Loading...
HomeMy WebLinkAboutContract 42526-CA1 (2)CiTVSECRETARY, 0 17IA CW� CONTRACTNO. CONSENT TO ASSIGNMENT OF TAX ABATEMENT AGREEMENT (CITY SECRETARY CONTRACT NO. 42526) This CONSENT TO ASSIGNMENT 0 F CITY SECRETARY CONTRACT N O. 42526 ("Consent") is made and entered into by and between the CITY OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of the State of Texas, and Aubrey E. Morris, III and Laura F. Morris ("Assignor or Owner"), and Calm Eve Limited Liability Co., ("Assignee"). The following introductory provisions are true and correct and from the basis of this Consent: A. On or about October 4, 2011, the City and Aubrey E. Morris, III and Laura F. Morris entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 42526 (the "Agreement"). Under the Agreement, Aubrey E. Morris, III and Laura F. Morris agreed to construct a medical/dental office (the "Required Improvements") on certain land in the City (the "Land") in return for a 5-year real property tax abatement on improvements located on the Land (the "Abatement"), all as more specifically set forth in the Agreement. The Abatement was granted pursuant to the City's Neighborhood Empowerment Zone Policy ("NEZ Policy"). B. The Required Improvements were completed as required by the Agreement and the Abatement is currently in effect pursuant to and in accordance with the Agreement. C. Assignor has sold its interest in the Land and Required Improvements to Assignee and to assign all right, title and interest in the Agreement to Assignee. The Agreement stipulates that the Agreement may not be assigned to a third party purchaser of the Required Improvements without the consent of the City Council. 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. The City hereby consents to an assignment by Assignor to Assignee of all right, title and interest granted to Assignor by the Agreement, effective as of July 16, 2013, ("Effective Consent Date"). 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City that as of the Effective Consent Date Assignee will comply with all duties and obligations of Owner set forth in the Agreement. C FFR PAt, NilC©cP Consent to Assignment of Tax Abatement Agreement #4 5siTiv $ , iMIF from rey E. Morris, III and Laura F. Morris to Calm Eve Limite Li1tpNa NECEIVE0 OCi2 � d��"`' Approved by M&C C-26334 on July 16, 2013 - ---- -- - --- 1 3. Assignee understand and agrees that no act or omission of Assignor, whether on, before or after the Effective Consent Date, will serve to mitigate (i) any Abatement Amounts, Terms and Conditions set forth in Section 2 of the Agreement (ii) any Event of Default set forth in Section 4 of the Agreement. 4. Nothing in this Consent shall be deemed to grant Assignee any rights under the Agreement that are additional to or greater than those of the Owner thereunder. 5. All terms in this Consent that are capitalized but not defined shall have the meanings assigned to them in the Agreement. IN WITNESS WHEREOF, the parties have executed this Assignment as of the Effective Consent Date. CITY OF FORT WORTH Fernando Costa Assistant City Manager 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 L /e't , 2013. 4/2-€C, Notary Public in and for the State of Texas o. :e • • On • • - 1010 s: 4 :� 0.40 1 •••• ♦Z. a• OR re. is- kt(4* bts „cpouA 30oOpVe 0 44-410 p�� 0 o0 0 ° � d o � -00000aa� TeveSaAzI i • • • •I . V . EVONIA DANIELS Notary Public, State of Texas My Commission Expires July 10, 2017 • Consent to Assignment�atlax Abatement Agreement #42 from Aubrey E. Morris, III and Laura F. Morris to Calm Eve Limited Approved by M&C C-26334 on July 16, 2013 2 It- 1 11 abi�li?7 gRE li-W o. Ft VITORTIER, u 2& APPROVED AS TO FORM AND LEGALITY: ong Melinda Ramos Sr. Assistant City Attorney M & C: C-26334 ASSIGNOR: Aubrey E. Morris, III • r ASSIGNOR: Laura F. Morris ASSIGNEE: Calm Eve Limited Liability Co. osti-to Name: XubreyZ. Morris. Director STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Aubrey E. Morris, III and Laura F. Morris, known to me to be the persons whose name is subscribed to the foregoing instrument, and acknowledged to me that they executed the same for the purposes and consideration therein expressed, in the capacity therein stated. AND SEAL OF OFFICE this ' dayof G I ENVNDFJMY HAND N , 2013 ., Notary Public in anr the State of Texas j SARAH J. ODLE MY COMMISSION EXPIRES November 5, 2015 Consent to Assignment of Tax Abatement Agreement #42526 from Aubrey E. Morris, III and Laura F. Morris to Calm Eve Limited Liability Co. Approved by M&C C-26334 on July 16, 2013 3 w , official s te'of the City:of Fort Worthy Texas COUNCIL ACTION: Approved on 7/16/2013. DATE: 7/16/2013 REFERENCE NO.: CODE SUBJECT: **C-26334 FORT ORT LOG NAME: 17NEZMORRISASSIGN PUBLIC HEARING: Authorize Consent to Assignment of Tax Abatement Agreement, City Secretary Contract No. 42526, by Aubrey E Morris, III and Laura F. Morris, for the Construction of a Medical/Dental Office Located at 4840 Bryant Irvin Court in the Ridglea Village/Como Neighborhood Empowerment Zone to Calm Eve Limited Liability Co., and Authorize Execution of Related Assignment Agreement (COUNCIL DISTRICT 3) C TYPE: CONSENT NO RECOMMENDATION: It is recommended that the City Council: 1. Authorize the consent to the assignment by Aubrey E Morris, III and Laura F. Morris, of their rights, duties and obligations under its Tax Abatement Agreement, City Secretary Contract No. 42526, for the construction of a medical/dental office located at 4840 Bryant Irvin Court in the Ridglea Village/Como Neighborhood Empowerment Zone to Calm Eve Limited Liability Co.; and 2. Authorize the City Manager to execute an Assignment Agreement with Calm Eve Limited Liability Co. DISCUSSION: On October 4, 2011, (M&C C-25212 and City Secretary Contract No. 42526) the City Council granted the execution of a Tax Abatement Agreement with Aubrey E Morris, III and Laura F. Morris for the property located at 4840 Bryant Irvin Court in the Ridglea Village/Como Neighborhood Empowerment Zone (NEZ) for the construction of a medical/dental office building which was completed as specified in the Abatement Agreement. The Tax Abatement Agreement prohibits Aubrey E Morris, III and Laura F Morris from assigning their rights under the Agreement to a third party unless the City Council approves the assignment. Ownership has changed to the affiliate of Calm Eve Limited Liability Co. owned by Aubrey and Laura Morris Staff recommends approval of the assignment. The property is located in COUNCIL DISTRICT 3. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted fob 4.:ity Manaaer's Office bv: Oriainatina Department Head: Additional Information Contact: Fernando Costa (6122) Cynthia Garcia (8187) Robert Sturns (8003) Page 1 of 2 Sarah Odle (7316) ATTACHMENTS Page 2 of 2