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Home My WebLink AboutContract 43261 (2)CITY SECRETARY CONTRACT NO. 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 5533 Grenada Drive ; Lot 16; 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 36859 ("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. Assinment. 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 FT, 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 obhgations 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 1 Name. Mehrdad Moavedi Title: President ASSIGNEE:.•Impre sign Homes, LLC 42.41 • Name: Bruce Heikkinen Title: Managing Member 3 ( CITY OF FORT WORTH -sitinnamie‘ Cele---. Fernando Costa Assistant City Manager ATTEST: City Secreta r 0 II • il0*��R�l�� Fi Azikoo 1¼? O d 0 * O0 44 0o00000" . a_.. APPROVED AS TO FORM AND LEGALITY: LAL 1Vlelinda Ramos Assistant City Attorney M & C: C-22514 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. Asti I Nota Public in and for the State of Texas .. inks _._ MARIA S. SANCHEZ MY COMMISSION EXPIRES December 14, 2013 • 'r t • 5 STATE OF TEXAS § COUNTY OF TAR` § 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 ">(.,) day of tvk &\ lam;, 7 U,t NotarS' PViblic in and for the State of Texas , 2012. GL'Z/1 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heikkinen, 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. ce1-- VEN UNDER MY HAND AND SEAL OF OFFICE this D I day of , 2012. 1 y Nota y ublic in and for -' the State of Texas KERI KEIS Notary Public, State of Texa My Commission Expires ' -F,(F n +`a` o' June 19, 2013 i � a 6 vlocu rceview ITY OUNCIL ` GENDA .414.111611104111 rage i or .� Official site of the City of Fo t Worth Texas FORT WORTH COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE 11/6/2007 REFERENCE NO.: CODE C TYPE: C-22514 LOG NAME: 05ENCHANTEDBAY NON- PUBLIC NO CONSENT HEARING: 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 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=8145&councildate=11/6/2007 05/19/2009 11/18cC; Review Page 3 of 3 Final TA Agreement for M&C.doc Location Mao for M&C.Qdf http://apps.cfwnet.org/councilpacket/mc review. asp?ID= 8 1 45 &councildate= 1 1 /6/2007 05/19/2009 WA Filed in Cabinet NEZ Cart #. 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 -Block L 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 TERFRONT AT ENCHANTED BAY PHASE 1A David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 t T=Street'A C:ke t : ,r :� ' `:.: _ SubdEuiswn :... T Abat 5564 Thunder Bay Dr. 'Waterfront At Enchanted Bay Tax 5560 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5556 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5552 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5548 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5544 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5540 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5536 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5532 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5528 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5524 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5516 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5621 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5617 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5613 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5609 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5601 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5561 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5553 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5549 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5545 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5541 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5537 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5533 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5529 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5525 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5521 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5517 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5513 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5509 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5505 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5501 Thunder Bay Dr. Waterfront At Enchanted Bay Tax 5424 Grenada Drive Waterfront At Enchanted Bay Tax 5428 Grenada Drive Waterfront At Enchanted Bay Tax 5432 Grenada Drive Waterfront At Enchanted Bay Tax 5436 Grenada Drive Waterfront At Enchanted Bay Tax 5440 Grenada Drive Waterfront At Enchanted Bay Tax 5444 Grenada Drive Waterfront At Enchanted Bay Tax 5448 Grenada Drive Waterfront At Enchanted Bay Tax 5500 Grenada Drive Waterfront At Enchanted Bay Tax 5504 Grenada Drive Waterfront At Enchanted Bay Tax 5508 Grenada Drive Waterfront At Enchanted Bay Tax 5512 Grenada Drive Waterfront At Enchanted Bay Tax 5516 Grenada Drive Waterfront At Enchanted Bay Tax 5520 Grenada Drive Waterfront At Enchanted Bay Tax 5524 Grenada Drive Waterfront At Enchanted Bay Tax enfants - Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement. Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Abatement Page 2 of 3