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NTRACT NO
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
• This Assignment of Tax Abatement Agreement is made and entered into
by and between S&M Building Corporation ("Assignor") and Alan R. Shorter and David
A. Fenley, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. S&M Building Corporation and the City of Fort Worth, Texas (the "City")
entered into that certain Tax Abatement Agreement ("Agreement") for Property
Located at 5851 Oak Hollow Court; Block 21, Lot 5; Woodhaven Country Club
Estates ("Property") which is located in the Woodhaven Neighborhood
Empowerment Zone, such Agreement approved by the City Council of Fort
Worth 08/21/2007, City Secretary Contract Number 35756 ("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 January 31, 2008 ,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Alan R. Shorter and David A Fenley 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 January Pq 2008
("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 sf
Assignment, Assignor will be discharged from any and all further obl:
05-27-09 PO4:
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:
Alan R. Shorter and David A. Fenley
5851 Oak Hollow Court
Fort Worth, Texas 76112
ASSIGNOR:
S&M Building Corporation
9001 Airport Freeway #400
N. Richland Hills, TX 76180
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.
2
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: S&M Building
iv ame:v r i
Title: /'R5 d
ASSIGNEE: Alan R. Shorter and David A. Fenley
Name:
�A4v/b A.
FWaEy
3
CITY OF FORT WORTH
T.M. Higgins
Assistant City Manager
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
M & C: C-22331
�t��1GiAL REGARD
CITY �CRETARY
FT. WORTH, TX
0
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared la
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 AND SEAL OF OFFICE this day of
2099.
" 2a,PA°P�A<,,, MARIA S. SANGHEZ
Not y Public m and or U
NOTARY PUBLIC
the State of Texas STATE OF TEXAS
My Comm. Exp. 12-14-2009
5
STATE OF TEXAS Is
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared O. N. Mitchell,
Jr., President of S & M Building 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 Courtney Homes, Inc.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this .0 day of
Notary Public in and for
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
�pY PV -----
`.0 Lisa A Davis
My Commission Lxpices
•—.+� 04/14/2009
BEFORE ME, the undersigned authority, on this day personally appeared Alan R.
Shorter and David A. Fenley 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.
Notary
the Sty(
GIVEN UNDER MY HAND AND SEAL OF OFFICE this I day of
T. BEESaN
Mary PuDNc, State of Texas
My Commission Expires
05/16/2009
C�
M&C Review
Page 1 of 2
Official site of the City of Fort Worth, Texas
COUNCIL ACTION: Approved on 8/21/2007
DATE: 8/21/2007 REFERENCE NO.: C-22331 LOG NAME: 0558510AK
CODE: C TYPE: NON -CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Execution of Five -Year Tax Abatement Agreement with S&M Building
Corporation for Property Located at 5851 Oak Hollow Court in the Woodhaven
Neighborhood Empowerment Zone
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 S&M Building Corporation are true and correct; and
2. Authorize the City Manager to enter into afive-year Tax Abatement Agreement with S&M Building
Corporation for the property at 5851 Oak Hollow Court in the Woodhaven Neighborhood
Empowerment Zone (NEZ) in accordance with the NEZ Tax Abatement Policy and Basic Incentives.
DISCUSSION:
S&M Building Corporation is the owner of the property at 5851 Oak Hollow Court (Block 21, Lot 5,
Woodhaven Country Club Estates, Fifth Filing), which is located in the Woodhaven NEZ and
Neighborhood Empowerment Reinvestment Zone (NERZ No. 10). S&M Building Corporation 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 $140,000 to construct a single family home in the
Woodhaven NEZ. A description of the home to be constructed and drawings 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 $ 0.00
Pre -improved TAD value of land $30,500.00
http://apps.cfwnet.org/council�acket/mc review.asp?ID=8143&councildate=8/21/2007 03/27/2009
M&(',:Review
Total pre -improvement estimated value
$ 30500.00
Page 2 of 2
The municipal property tax on the improved value of the home after its construction is estimated
at $843.00, per year, for a total of $4,215.00 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 S&M Building Corporation'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.
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
Continued Exhibit A.pdf
Final TA Agreement with Attachments.doc
Map.pdf
FROM Fund/Account/Centers
Dale Fisseler (6140)
Jerome Walker (7537)
Sarah Odle (7316)
http://apps.cfwnet.org/council�acket/mc_review.asp?ID=8143&councildate=8/21/2007 03/27/2009