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HomeMy WebLinkAboutContract 38624 (3)�1TY SECRETVMF z NTRAC T NO ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between A. Glen & Ricci Mace ("Assignor") and Joseph Bialek and Nora B. Bialek, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. A. Glen Mace and Ricci N. Mace and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located at 1312 Washington Avenue ("Property"), which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth November 28, 2006, City Secretary Contract Number q ("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 July 27, 2007, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Joseph Bialek and Nora B. Bialelc 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 July 27, 2007("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 set forth in this Assignment, Assignor will be discharged from any and all fiirther obl��t�o�s; un,d���� , CITY SECRETARY FT, WORTH, TX 1 05-27-0 9 f�A*16=mLw4� i 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, wan ants 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 terns 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 Assigrnnent 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 Throcknorton Fort Worth, Texas 76102 ASSIGNEE: Joseph Bialelc and Nora B. Bialek 1312 Washington Avenue Fort Worth, Texas 76110 ASSIGNOR: A. Glen &Ricci N. Mace 4225 Shadow Drive Fort Worth, Texas 76116 8. Successors. Except as herein otherwise provided, this Assigrunent 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: A. Glen &Ricci N. Mace signature cC Name: A. Glen Mace signature Name: Ikicci N. Mace ASSIGNEE: Purchaser Sip,natureLotzj Name: J eph Bialek and Nora B. Bialek CITY OF FORT WORTH 3 CITY OF FORT WORTH �j T.M. Higgins Assistant City Manager ATTEST: APPROVED AS TO FORM AND LEGALITY: Charlene Sanders Assistant City Attorney M & C: C-21868 C���IC�dL R�C�iR© CITY S�CRETAR1f FT*WORTH,TX 0 STATE UP 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 AND SEAL OF OFFICE this �� day of ail' , 20(g /l., n n / I _ _ I ,_ � _ Nota� Public in and for the State of Texas STATE OF TEXAS COUNTY OF TARRANT MARIA SSANCH EZ SPAY nUBn . �• NOTARY PUBLIC y STATE OF TEXAS My Comm UP.12-14-2009 BEFORE ME, the undersigned authority, on this day personally appeared A. Glen Mace, 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. UNDER MY HAND AND SEAL OF OFFICE this ;0�) day of Notary Public ir�and for the State of Texas ASH!_EY TOWNSEND N�tery Public t * STATE OF TEXAS My Comm. Exp, $1/20/2010 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Ricci N. Mace, 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. IVEN UNDER MY HAND 2007. Notary Publi�in and for the State of Texas AND SEAL OF OFFICE this_ day of �g14AY P(�hn AS �� CY -rcDWNS��uD Notary Pi,%jjC �* STATE OF TEXAS q �" M/Comm. Exp.11/20/2010 STATE OF TEXAS § COUNTY OF TARRANT § � �ph Gad BEFORE ME, the undersigned authority, on this day personally appeare P�, 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. UNDER MY HAND AND SEAL OF OFFICE this � day of 2007. Notary Public fn and for the State of Texas �o,:��n AS�-I�EY TQWNSEND STATE OF TEXAS My Comm. Exp, 11 /20/2010 i M&C Review Page I of 3 Official like of khe City of Fort Worth, Texas COUNCIL ACTION: Approved on 11/28/2006 DATE: 11/28/2006 REFERENCE NO.: C-21868 LOG NAME: 05MACE CODE: C TYPE: NON -CONSENT PUBLIC HEARING: NO SUBJECT: Authorization to Enter into a Five Year Tax Abatement Agreement with A. Glen Mace and Ricci N. Mace, for Property Located at 1312 Washington Avenue in the Magnolia Village Neighborhood Empowerment Zone RECOMMENDATION: It is recommended that the City Council: 1. Approve afive-year Municipal Property Tax Abatement for a property located at 1312 Washington Avenue owned by A. Glen Mace and Ricci N. Mace in the Magnolia Village Neighborhood Empowerment Zone (NEZ); 2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the agreement) with A. Glen Mace and Ricci N. Mace are true and correct; and 3. Authorize the City Manager to enter into afive-year Tax Abatement Agreement with A. Glen Mace and Ricci N. Mace for the property at 1312 Washington Avenue in the Magnolia Village Neighborhood Empowerment Zone (NEZ) in accordance with the NEZ Tax Abatement Policy and Basic Incentives. DISCUSSION: A. Glen Mace and Ricci N. Mace are the owners of the property at 1312 Washington Avenue, (DS Ross Subdivision; Block 26, Lot 1 D) which is located in the Magnolia Village NEZ and Neighborhood Empowerment Reinvestment Zone (NERZ No. 5). Mr. and Mrs. Mace have applied for afive-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ Basic Incentives offers afive-year municipal property tax abatement on the increased value of improvements to the qualified owner of any new home constructed 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 total of $131,500 to construct a single family home in the Magnolia Village NEZ. The property is also located in the Fairmount Southside Historic District. The Historic and Cultural Landmarks Commission approved the construction plan at its meeting dated October 9, 2006. A copy of the approval letter from the Commission is attached as Exhibit "A." A description of the home to be constructed is attached as Exhibit "B". http://apps.cfwnet.org/council�acket/mc_review.asp?ID=6908&councildate=ll/28/2006 04/08/2009 M&C Review Page 2 of 3 Upon execution of the Agreement, the total assessed value of the home used for calculating municipal property tax will be frozen for a five-year period, starting on January 1, 2007, at the pre - improvement value as defined by the Tarrant Appraisal District (TAD). The tax abatement only applies to the improvement value, not the land. The term of the abatement shall begin on January 1, of the year following the calendar year in which the required improvement was completed and unless sooner terminated, shall end on December 31, immediately proceeding the fifth anniversary of the beginning date. The form of the tax abatement agreement is attached as Exhibit "C". On January 1, 2006, TAD estimated the pre -improvement value of the property as follows: Pre -construction TAD value of improvements $0 Construction TAD value of land $21,200 Total pre -improvement estimated value $21,2000 The municipal property tax on the improved value of the home after its construction is estimated at $791.63 per year, for a total of $3,958.15 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 A. Glen Mace and Ricci N. Mace's first mortgagee, 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 the City Council. This property is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers Submitted for City Manager's Office by: Originating Department Head: FROM Fund/Account/Centers Dale Fisseler (6140) Jerome Walker (7537) http://apps.cfwnet.org/council�acket/mc_review.asp?ID=6908&councildate=ll/28/2006 04/08/2009 M&C: Review Additional Information Contact: Sarah Odle (7316) Page 3 of 3 ATTACHMENTS Continued Exhibit B for M&C.�df Exhibit A for M&C.pdf Exhibit B for M&C.doc TA Agreement.doc http://apps. cfwnet. org/council�acket/mc_review. asp?ID=6908 &councildate= l l /28/2006 04/08/2009