HomeMy WebLinkAboutContract 36778-CA1 CITY SECRET
ASSIGNMENT OF TAX ABATEMENT AGREEMNTRACT NO„
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
Impression Homes, L.L.C., ("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 5528 Thunder Bay Drive ; Lot 28; 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 36778
("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 June 3, 2013 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.
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 June 3, 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 period thereafter shall be
allocated to Assignee.
OFFICIAL RECORD
CITY SECRETARY
FT.WORTHo TX
Assignment of Tax Abatement Contract#36778 from Waterview Estates, LP to Impression
Homes, LLC
1
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
Housing and Economic Development Department (NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR: ASSIGNEE:
Waterview Estates, L.P. Impression Homes, L.L.C.
Pars Investment, Inc., General Partner P.O. Box 1838
3901 Airport Freeway, Suite 200 Keller, Texas 76244
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#36778 from Waterview Estates, LP to Impression
Homes, LLC
2
10. Bindiniz 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.
GIVE UNDER MY HAND AND SEAL OF OFFICE this day of
2013.
EVONIA DANIELS
,`4PkY AV�ii
otary Public in an for ?$ Notary Public,state of Texas
My Commission Expires
the State of Texas a ;;'',o „ July 10, 2017
ATTEST: ® >:
y , Secretary 4
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APPROVED AS TO FORM AND LEGALI
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Melinda Ramos
Assistant City Attorney
M& C: C-22514 OFFICIAL RECORD
CITY SECRETARY
FT.WORTHS TX
Assignment of Tax Abatement Contract 436778 from Waterview Estates, LP to Impression
Homes, LLC
3
ASSIGNOR: Waterview Estates, L.P., Pars Investment, Inc., General Partner
Name: Mehrdad Moayedi
Title: President
STATE OF TEXAS §
COUNTY OF TARRAN
BEFORE ME, the undersigned autho ' on th' day personally appeared Mehrdad Moayedi
of Waterview Estates, L.P., a Texas Lim Partnership, Pars Investments, Inc., General
Partner, known to me to be the person w se na is subscribed to the foregoing instrument,
and acknowledged to me that he exec ed the same the purposes and consideration therein
expressed, in the capacity therein ted and as the act an deed of Waterview Estates, L.P., a
Texas Limited Partnership, Par nvestment, Inc., General P
GIVEN UNDE Y HAND AND SEAL OF OFFICE t ' day of
, 2013.
Notary Public i and for
the State of Texas
ASSIGNEE:jressioomes, L.L.C.
Name: tffuce 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 U /
-UNDER MY HAND AND SEAL OF OFFICE this SO day of
2013.
1�f 10 kA
Notary Public m and for
the State of Texas f z KERI KEIS
*" MY COMMISSION EXPIRES
ysRr, June 19,2017
oil
Assignment of Tax Abatement Contract#36778 from Waterview Estates, LP to Impression
Homes, LLC
4
ASSIGNOR Waterview Estates,L.P.,Pars Investment,Inc.,General Partner
. d==� /'/ — - / —
Name: Mehrdad Mo vedi
Title: President
STATE OF TEXAS §
COUNTY O T §
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.
EN UNDER MY HAND AND SEAL OF OFFICE_tts, f
r0 .2013.
".r0 so"
`' LAURA L WAYLAND
No blic in and for My Commission Expires
July 14, 2016
the State of Texas
ASSIGNEE:Impression Homes,L.L.C.
Name: Bruce Nikkinen
Title: Mana 'n ember
STATE OF TEXAS §
COUNTY OF TARRANT
BEFORE ME,the undersigned au ty, on this day personally appeared Bruce Heikkinen,
Managing Member of Imp ressi Or es,L.L.C.known to me to be the person whose name
is subscribed to the forego instrument and acknowledged to me that he executed the same
for the purposes and co ' eration therein tressed,in the capacity therein stated.
GIVEN ER MY HAND AN SEAL OF OFFICE this _ day of
2013.
Notary Public in and for
the State of Texas
Assignment of Tax Abatement Contract 436778 from Waterview Estates,LP to Impression
Homes,LLC
4
M&C Review Pagel of 3
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA Fbl
gWORTH
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/mc review.asp?ID=8145&councildate=l1/6/2007 8/20/2013
M&C Review Page 2 of 3
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)
Oriainatina Department Head: Jerome Walker(7537)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
Continued Exhibit B for M&C.pdf
Exhibit A for M&C.xls
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=8145&councildate=l 1/6/2007 8/20/2013
M&C Review Page 3 of 3
Exhibit B for M&C.doc
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=ll/6/2007 8/20/2013