waterfront At Enchanted Ba Tax Abatement LA-C-0001-100 5 14 5813 Maui Drive Waterfront At Enchanted Bay Tax Abatement l..A-C-0001-101 5 15 5817 Maui Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-102 5 16 5821 Maui Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-103 5 17 5428 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0.001-104 5 18 5424 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-105 5 1 19 5420 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-106 5 20 5416 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-107 5 21 5412 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-108 5 22 5408 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-109 5 23 54041 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-110 5 24 54001 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-111 6 12 53611 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-112 6 13 5365 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-113 6 14 5369 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-114 6 15 5373 Saba Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-115 6 16 5368 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-116 6 17 53641 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-117 6 18 53601 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001-118 6 19 5356 Grenada Drive Waterfront At Enchanted Bay Tax Abatement LA-C-0001 1 38 "5351 Grenada 06V4 'wbterfront At`Erichanted: Ba No"Abatement LA-C-0001 1 39 5357 Grenada Drive' Waterfront At Enchanted Bay Flo Abatement`:: LA7C-0.001 1 38 5369 'Grenada Drive Waterfront:At,Ertcl anted Ba - No Abater ie6t 1-A-C-0001 1 34 54051 Grenada Drive WatWrdnt`At Enchanted Bay No Abatement : LAC''0001 1 32 5413 Grenada Drive. Waterfront At Enchanted Bay No Abatement: . LAC-0001 1 23" 5505 Grenada brtve :' 1Ntite -r-on' 'At.Enchanted Sa N6,Abatement _. LA-C=0031 : 1 :: �24 '.5501 "Grenada_drive Waterfront-AtZ:richanted, Bay. N'o:Abatement LA-C-0001 1 25 54:45 Grenada Drive Waterfront-At Enchanted Ba No Abatement "Gi' nada'Drive Waterfront At.:Eri:chanted.:Ba No AlSaterrient LA-C-0001 1 20 .551.T 'Grenada:Drive Waterfront At Ehghanted�'Bay,: No Abatement LA-C-0001:.� 1 8 :. 56 f 3 Grenada Drive:.. Waterfro_m At,Enchanted Bay. Nd:Abatement. LA-C-0001: 1:, 5 5625 Grenada Drive W6terfront-At Enchanted Bay No Abatement 3 , '5633 .Grenada Drive: . Waterfront At Enchanted Bay Na Abatement Page 3 of 3 EXHIBIT "C" FORT WORTH Application No. LA- Qoo CITY OF FORT WORTH NEIGHBORHOOD EMPOWERMENT ZONE (NEZ) PROGRAM PROJECT CERTIFICATION APPLICATION FORM C FOR DEVELOPMENT PROJECTS I. APPLICATION CHECK LIST Please submit the following documentation: R`� A completed application form [v]F A list of all properties owned by the applicant in Fort Worth, [ Application fee — cashier's check or money order payable to the City of Fort Worth (For tax abatement applications only. For multifamily, commercial, industrial, commercial facilities, and mixed-use tax abatement applications: 0.5% of the total Capital Investment of the project, not to exceed$1,000.00;For single family tax abatement applications: $25 per house) Proof of ownership, such-as a warranty deed, affidavit of heirship, or a probated will OR evidence of site control, such as option to buy (A registered warranty deed is required for tax abatement application.) ❑ Title abstract of the property (only if applying for release of City liens) iv 1. ' A completed set of development plan, project description and development budget or contractor's quote ❑ Support letter from Woodhaven Neighborhood Association and Woodhaven Community Development Corporation(For projects located in Woodhaven NEZ only) Ai/A INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED FOR CERTIFICATION UNTIL ALL REQUIRED DOCUMENTS SHOWN IN THE ABOVE CHECKLIST ARE SUBMITTED WITHIN 30 DAYS AFTER THE APPLICATION IS RECEIVED. YOU MUST APPLY FOR TAX ABATEMENT BEFORE ANY BUILDING PERMITS ARE ISSUED FOR YOUR PROPERTY AND BEFORE ANY IMPROVEMENTS ARE MADE TO YOUR PROPERTY. IT TAKES 30 TO 90 BUSINESS DAYS TO COMPLETE THE TAX ABATEMENT AGREEMENT APPROVAL PROCESS AFTER THE ISSUANCE OF NEZ CERTIFICATION DEPENDING ON THE COMPLEXITY OF YOUR PROJECT. II. APPLICANT/AGENT INFORMATION 1. AppIicant: Waterview Estates,L.P. 2. Contact Person: Russ6 i Slovak 3. Address: 3901 Airport Frw y,Suite 200 Redford 'TX 76021 Street City State Zip 4. Phone no.: 817-391-2500 5. Fax No.: 817-391-2502 6. Email: russell@dfwdevelopment.net 7. Agent(if any) 8. Address: Street City State Zip, 9. Phone no.: 10. Fax No.: 11. Email: If you need further information or clarification, please contact Jamie Warner at (817) 392-7507 or Sarah Odle at (817)392-7316. 1 " FORT WORTH III. PROJECT ELIGIBILITY 1. Please list down the addresses and legal descriptions of the project and other properties your. organization owns in Fort Worth. Attach metes and bounds description if no address or legal description is available. Attach an exhibit showing the location of the project. Table I Property Ownership Address Zip Legal Description Code Subdivision Name Lot No. Block No. (Project Location) 50 acres along the west bank of Lake Arlington, 76119 The Waterfront at Enchanted adjacent to Sun Valley Addition Bay(proposed) 268 proposed lots (see attached metes and bounds description) (Please attach additional sheets of paper as needed.) 2. For each properties listed in Table 1,please check the boxes below to indicate if: ® there are taxes due; or there are City liens; or ® you have been subject to a Building Standards Commission's Order of Demolition where the property was demolished within the last five years. Table 2 Property Taxes and City Liens Address Property City Liens on Property Taxes Weed Board-up/Open Demolition Paving Order of Due Liens Stucture Liens Liens Liens Demolition ❑ ❑ ❑ ❑ ❑ ❑ Prop.Waterfront at Enchanted Bay ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ I ❑ ❑ ❑ ❑ ❑ (Please attach additional sheets of paper as needed.) 3. Do you own other properties under other names? ❑Yes D}rNo If Yes,please specify (See attached letter regarding other properties) 4. Does the proposed project conform with City of Fort Worth Zoning? Yes P P P j t3' g• . If no, what steps are being taken to insure compliance? (see attached zoning letterr 'm r. 5. Project Type: [eo ❑ ❑ ❑ ❑ Single Multi- Commercial Industrial Community Mixed-Use . Family Family Facilities 2 FORT WORTH 6. If your project is a commercial, industrial, or mixed-use project, please describe the types of businesses that are being proposed: N/A 7. Is this a new construction or rehab project? [ New-Construction ❑Rehab 8. How much is the total development cost of your project? approx. $5,000,000 (including land) 9. Will the eligible rehabilitation work* equal to at least 30% of the Tarrant Appraisal District (TAD) assessed value of the structure during the year rehabilitation occurred? P!/h ❑ Yes ❑No * Eligible rehabilitation includes only physical improvements to real property. It does NOT include personal property such as furniture, appliances, equipment, and/or supplies. Total eligible rehabilitation costs shall equal to or exceed 30%of the TAD appraised value of the structure during the year rehabilitation occurs. 10. How much is the total square footage of your project? 49.752 Acres square feet 11.For a single family homeownership, mixed-use, or multi-family development project,please fill out the number of residential units based on income range of owners or renters in the following table. Table 3 Number of Residential Units and Income Range of Owners or Renters Num cr.of Units Percezatage . Incorne RngO., > 80% of AWI** At,or below 80%of AMFI Total.Units - - **AMFI:Area Median Family Income. Please see attachment for income and housing payment guidelines. 12. For a multifamily prWgct to be qualified for tax abatement, at least 20% of total units shall be affordable to families at or below 80% of AMFI. Check the box if you are requesting a waiver of this . requirement. ❑ 13. For a commercial industrial or communily facilities prolect, indicate square footage of non- residential space. Commercial Industrial Community Facilities square feet square feet square feet PLEASE ANSWER QUESTIONS NO.14 TO NO. 16 ONLY IF YOU ARE APPLYING FOR TAX ABATEMENT. 14. How much will be your Capital Investment"* on the project? Please use the following table to provide the details and amount of your Capital Investment(Attached additional sheets if necessary). Table 4 Capital Investment of the Project Items :: Amount N6tes S e AC• %,& 4't : or PhaS a I NO' r- 2" Ph s.-z " 8 Joy, Costs 1 u a$ T cr aq, 3s-y VIM Lem& i n of tel Total 35�:. 3 FORT WORTH ***Capital Investment includes only real property improvements such as new facilities and structures, site improvements, facility expansion, and facility modernization. Capital Investment DOES NOT include land acquisition costs and/or any existing improvements,or personal property(such as machinery,equipment,and/or supplies or inventory). 15. For a commercial, industrial, communi , facility or mixed-use project, how many employees will the project generate? N/A 16. For a mixed use project,please indicate the percentage of all uses in the project in the following table. Table 5 Percentage of Uses in a Mixed-Use Project Type Square Footage Percentage Residential Office Eatin Entertainment Retail sales Service Total IV. INCENTIVES 1.What incentives are you applying for? Municipal Property Tax Abatements 9 5 years ❑ More than 5 years Development Fee Waivers Or All building permit related fees(including Plans Review and Inspections) [If Plat application fee (including concept plan,preliminary plat, final plat, short form replat) ❑ Board of Adjustment application fee ❑ Demolition fee ❑ Structure moving fee Community Facilities Agreement(CFA) application fee ❑ Zoning application fee Street and utility easement vacation application fee Impact Fee Waivers EOr Impact fee waiver Meter Size ? How many meters? 268 ��yP SrY+�te -Fum;�� resi�er�ce.� Release of City Liens ,v . ❑ Weed liens ❑ Board up/open structure liens �ti� '' ��� Demolition liens ''@'u'L plp q no� . ❑ Paving liens 4 FORT WORTH V. ACKNOWLEDGMENTS I hereby certify that the information provided is true and accurate to the best of my knowledge. I hereby acknowledge that I have received a copy of NEZ Basic Incentives, which governs the granting of tax abatements, fee waivers and release of City liens, and that any VIOLATION of the terms of the NEZ Basic Incentives or MISREPRESENTATION shall constitute grounds for rejection of an application or termination of incentives at the discretion of the City. I understand that the approval of fee waivers and other incentives shall not be deemed to be approval of any aspect of the project. I understand that I am responsible in obtaining required permits and inspections from the City and in ensuring the project is located in the correct zoning district. I understand that my application will not be processed if it is incomplete. I agree to provide any additional information for determining eligibility as requested by the City. Russell E.Slovak q( (TYPED NAME) (AUTHORIZED SIGNATURE) (DATE) Please:mail`or fax PP your a heaiaon to Y City a Fort Waxtb,Hdii -Deparfth ., . 1004 Throclzixiorton'Street,Fort Worth,Texas 76102 (817) Electronic version of this form is available by request. Please call 817-392-7507 to request a copy. For more information on the NEZ Program,please visit our web site at www.fortworthgov.org/housing. For Office Use Only Application No. In which NEZ? t Council District R Application Completed Date(Received Date): Conform with Zoning? Yes ❑No �6� `� Type? [A SF ❑ Multifamily ❑Commercial ❑Industrial ❑Community facilities ❑Mixed-Use Construction completion date? ❑Before NEZ[4After NEZ Ownership/Site Control ❑Yes O No TAD Account No. Consistent with the NEZ plan? ❑Yes ❑No Meet affordability test? ❑Yes [:]No Minimum Capital Investment? ❑Yes ❑No Rehab at o(higher than 30%7f 16,A [ Yes ❑No Meet mixed-use definition? ❑Yes ❑No Tax current on this property? ❑Yes ❑No Tax current on other properties? ❑Yes ❑No City liens on this property? City liens on other properties? v Weed liens ❑Yes ❑No a Weed liens ❑Yes ❑No ® Board-up/open structure liens ❑Yes ❑No * Board-up/open structure liens ❑Yes ❑No ® Demolition liens ❑Yes ❑No r Demolition liens ❑Yes ❑No ® Paving liens ❑Yes ❑No • Paving liens ❑ Yes ❑No ® Order of demolition ❑Yes ❑No • Order of demolition ❑Yes ❑No Certified? ❑Yes ❑No Certified by Date certification issued? If not certified_ reason r, U Kl 6� F Referred to: ❑Economic Development ❑Housing ❑Development ❑Water o g ,,, Revised February 16,2004 �, 5 JORT WORTH ATTACHMENT INCOME AND HOUSING PAYMENT GUIDELINES Family Size 80% of Median Income* Maximum Housing Payment Affordable for _ Individuals or Families at 80% of Median Income 1 $35,100 $877 2 $40,150 $1,003 3 $45,150 $1,128 4 $50,150 $1,253 5 $54,150 $1,353 6 $58,200 $1,455 7 $62,200 $11555 8 $66,200 $1,655 *Source: 2004 Fort Worth-Arlington PMSA HUD Income Guidelines Fo Off SKANT'A Y T - 6 Exhibit D Project Description Single-Family Home—New Construction Minimum of 1200 square feet of living space Minimum of 3 Bedrooms-Each additional bedroom must be at least 200 square feet Minimum of l '/z Bathrooms Garage 70% Mortared Brick A selection of floor plans G® ®f Fort W©rlhf Togas Mayor and Cou cHH Communication COUNCIL ACTION: Approved As Amended on 111612007 GATE: Tuesday, November 06, 2007 LOG NAME: 05ENCHANTEDBAY REFERENCE NO.: C-22514 SU13JECT: 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 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 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 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 $2,025.D0 Total Pre-improvement Estimated Value $2,025.00 Logname: 60SOUTHWEST Page 1 of 2 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/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office by: Dale Fisseler (6140) Originating Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) Logname: 60SOUTHWEST Page 2 of 2