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HomeMy WebLinkAboutContract 40569-CA2 (2)l PITY 2 PIUM W C M ACT Imo. ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Holly Kangos and Sally Monahan ("Assignor") and Holly Jones and Jason E. Jones, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Pavonia LLC and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1628 South Henderson ("Property") which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth June 15, 2010, City Secretary Contract Number 40569 ("Agreement"): B. Pursuant to that certain Special Warranty Deed dated as of January 7, 2011, recorded under Tarrant County Deed Records, Pavonia LLC conveyed the Property to Assignor, such Agreement is dated January 7, 2011, City Secretary Contract Number 40569-CAI . C. Section 5 of the Agreement permits Holly Kangos and Sally Monahan to assign all of its rights under the Agreement to a home buyer, without obtaining the prior consent of the City Council: D. Pursuant to that certain Special Warranty Deed dated as of January 28, 2014, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Holly Jones and Jason E. Jones and Assignee acquired title to the real property which is the subject of the Agreement. E. 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: 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. OFFICIAL RECORD CITY SECRETARY I FT. WORTH, TX 3. Effective Date. The effective date of this Assignment is January 28, 2014 ("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 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 Neighborhood Services Department NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNEE: Holly Jones and Jason E. Jones 1628 S. Henderson Street Fort Worth, Texas 76104 2 ASSIGNOR: Holly Kangos and Sally Monahan 1628 S. Henderson Street Fort Worth, Texas, 76104 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: Holly Kangos ASSIGNOR: Sally Monahan A W ;'Monahan ASSIGNEE: Holly �J1o�nes Name: Holly Jones ASSIGNEE: Jason E. Jones �. , N m : Jason E. Jones 3 CITY OF FORT WORTH Fernando Costa Assistant City Manager ATTEST: S1 � :�'ity Secretary APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-24261 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Fernando Costa, 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 she 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 she executed the same as the act of the said City for the purposes and consideration therein expressed and in the capacity therein stated. Notary Public in the State of Tex UNDER MY HAND AND SEAL OF OFFICE this 2DVJHay of 2015. OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX oi�ar °�e'; iRIKINYA LL J0 i�=Notary Public, State of T �.r exa ,� of n+ -Comm. Expires 04.17.2018 "'��li"�=1ary ID 1238832-o STATE OF TEXAS § COUNTY OF, § BEFORE ME, the undersigned authority, on this day personally appeared Holly Kangos, 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. SEAL OF OFFICE this I day of the State of Texas STATE OF OHIO § COUNTY OF HAMILTON § BEFORE ME, the undersigned authority, on this day personally appeared Sally Monahan, 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 UNDER MY HAND AND SEAL OF OFFICE this �'�� day of il) 6) 2015. IWAAAAAA 5 STATE OF TEXAS § COUNTY OF § BEFORE TVIE, the undersigned authority, on this day personally appeared Holly Jones, 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 UNDER MY Notary Public in a the State of Texas STATE OF �e�e , s § COUNTY OF HAND AND SEAL OF OFFICE this 4n day of rJ `w. • l BEFORE ME, the undersigned authority, on this day personally appeared Jason E. Jones, 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 Public the State of UNDER MY HAND AND SEAL OF OFFICE this 3 r � day of ar Y OF Mly Comm. Exp. Feb. 15,2017 STATE OF TEXAS ivi&C review Page 1 of 2 CITY COUNCIL AGENDA Official site of the City of Fort Worth, Texas FORTII COUNCIL ACTION: Approved on 6/15/2010 DATE: 6/15/2010 REFERENCE **C-24261 LOG NAME: 17NEZ1628SHENDERSON NO.. CODE: C TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: Authorize a Five Year Tax Abatement Agreement with Pavonia LLC for Property Located at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to enter into afive-year Tax Abatement Agreement with Pavonia LLC for the property at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone (NEZ) Tax Abatement Policy and Basic Incentives. DISCUSSION: Pavonia LLC (Property Owner) is the owner of the property described as Lot 17, Jersey Hill Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 63, Page 57, of the Plat Records of Tarrant County, Texas, at 1628 South Henderson Street, Fort Worth, Texas 76104. The property is located within the Magnolia Village NEZ and the Fairmount Historic District. On February 8, 2010, the Historic and Cultural Landmarks Commission approved the construction plans for a single family residential structure at 1628 South Henderson Street. A copy of the approval letter from the Commission is attached as Exhibit "A." The property owner plans to invest an estimated $98,300.00 to construct an approximately 1800 square foot single family residence (Project). The Project will be sold as a primary residence. The Project description is attached as Exhibit "B." The Housing and Economic Development Department reviewed the application and certified that the property and Project met the eligibility criteria to receive a NEZ municipal property tax abatement. The NEZ Basic Incentives includes afive-year municipal property tax abatement on the increased value of improvements to the qualified owner of any new construction or rehabilitation within the NEZ. Upon execution of the agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years, starting January 2011 at the estimated pre -improvement value as defined by the Tarrant Appraisal District (TAD) on May 1, 2010, for the property as follows: Pre -Improvement TAD Value of Improvements $ 0.00 Pre -Improvement Estimated Value of Land $15,000.00 Total Pre -Improvement Estimated Value $15,000.00 The municipal property tax on the improved value of Project after construction is estimated at $840.47, per year, for a total of $4,202.33 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District appraised value of the property. In the event of a sale of this property, the NEZ Tax Abatement agreement may be assigned to a new http://apps.cfwnet.org/council�acket/mc review.asp?ID=13643&councildate=6/15/2010 OS/19/2016 ivi3�C Review Page 2 of 2 owner's first mortgagee or a new homeowner as their primary residence. 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/AccountlCente Submitted for City Manager's Office by: Originating Department Head: Additional Information Contact: ATTACHMENTS Exhibit A for M&C.pdf Exhibit B for M&C.doc FROM Fund/Account/Centers Thomas Higgins (6192) Jay Chapa (5804) Sarah Odle (7316) http://apps.cfivnet.org/council�acket/mc_review.asp?ID=13643&councildate=6/15/2010 OS/19/2016 M&C Review Page 1 of 2 O�cial site of the City of Fort Wottl�, Texas F�[i"i`'tlRTl DATE: 6/15/2010 REFERENCE **C-24261 LOG NAME: 17NEZ1628SHENDERSON NO.. CODE: C TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: Authorize a Five Year Tax Abatement Agreement with Pavonia LLC for Property Located at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to enter into afive-year Tax Abatement Agreement with Pavonia LLC for the property at 1628 South Henderson Street in the Magnolia Village Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone (NEZ) Tax Abatement Policy and Basic Incentives. DISCUSSION: Pavonia LLC (Property Owner) is the owner of the property described as Lot 17, Jersey Hill Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 63, Page 57, of the Plat Records of Tarrant County, Texas, at 1628 South Henderson Street, Fort Worth, Texas 76104. The property is located within the Magnolia Village NEZ and the Fairmount Historic District. On February 8, 2010, the Historic and Cultural Landmarks Commission approved the construction plans for a single family residential structure at 1628 South Henderson Street. A copy of the approval letter from the Commission is attached as Exhibit "A." The property owner plans to invest an estimated $98,300.00 to construct an approximately 1800 square foot single family residence (Project). The Project will be sold as a primary residence. The Project description is attached as Exhibit "B." The Housing and Economic Development Department reviewed the application and certified that the property and Project met the eligibility criteria to receive a NEZ municipal property tax abatement. The NEZ Basic Incentives includes afive-year municipal property tax abatement on the increased value of improvements to the qualified owner of any new construction or rehabilitation within the NEZ. Upon execution of the agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years, starting January 2011 at the estimated pre -improvement value as defined by the Tarrant Appraisal District (TAD) on May 1, 2010, for the property as follows: Pre -Improvement TAD Value of Improvements $ 0.00 Pre -Improvement Estimated Value of Land $15,000.00 Total Pre -Improvement Estimated Value $15,000.00 The municipal property tax on the improved value of Project after construction is estimated at $840.47, per year, for a total of $4,202.33 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District appraised value of the property. In the event of a sale of this property, the NEZ Tax Abatement agreement may be assigned to a new owner's first mortgagee or a new homeowner as their primary residence. All other assignments must be approved by the City Council. http://apps.cfwnet.org/council packet/mc review.asp?ID=13643&councildate=6/15/2010 07/06/2010 M&C Review Page 2 of 2 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 Manag_er's Office b� Originating Department Head: Additional Information Contact: ATTACHMENTS Exhibit A for M&C�df Exhibit B for M&C.doc FROM Fund/Account/Centers Thomas Higgins (6192) Jay Chapa (5804) Sarah Odle (7316) http://apps.cfwnet.org/council packet/mc review.asp?ID=13643&councildate=6/15/2010