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ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Waterview Estates, L.P., Pars Investments, Inc., General Partner
("Assignor") and Woodhaven Custom Homes, L.L.C. ("Assignee") and the City of Fort
Worth ("City").
RECITALS
A. Waterview Estates, L.P., Pars Investments, Inc., General Partner and the City of
Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement
("Agreement") for Property located at 5617 Grenada Drive; Lot 7, Block 1; 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 ("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 December 4, 2007,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Woodhaven Custom 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 December 4, 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.
FT. WOM,TX
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 &Economic Development Department
Neighborhood Empowerment Zone Program
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR:
Waterview Estates, L.P.
Pars Investment, Inc., General Partner
3901 Airport Freeway, Suite 200
Bedford, TX 76021
ASSIGNEE:
Woodhaven Custom Homes, L.L.C.
1221 N I-35 E
Carrollton, Texas 75006
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: Waterview Estates, L.P., Pars Investments, Inc., General Partner
Name: Mehrdad Moayedi
Title: President
ASSIGNEE: Wo
Name: Mark Johns /
Title: President
L.L.C.
3
CITY OF FORT WORTH
lj(�.T.M. Higgins
Assistant City Manager
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
M & C: C-22514
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
Inno
the State of Texas
AND SEAL OF OFFICE this
day of
hp' `P<� MARIA S. SANCHEZ
{ NOTARY PUBLIC
STATE OF TEXAS
MY Comm. UP, 12-14-2009
5
STATE OF TEXAS §
COUNTY OF TARRANT §
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 Investments, Inc., General
Partner.
UNDER MY HAND AND SEAL OF OFFICE this � � day of
V4 , 2008.
"� a r (AURA WAYLP,ND
V
Notary ublic in and for My Commission Expires
July 14, 2008
he State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Mark Johns,
President of Woodhaven Custom 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.
IVEN UNDER l� HAND AND SEAL OF OFFICE this �.Lday of
:�\\P 00 sawRY pia TF'P��
Notary ublic in and fo z A�w.��;•
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he State of Texas
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Ofificia€ site of the City of Fart Worth, Texas
COUNCIL ACTION: Approved As Amended on 11/6/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NORM
NON� 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 118single-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
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drawings are attached as Exhibit "6". 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 afive-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
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
FROM Fund/Account/Centers
Dale Fisseler (6140)
Jerome Walker (7537)
Sarah Odle (7316)
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ATTACHMENTS
Contnued_Exhbit__B_for M&C.pdf
Exhibit A for M&C.xls
Exhibit B for M&C.doc
Final_TA A reeme_n__t_far M&C.doc
Location Map for_M&C._pd_ f
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