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NTRAGR NO 38
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between. John Robert Tarasar ("Assignor") and Donald Ray Stutts, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. John Robert Tarasar and the City of Fort Worth, Texas (the "City") entered into
that certain Tax Abatement Agreement ("Agreement") for Property Located 730
The Heights Drive, Block 3, Lot 3, Woodhaven Heights Addition, to the City of
Fort Worth, Tarrant County, Texas, according to the Map thereof recorded in
Volume 388410, Page 10, of the Map Records of Tarrant County, Texas.
Together with Certificates of Correction recorded in Volume 6180, Page 930 and
Volume 6190, Page 642, Deed Records, Tarrant County, Texas. ("Property")
which is located in the Woodhaven Neighborhood Empowerment Zone, such
Agreement approved by the City Council of Fort Worth June 19, 2007, City
Secretary Contract Number 35596 ("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 October 22, 2008
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Donald Ray Stutts and Assignee acquired title to the real property, which is the
subject of the Agreement.
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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 October 22, 2008
("Effective Date"). All rights, duties and obligations under the Agreement-ar-icing,-.—.�_.
accruing or relating to the period before the Effective Date are allocated to Assignor BARD
CITY
SECRETARY
FT. WORTFI, TX
05-27-09
1
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
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 Department (NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNEE:
Donald Ray Stutts
730 The Heights Drive
Fort Worth, Texas 76112
ASSIGNOR:
John Robert Tarasar
746 Haven Lane
Fort Worth, Texas 76112
2
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.
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: John Robert Tarasar
ASSIGNEE: Donald Ray Stuffs
Name: Donald RaA Stuffs
CITY OF FORT WORTH
;7c T.M. Higgins
Assistant City Manager
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
Charlene Sanders
Assistant City Attorney
M & C: C-22202
®�FICIAL REGARD
CITY SECRETARY
FT. WORTH, TX
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared T.M.
Higgins, 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
4A / 5_20Cq
Notarly Public iri and for
the State of Texas
AND SEAL OF OFFICE this day of
NOTARY PUBLIC
+g STATE OF TEXAS
OF SF' My Comm. EXP. 12-14.2009
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared John Robert
Tarasar, 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
Notary Publ i
the State of )
ER MY HAND AND SEAL OF OFFICE this �`� day of
2008.
for
Notary Pptiic
NAWAY
state of Texas
Comm. expirts
""
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Donald Ray
Stuffs, 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.
GNEN UNDER MY HAND AND SEAL OF OFFICE this � day of
ty /) , . 2008.
Notary Pub 'c 1 d for rpt�Y PUg� VVI`f Fitt J�/1� f)u�;" NMWAI
the State of ex Notary Public
St-ata of Texas
Comm. CxrAres 11.04.2011
lR1
M&C Review Page 1 of 2
Official site of the City of Fort Worth, Texas
SORT ��ORTlt
COUNCIL ACTION: Approved on 6/19/2007
RECOMMENDATION:
It is recommended that the City Council:
1. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with John Robert Tarasar are true and correct; and
2. Authorize the City Manager to enter into afive-year Tax Abatement Agreement with John Robert
Tarasar for the property at 730 The Heights Drive in the Woodhaven Neighborhood Empowerment
Zone (NEZ) in accordance with the NEZ Tax Abatement Policy and Basic Incentives.
DISCUSSION:
John Robert Tarasar is the owner of the property at 730 The Heights Drive (Block 3, Lot 3,
Woodhaven Heights Addition), which is located in the Woodhaven NEZ and Neighborhood
Empowerment Reinvestment Zone (NERZ No. 10). John Robert Tarasar has applied for afive-year
municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives
(Resolution No. 3487, 05-2007). The NEZ Basic Incentives offers afive-year municipal property tax
abatement on the increased value of improvements to the qualified owner of any new construction or
rehabilitation 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.
The owner plans to invest a minimum of $15,000.00 to rehabilitate a single family home in the
Woodhaven NEZ. A description of the work to be done and pictures of the current state of the
property are attached as Exhibit "A." The Tax Abatement Agreement is attached as Exhibit "B."
Upon execution of the Agreement, the total assessed value of the home used for calculating
municipal property tax will be frozen for afive-year period, starting on January 1, 2008, at the pre -
improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2007 as follows:
Pre -improved TAD value of improvements $ 31500.00
Pre -improved TAD value of land $10,000.00
Total pre -improvement estimated value $ 41500.00
http://apps.cfwnet.org/council�acket/mc_review.asp?ID=7842&councildate=6/19/2007 03/27/2009
M&�' Review
Page 2 of 2
The municipal property tax on the improved value of the home after its rehabilitation is estimated
at $129.00, per year, for a total of $645.00 over the five-year period. 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 John Robert Tarasar's first mortgagee, or to a homebuyer who will use the
required improvements as his/her primary residence, or to that homebuyer's mortgagee. All other
assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 4.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/AccountlCenters
Submitted for City Manager's Office b�
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
730 Heights 1-A.jpg
730 Heights 2-A.jpg
730 Heights 3-A.jpg
730 Heights 4-A.jpg
730 Hey hts 5-A. jpg
730 Heights 6-A.jpg
730 The Heights Drive Map.pdf
Abatement Agreement for M&C.doc
_-� � G �• ,
FROM Fund/Account/Centers
Dale Fisseler (6140)
Jerome Walker (7537)
Sarah Odle (7316)
http://apps.cfwnet.org/council�acket/mc_review.asp?ID=7842&councildate=6/19/2007 03/27/2009