HomeMy WebLinkAboutContract 42526-A1 (2);:Iry SECRETARY
CONTRACT NO. _U
A7A
AMENDMENT NO. 1 TO
TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A
NEIGHBORHOOD EMPOWERMENT ZONE
(CITY SECRETARY CONTRACT NO. 42526)
This AMENDMENT NO. 1 TO TAX ABATEMENT AGREEMENT FOR
PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE
("Amendment") 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 CALM EVE LIMITED LIABILITY CO. ("Owner"), a Texas
limited liability company.
The following introductory provisions are true and correct and for the basis of this
Amendment:
A. As of October 4, 2011 the City and Owner 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, Owner agreed, to construct a
medical/dental office (the "Project", as more specifically defined in the Agreement) on
certain real property located in the Ridglea/Como Neighborhood Empowerment Zone. In
return, the City agreed to grant Owner a Municipal Tax Abatement as authorized by
Chapter 378 of the Texas Local Government Code and outlined in the Agreement.
B. Owner completed construction of all of the Required Improvements by October 4,
2013, as provided in section 1.2 of the agreement (the "Completion Date"). The Required
Improvements were deemed complete upon the issuance of a final certificate of occupancy
for the Required Improvements by the Planning and Development Department. Owner did
expend at least One Million One Thousand Dollars ($1,001,000.00) in Construction Costs
for the Required Improvements by the Completion Deadline as provided in Section 1.1 of
the agreement.
C. The Agreement shall be amended to correct section 2.1 ("Amount of
Abatement"); and section 2.3 ("Abatement Limitation").
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the City and Owner hereby agree as
follows:
1. Section 2.1 of the Agreement (Amount of Abatement) is hereby amended to
reflect the correct value of the Premises and the Required Improvements over their values
on January 1, 2011:
Page 1
Amendment No. 1 to CSC No. 42526
Neighborhood Empowerment Zone Tax Abatement Agreement with Calm Eve Limited LiabilitR
OFFICIAL RECORD.
CITY SECRETARY
ctriffrirtnoi
The actual amount of the Abatement granted under this Agreement shall be based
upon the increase in value of the Premises and the Required Improvements over their
values on January 1, 2011, and this amount is 0.00.
2. Section 2.3 of the Agreement (Abatement Limitation) is hereby amended to
reflect the correct abatement limitation:
Notwithstanding anything that may be interpreted to the contrary in this
Agreement, Owner's Abatement in any given year shall be based on the increase in
value of the Premises over its value on January 1, 2011, including the Required
Improvements, up to a maximum of $1,501,500.00. In other words, by way of
example only, if the increase in value of the Premises over its value on January 1,
2011, including the Required Improvements, in a given year is $2,000,000.00,
Owner's Abatement for that tax year shall be capped and calculated as if the
appraised value of the Premises for that year had only been $1,501,500.00.
3. All terms and conditions of the Agreement that are not expressly amended
pursuant to this Amendment shall remain in full force and effect.
EXECUTED as of the last date indicated below:
CITY OF FORT WORTH:
By: arigaL04‘L--•
Fernando Costa
Assistant City Manager
Date: AOACA.3
APPROVED AS TO FORM AND LEGALITY:
4 C )
Melinda Ramos
Sr. Assistant City Attorney
Page 2
Amendment No. 1 to CSC No. 42526
CALM EVE LIMITED LIABILITY
CO.:
By: sn�
Aubrey E. M
Director
Date:
Aby:
J. Kayser, City Sebretary
� I .III Rh II. as • 1 .'
OFFICIAL RECORD
CITY SECRETARY
if:du Mon T
Neighborhood Empowerment Zone Tax Abatement Agreement with Calm Eve Limited=Liabili Q - -
i