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HomeMy WebLinkAboutContract 39560ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Shawn Fite ("Assignor") and Raymond F. Castillo and Anissa Carbajal- Diaz, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Shawn Fite and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1326 S. Lake Street, Block 1, Lot 7 Johnson Subdivision, in the City of Fort Worth, Tarrant County, Texas, according to the map recorded in Volume 106, Page 10, Map Records, Tarrant County, Texas ("Property") which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth December 16, 2008, City Secretary Contract Number 38595 ("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 April 27, 2009, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Raymond F. Castillo and Anissa Carbajal-Diaz 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. Assig_nment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, duties, obligations, title and interest under the Agreement to Assignee. 2. Acce tp ance. 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 Apri127, 2009 ("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 1 RECORD CITY SECRETARY F�; WORTH, 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. CitX 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 NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNEE: Raymond F. Castillo and Anissa Carbajal-Diaz 1326 S. Lake Street Fort Worth, Texas 76104 ASSIGNOR: Shawn Fite 2828 River Forest Drive Fort Worth, Texas 76116 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. 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: Shawn Fite ti G Am 4 Name: Shawn Fite AS SIG1�E:wAniss� arbaj al - Name: OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX 3 CITY OF FORT WORTH T.M. Higgins 4 Assistant City Manager ATTEST: APPROVED AS TO FORM AND LEGALITY: Charlene Sanders Assistant City Attorney M & C: C-23235 OFFICIAL. RECORD CITY SECRETARY F�� �,��'�.��'H, TX 0 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 TINDER MY HAND AND SEAL OF OFFICE this _day of 2009. Nota�y Public in and for the State of Texas =''�''Py MARIA S. SANCHEZ MY COMMISSION EXPIRES December 14, 2013 STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, on this day personally appeared Shawn Fite, 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. 01 1nVEN UNDER MY HAND AND SEAL OF OFFICE thisof Y 2009. a Notary Public in and for the State of Texas SARAH J. ODLE MY COMMISSION EXPIRES NovMnb�r 5, 2011 E STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Anissa Carbajal-Diaz, 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 ����� / � i 2009. Notar�/Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § AND SEAL OF OFFICE this � day of =o��<� VIRGINIA RUTH SHERD My Commission F�cplres ���� March 05, 2012 BEFORE ME, the undersigned authority, on this day personally appeared Raymond F. Castillo, 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 �iV , 2009. Notary P>�iblic in and for the State of Texas AND SEAL OF OFFICE this LAKEISHA S. FIELDS MY COMMISSION EXPIRES Se'tomYer25, 2012 day of .� M&C' Review Page 1 of 2 Official site of the City of Fort Worth, Texas COUNCIL ACTION: Approved on 12/16/2008 DATE: 12/16/2008 REFERENCE NO.: **C-23235 LOG NAME: It is recommended that the City Council authorize the City Manager to: � � � 17FITE 1. Enter into afive-year Tax Abatement Agreement with Shawn Fite for the property at 1326 S Lake Street in the Magnolia Village Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone Tax Abatement Policy and Basic Incentives; and 2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Shawn Fite are true and correct. DISCUSSION: Shawn Fite is the owner of the property at 1326 S Lake Street (Loyds Addition; Lot 2, Block 7), which is located in the Magnolia Village Neighborhood Empowerment Zone (NEZ) and Neighborhood Empowerment Reinvestment Zone (NERZ No. 5). Shawn Fite has applied for afive-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic Incentives (Resolution No. 3487, 05-2007), 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 construction or rehabilitation within a NEZ. The Housing and Economic Development 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 $102,989.00 to construct asingle-family home in the Magnolia Village NEZ. The property is also located in the Fairmount Historic District. The Historic and Cultural Landmarks Commission approved the construction plan at its meeting dated October 13, 2008. A copy of the approval letter from the Commission is attached as Exhibit "A." A description of the home to be constructed and elevation drawings are 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, 2009, at the pre -improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2008. The tax abatement agreement is attached as Exhibit "C." Pre -Construction TAD Value of Improvements $ 0.00 Pre -Construction TAD Value of Land �,: ��� �� http://apps.cfwnet.org/council�acket/mc_review.asp?ID=10771&councildate=l2/16/2008 07/23/2009 MB�C°Review Total Pre -Improvement Estimated Value $ 8000.00 Page 2 of 2 The municipal property tax on the improved value of the home after its construction is estimated at $792.50 per year, for a total of $3,962.50 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 Shawn Fite'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 Financial Management Services 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: ATTACHMENTS Continued Exhibit B for M&C.pdf Exhibit A for M&C.pdf Exhibit B for M&C.doc TA Agreement for M&C.doc FROM Fund/AccountlCenters Tom Higgins (6140) Jay Chapa (6192) Sarah Odle (7316) http://apps.cfwnet.org/council�acket/mc review.asp?ID=10771&councildate=l2/16/2008 07/23/2009 LOAN NO. 0101523777 WARRANTY DEED WITH VENDOR'S LIEN I F ONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU AYO STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION F O N TRU ENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY B I IS F FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECUR N R OftYOUR DRIVER'S LICENSE NUMBER. Grantor. Grantor's M�fling,�6drQss�`(inl�l�ing county): Grantee: RAYti�ON,R`F,rtrASTIL�O AND SPOUSE, ANISSA CARBAJAL-D1AZ Grantee's Mailing Ad¢'r@s�(inelj3din,� coup: 4326 S. LAK@ sT., FORT WORTW, THXAg 76104 Consideration: TEt�._81J� O/1-----($10.00}------DOLLARS and other good and valuable consideration to Grantor in and at Grantee, the receipt and sufficiency of which is hereby acknowledged and confes ed, d fo the rther consideration of the execution and delivery by said Grantee of the Promissory ( n i I principal sum, being in the amount specified in that certain Deed of Trust referenced below bei o pr xima von date herewith, payable to the order of WELLS FARGO BANK, NATIONAL A S CI 710 he na r called "Mortgagee", and bearing interest at the rate therein provided; said Note( ntaini a tto y's fee clause and acceleration of maturity clause In case of default, and being secur by a or's ' n and Superior Title retained herein in favor of said Grantor and assigned to Mortgagee, so b ' g secured by a Deed of Trust of even date herewith from Grantee to DUDLEY BEADLES, TRU EE Property (including any improvements): LOT 7, BLOCK 1, THE JOHNSON SUBDIVII OF FORT WORTH, TARRANT COUNTY, T PAGE 61, DEED RECORDS OF TARRANT Reserve{ions from and Excep{ions {o Conveyance THIS CONVEYANCE IS EXECUTED, DELIVERED 4N�C TAXES FOR THE CURRENT YEAR, ROLLBACK TARE UE USE OF THE SUBJECT PROPERTY, MAINTENANCE FUND I DISTRICT ASSESSMENTS AND STANDBY FEES, IF ANY, A CREATED BY THE DEDICATION DEED OR PLAT OFT E PROPERTY IS LOCATED, RECORDED EASEMENTS, MI RESTRICTIONS, COVENANTS, CONDITIONS, RIGHTS OF THE HEREIN DESCRIBED PROPERTY BUT ONLY TO THE SUBSISTING, `IELD WELCH ADDITION TO THE CITY 70 PLAT RECORDED IN VOLUME 63, SUBJECT TO AD VALOREM NVEYANCE OR GRANTEE'S G ORDINANCES, UTILITY ALID UTILITY EASEMENTS 0 IN WHICH SAID REAL TIONS AND LEASES, EN , IF ANY, AFFECTING T S,AME ARE VALID AND Grantor, for the consideration and subject to the reservations from a e warranty, grants, stalls, end 6onveys to Grantee the property; together wl al appurtenances thereto in any wise belonging, to have and hold it to Grant administrators, successors, or assigns forever. Grantor hereby binds i executors, administrators, and successors to warrant and forever defend all Grantee and Grantee's heirs, executors, administrators, successors and ast whomsoever lawfully claiming or to claim the same or any part thereof, except Conveyance and the Exceptions to Conveyance and Warranty. The vendor's lien against and superior title to the property are retained until each note according to its terms, at which time this deed shall become absolute. When the context requires, singular nouns and pronouns include the plural. I�RZ[S� yance and rights and executors, ors heirs, ioperty to rry person ltio!)s from Vendor's Lien and Superior Title herein retained are hereby transferred, assigned, sold and to WELLS FARGO BANK, NATIONAL ASSOCIATION, its successors and assigns, the Payee said Note, without recourse on Grantor, o7i day of�0/f9 THE STATE OF This instrument was acknowledged ~" NU. -- in (Acknowledgment) before me on the QE day of /7 / . D � _, by Notary Public, State of Text ry's Name (printed): fJot ry's commission expires: Nolary'� Name Notary's comrn NOTICE: This document affects your legal rights. AFTER RECORDING RETURN TO: RAYMOND F. CASTILLO 1326 S. LAKE ST. FORT WORTH, TEXAS 76104 FTW Submitter. NDERSON NTY CLERK COURTHOUSE THERFORD �E 76196=0401 Filed For Registration: D209113027 ANY PROVISION WHICH RESTRICTS THE SALE, RENT OF THE DESCRIBED REAL PROPERTY BECAUSE OF � RACE IS INVALID AND UNENFORCEABLE UNDER FED Printed by: Wp want Appraisal District Real Estate 11 /17/2009 Account Number: 01462016 Georeference: 2188741 7 Property Location: 1326 S Lake St, Fort Worth Owner Information: Castillo, Raymond Etux Anissa 1326 S Lake St Fort Worth Tx 761044333 5 Prior Owners Legal Description: Johnson Subdivision Blk 1 Lot 7 Taxing Jurisdictions: 026 City of Fort Worth 099 Regional Water District 220 Tarrant County 224 Tarrant County Hospital Dist 225 Tarrant County College Dist 905 Fort Worth ISD This information is intended for reference only and is subject to change. It may not accurately reflect the complete status of the account as actually carried in TAD's database. Certified Values for Tax Year 2009 :Land Impr !, 2009 :Total** Market Value Appraised Value $8,000 $800 $0 $0 $800 $85000 Approximate Size *` 0 Lane! Acres 0.0000 .and S Ft 0 Appraised value may be less than market value due to state -mandated limitations on value increases A zero value indicates that the property record has not yet been completed for the indicated tax year "'Rounded 5-Year Value Histary 2009 Notice Sent: O5/22/2009 Exemptions: None Property Da#a Deed Date: 04/27/2009 Instrument: D209113027 Year Built: 0000 Pct Complete: 100 TAD Map: 2048 384 MAPSCO: 076M Agent: None Protest Deadline: 06/22/2009 Historic Site Class: 000 State Codes C1 Res Vacant Garage Bays: 00 Central Air: N Central Heat: N Pool: N