HomeMy WebLinkAboutContract 36830-CA2 7 ol—ly SECRETAW
CONTRACT NO1
�6NS ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into by
(-and between CTMGT Waterview Estates FL-1, 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 5404 Saba Drive; Lot 23; 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 36830
("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 36830-CAL
D. Pursuant to that certain Special Warranty Deed dated as of September 11, 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:
I. 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.
Z
C� 3. Effective Date. The effective date of this Assignment is September 11, 2015,
("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 an
OFFICIAL RECORD
Assignment of Tax Abatement Contract#36830-CA1 from CITY SECRETARY
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC FT. WORTHY TX
1
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
Neighborhood Services Department(NEZ)
1000 Throckmorton
Fort Worth,Texas 76102
ASSIGNOR: ASSIGNEE:
CTMGT Waterview Estates, FL-1, LLC Impression Homes, L.L.C.
3901 Airport Freeway, Suite 200 P.O. Box 92726
Bedford, TX 76021 Southlake, Texas 76092
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.
[OFFICIAL RECORD
CITY SECRETARY
Assignment of Tax Abatement Contract#36830-CA1 from FT. WORTH, TX
CTMGT Waterview Estates FL-1, LLC to Impression Homes, I.A.C.
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 OF FORT 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
2015.
Notary ub 'c and for °'a P��% TRIKINYA L. JOHNSON
the State o exas �_ a`�= Notary Public,Store of Texas
My Commission Expires
e ®Rr April 17, 2018
A S :
_g °3:
ary Kay it e tary
'rE�p`
APPROVED AS TO FORM AND L Y:
Melinda Ramos
Sr. Assistant City Attorney
M& C: C-22514
OFFICIAL RECORD
CITY SECRETARY
Assignment of Tax Abatement Contract#36830-CA1 from FT, WORTH, TX
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
3
ASSIGNOR: CTMGT Waterview Estates FL-1, LLC
— '�L J=� "=ez
Name: Mehrdad MoUedi
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TAnIURft §
Dal Ci S
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
therein stated and as the act and deed of CTMGT Waterview Estates FL-I, L.L.C.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this - It day of
2015.
LAURA L WAYLAND
My Commission Expires
Notary Public in and for July 14.2016
the State of Texas
ASSIGNEE: Impression Homes, L.L.C.
Name: Bruce Heikkinen
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on t ' day personally appeared Bruce Heikkinen,
Managing Member of Impression Homes, . C. known to me to be the person whose name
is subscribed to the foregoing instrume , and acknowledged to me that he executed the same
for the purposes and consideration rein expressed, in the capacity therein stated.
GIVEN UNDER Y HAND AND SEAL OF OFFICE this _ day of
, 2015.
Notary Public i and for OFFICIAL RECORD
the State of Texas CITY SECRETARY
FT.WORTH,TX
Assignment of Tax Abatement Contract#36830-CA1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
4
ASSIGNOR: CTMGT Waterview Estates FL-1, LLC
Name: Mehrdad MoUedi
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, this day personally appeared Mehrdad Moayedi,
Managing Member of CTMGT Wate iew Estates FL-1, 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 p oses and consideration therein expressed, in the capacity
therein stated and as the act deed of CTMGT Waterview Estates FL-1, L.L.C.
GIVEN UNDE MY HAND AND SEAL OF OFFICE this day of
92015.
Notary Public in and for
the State of Texas
ASSIGNEE: Im essio mes, L.L.C.
Name: ce Heikkinen
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TARRANT §
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.
GIVEN DER MY HAND AND SEAL OF OFFICE this L day of
2015.
Notary Public in and for OFFICIAL RECORD
the State of Texas
CITY SECRETARY
FT.WORTH,TX
Assignment of Tax Abatement Contract#36830-CA1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
4
M&C Review
COUNCIL ACTION: Approved As Amended on 11/6/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NO.:
CODE: C TYPE: NON- PUBLIC NO
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 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
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M&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 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 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)
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M&C Review
ATTACHMENTS
Continued ExNbmt B for M& p_df
Exhibit A for M&C.xls
Exhibit B for M&C.doc
Final TA Agreement for M&C.doc
Location Matt for M&C.pdf
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Exhibit "A"
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
1 1 5641 Grenada Drive Waterfront At Enchanted Bay
1 2 5637 Grenada Drive Waterfront At Enchanted Bay
1 4 5629 Grenada Drive Waterfront At Enchanted Bay
1 6 5621 Grenada Drive Waterfront At Enchanted Bay
1 7 5617 Grenada Drive Waterfront At Enchanted Bay
1 9 5609 Grenada Drive Waterfront At Enchanted Bay
1 10 5605 Grenada Drive Waterfront At Enchanted Bay
1 11 5601 Grenada Drive Waterfront At Enchanted Bay
1 12 5549 Grenada Drive Waterfront At Enchanted Bay
1 13 5545 Grenada Drive Waterfront At Enchanted Bay
1 14 5541 Grenada Drive Waterfront At Enchanted Bay
1 15 5537 Grenada Drive Waterfront At Enchanted Bay
1 16 5533 Grenada Drive Waterfront At Enchanted Bay
1 17 5529 Grenada Drive Waterfront At Enchanted Bay
1 18 5525 Grenada Drive Waterfront At Enchanted Bay
1 21 5513 Grenada Drive 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 ENCHANTED BAY
PHASE IA
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
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
Page 2 of 3
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
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 Enchanted 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