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HomeMy WebLinkAboutContract 43264 (2)CITY SECRETARY te CONTRACT 140. _. ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Waterview Estates, L.P., Pars Investment, Inc., General Partner ("Assignor") and Impression Homes, LLC, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Waterview Estates, L.P., Pars Investment, Inc., General Partner and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 5564 Thunder Bay Drive ; Lot 19; Block 2; 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 36950 ("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 30, 2012 , recorded under Tarrant County Deed Records, Assignor conveyed the Property to Impression Homes, LLC 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 30, 2012 ("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. 1 OFFICIAL RECORD CITY SECRETARY 1FT. 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. m 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: Impression Homes, LLC P.O. Box 1838 Keller, Texas 76244 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 Investment, Inc., General Partner Name: Mehrdad Moayedi Title: President ASSIGNEE: ffipres,ion Homes, LLC Name .i3ruce Heikknen Title: Managing Member 3 CITY OF FORT WORTH Fernando Costa Assistant City Manager ATTEST: 4+1 9" 0 0ISP" 000° 0004 PIA Iteg Citql COS g 1c) % tal lit4Elt:A*67 APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Assistant City Attorney M & C: C-.22514 4 OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX 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 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 2012. fr b Notar Public ih and for the S ate of Texas I. Atsys Z. 1 es 14 *. L- !.! J •L 1I. 1 Vr MARIA S. SANCHEZ MY COMMISSION EXPIRES December 14, 2013 li „ 1_ L .60 . Uti'l!l. r a 1 4 5 STATE OF TEXAS § COUNTY OF T§ Dedia4 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 Investment, Inc., General Partner. GIVEN UNDER MY HAND AND SEAL OF OFFICE this 3u day of tiuot.tui , 2012. U / LAU RA WAYLAND Notary Public in and for My Commission Expires 4the State of Texas July •I' o r STATE OF TEXAS § COUNTY OF TARRANT § • 3 oat BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heilckinen, Managing Member of Impression Homes, LLC 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. GIV UNDER MY HAND AND SEAL OF OFFICE this 2012. Notary PuDlic-fn andor* ,Yr the State of Texas •I. 1 .1 I • .r • 1 UO• • I\f Yu I,. i-i LL r-1 P I . ..rt I.1!.1 ,..;:6. . ...-31 •f: KERI KEIS Notary Public, State of Texas My Commission Expires June 19, 2013 1 - 1 i sl I ., 141- V 11 1 . I, /. • LI• t. • s •V..Gj ll 6 vi&u review ITY OUNCIL ':GENDA rage 1 or S Official site of the City of Fo t Worth, Texas FORT WOWI [1 There COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE: CODE SUBJECT: 11/6/2007 REFERENCE NO.: C TYPE: C-22514 NON - CONSENT LOG NAME: 05ENCHANTEDBAY PUBLIC HEARING: NO 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 118 single-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 drawings are attached as Exhibit "B" The Agreement is attached as Exhibit "C". http://apps.cfwnet.org/council_packet/mc_review.asp?ID=8 145 &councildate= 1 1/6/2007 05/19/2009 [Viekt; Keview Page 2 of 3 Upon execution of the tax abatement agreement, the total assessed value of each home used for calculating municipal property tax will be frozen for a five-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 FROM Fund/Account/Centers Submitted for Citv Manaaer's Office bv: Dale Fisseler (6140) Oriainatina Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) ATTACHMENTS Continued Exhibit B for M&C.Ddf Exhibit A for M&C.xls Exhibit B for M&C.doc http://apps.cfwnet.org/council_packet/mc_review.asp?ID=8 1 45 &c ouncildate=1 1 /6/2007 05/19/2009 VI&,C Review Page 3 of 3 Final TA Agreement for M&C.doc Location Map for M&C.odf http://apps.cfwnet.org/council_packet/mc_review.asp?ID=8 1 4 5 & councildate= 1 1 /6/2007 05/19/2009 NEZ Cect LA-C-0001-045 LA-C-0001-046 LA-C-0001-047 LA-C-0001 048 LA-C-0001 049 LA-C-0001-050 LA-C-0001-051 LA-C-0001-052 LA-C-0001-053 LA-C-0001 054 LA-C-0001-055 LA-C-0001-056 LA-C-0001-057 LA-C-0001-058 LA-C-0001-059 LA-C-0001-060 LA-C-0001-061 LA-C-0001-062 LA-C-0001-063 LA-C-0001-064 LA-C-0001-065 LA-C-0001-066 LA-C-0001-067 LA-C-0001-068 LA-C-0001-069 LA-C-0001-070 LA-C-0001-071 LA-C-0001-072 LA-C-0001-073 LA-C-0001-074 LA-C-0001-075 LA-C-0001-076 LA-C-0001-077 LA-C-0001-078 LA-C-0001-079 LA-C-0001-080 LA-C-0001-081 LA-C-0001-082 LA-C-0001-083 LA-C-0001-084 LA-C-0001-085 LA-C-0001-086 LA-C-0001-087 LA-C-0001-088 LA-C-0001-089 LA-C-0001-090 WATERFRONT AT ENCHANTED BAY PHASE 1A David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co , Texas on 02/23/07 lock I Lot bdMeion 2 19 5564 Thunder Bay Dr. Waterfront At Enchanted 2 20 5560 Thunder Bay Dr. Waterfront At Enchanted 2 21 2 22 2 23 2 24 2 25 2 26 2 27 2 28 2 29 2 30 3 1 3 2 3 3 3 4 3 5 3 6 3 7 3 8 3 9 3 10 3 11 3 12 3 13 3 14 3 15 3 16 3 17 3 18 3 19 3 204 3 21 3 22 3 23 3 24 5436 3 25 5440 3 26 5444 3 27 5448 3 28 5500 3 29 5504 3 30 5508 3 3 3 3 31 5512 32 5516 33 5520 34 5524 5556 Thunder Bay Dr. Waterfront At Enchanted 5552 Thunder Bay Dr. Waterfront At Enchanted 5548 Thunder Bay Dr. Waterfront At Enchanted 5544 Thunder Bay Dr. Waterfront At Enchanted 5540 Thunder Bay Dr. Waterfront At Enchanted 5536 Thunder Bay Dr. Waterfront At Enchanted 5532 Thunder Bay Dr. Waterfront At Enchanted 5528 Thunder Bay Dr. Waterfront At Enchanted 5524 Thunder Bay Dr. Waterfront At Enchanted 5516 Thunder Bay Dr. Waterfront At Enchanted 5621 Thunder Bay Dr. Waterfront At Enchanted 5617 Thunder Bay Dr. Waterfront At Enchanted 5613 Thunder Bay Dr. Waterfront At Enchanted 5609 Thunder Bay Dr. Waterfront At Enchanted 5601 Thunder Bay Dr. Waterfront At Enchanted 5561 Thunder Bay Dr. Waterfront At Enchanted 5553 Thunder Bay Dr. Waterfront At Enchanted 5549 Thunder Bay Dr. Waterfront At Enchanted 5545 Thunder Bay Dr. Waterfront At Enchanted 5541 Thunder Bay Dr. Waterfront At Enchanted 5537 Thunder Bay Dr. Waterfront At Enchanted 5533 Thunder Bay Dr. Waterfront At Enchanted 5529 Thunder Bay Dr. Waterfront At Enchanted 5525 Thunder Bay Dr. Waterfront At Enchanted 5521 Thunder Bay Dr. Waterfront At Enchanted 5517 Thunder Bay Dr. Waterfront At Enchanted 5513 Thunder Bay Dr. Waterfront At Enchanted 5509 Thunder Bay Dr. Waterfront At Enchanted 5505 Thunder Bay Dr. Waterfront At Enchanted 5501 Thunder Bay Dr. Waterfront At Enchanted 5424 Grenada Drive Waterfront At Enchanted 5428 Grenada Drive Waterfront At Enchanted 5432 Grenada Drive Waterfront At Enchanted Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Waterfront Waterfront W aterfront W aterfront Waterfront W aterfront Waterfront Waterfront W aterfront W aterfront W aterfront At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted At Enchanted Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Gatemen: Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement. Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement ITax Abatement ITax Abatement (Tax Abatement ITax Abatement ITax Abatement ITax Abatement (Tax Abatement ITax Abatement 1 Page 2 of 3 NEZ Ce] LA-C-0001-091 LA-C-0001-092 LA-C-0001-093 LA-C-0001-094 LA-C-0001-095 LA-C-0001-096 LA-C-0001-097 LA-C-0001-098 LA-C-0001-099 LA-C-0001-100 LA-C-0001-101 LA-C-0001-102 LA-C-0001-103 LA-C-0001-104 LA-C-0001-105 LA-C-0001-106 LA-C-0001-107 LA-C-0001-108 LA-C-0001-109 LA-C-0001-110 LA-C-0001-111 LA-C-0001-112 LA-C-0001-113 LA-C-0001-114 LA-C-0001-115 LA-C-0001-116 LA-C-0001-117 LA-C-0001-118 LA-C-0001- LA-C-0001.; LA-C-0001. LA-C-000 t : LA-C=000:1 LA-C=0001 LA-C=0001:" LA=C-00O1-:-: LA-C-000:1: ; LA=C-0001 LA-C-000:1. - LA-C-0001 LA-C--0.001- WATERFRONT AT ENCHANTED BAY PHASE lA David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 ock[Cott ` Street Address 35 5528 Grenada Drive Waterfront At Enchanted 36 5532 Grenada Drive Waterfront At Enchanted 32 5748 Maui Drive - Waterfront At Enchanted Maui Drive Waterfront At Enchanted Maui Drive Waterfront At Enchanted Maui Drive Waterfront At Enchanted Maui Drive Waterfront At Enchanted Maui Drive Waterfront At Enchanted Maui Drive. 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Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Na Abatement •No -=Abatement. -- y > No Abatement - y N&:.Abatertieht y° No Abatement y ; .No_Abatement:.= y No -Abatement --- Waterfr-ont:At Enchanted- Bay ; No Abatement 1.1 Waterfront_ At=Enthanted':Bay No Abatement: Waterfront At Enchanted'Bayt-. 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