HomeMy WebLinkAboutContract 47240 (2)•
CJ tf SECREIT R
CONTRACT i?JO c
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
72? Lto
This Assignment of Tax Abatement Agreement is made and entered into by
and between CTMGT Waterview Estates FL-1, LLC, ("CTMGT"), ("Assignor") and
Impression Homes, L.L.C., ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Waterview Estates, L.P., Pars Investment, Inc., General Partner ("Waterview") and the
City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement
Agreement ("Agreement") for Property Located at 5420 Saba Drive; Lot 19; Block 5;
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 36970
("Agreement"):
B. Section 5 of the Agreement permits Waterview to assign all of its rights under the
Agreement to CTMGT, without obtaining the prior consent of the City Council:
C. Waterview assigned the Agreement to CTMGT, Assignor, such Agreement is dated
September 27, 2013, City Secretary Contract Number 36970-CAl .
D. Pursuant to that certain Special Warranty Deed dated as of September 22, 2015,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Impression Homes, L.L.C. and Assignee acquired title to the real property, which is
the subject of the Agreement.
E. Section 5 of the Agreement pei nits 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.
3. Effective Date. The effective date of this Assignment is September 22, 2015,
("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
M
Assignment of Tax Abatement Contract #3 6970-CA 1 from 1 OFFICIAL REC 'rg
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC rr" ,A 1
°WORTH, TX
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. 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
m 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 m 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 tenms 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)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR: ASSIGNEE:
CTMGT Waterview Estates, FL-1, LLC Impression Homes, L L C
3901 Airport Freeway, Suite 200 P.O. Box 92726
Bedford, TX 76021 Southlake, Texas 76092
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 m 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.
Assignment of Tax Abatement Contract #36970-CA1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
2
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.
CITY OF FORT WORTH
77/ueuieb,,g
1
Fernando Costa
Assistant City Manager
STATE Oif f FXAS §
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 perfoini 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 21-4-clay of
d r,b -ems , 2015.
cA,..4 a age L.e..
Notary Public in for
the State of Texa
APPROV i-4D AS TO FORM AND LEGALITY:
2
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Melinda Ramos
Sr. Assistant City Attorney
M & C: C--22514
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TRIKINYA 1. JOHNSON
Notary Public, State of Texas
My Commission Expires
April 17, 2018
Assignment of Tax Abatement Contract -113 6970-CA 1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
3
•
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
ASSIGNOR: CTMGT Waterview Estates FL-1, LLC
Name: Mehrdad Moayedi
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TARRANT §
Pout as
BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi,
Managing Member of' CTMGT Waterview Estates FL -I, L.L.C. 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 CTMGT Waterview Estates FL -I, L.L.C.
hoc
GIVEN UNDER MY HAND AND SEAL OF OFFICE this � day of
4tinittlr , 2015.
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Notary Public in and for
the State of Texas
ASSIGNEE: Impression Homes, L.L.C.
Name: Bruce Heikkinen
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority,
Managing Member of Impression Homes
is subscribed to the foregoing instru
for the purposes and considerat' R t erein
11 . •I:I - .1... •.I - _..
CYNTHIA HUBBARD
Notary Public, State of Texas
My Commission Expires
February 24, 2018
I
on tl' : ay personally appeared Bruce Heikkinen,
C. known to me to be the person whose name
and acknowledged to me that he executed the same
expressed, in the capacity therein stated.
GIVEN UN P MY HAND AND SEAL OF OFFICE this
,2015.
N•... y Public in and for
e State of Texas
day of
Aroma—
•
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Assignment of Tax Abatement Contract #3 6970-CA 1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
4
•
ASSIGNOR: CTMGT Waterview Estates FL- 1 , LLC
Name: Mehrdad Moavedi
Title: Managing Member
STATE F TEXAS §
COUNTY OF T N T §
BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi,
Managing Member of CTMGT Waterview Estates FL-1, L.L.C. 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 CTMGT Waterview Estates FL-1, L.L.C.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
, 2015.
Notary Public in and for
the State of Texas
ASSIGNEE: nnpression Homes, L.L.C.
Nam -Bruce Heikkinen
Title: Managing Member
STATE OF TEXAS §
COUNTY OF TAR12Al\IT §
BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heikkinen,
Managing Member of Impression Homes, L.L.C. 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 UDDER MY HAND AND SEAL OF OFFICE this 7t-day of
}eWli3�� / , 2015.
Nod lic in and for
the State of Texas
•
':$11 6/44,
CHRISTOPHER THOMAS HICKOX
Notary Public, State of Texas
My Commission Expires
June 09, 2019
Assignment of Tax Abatement Contract ##3 6970-CA 1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
4
1
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
r
M&C Review
Official; site of the ty o Fort art Texas
OUNCILErim,_GENDA
DATE:
CODE:
SUBJECT:
FORT WORTH
COUNCIL ACTION: Approved As Amended on 11/6/2007
11/6/2007 REFERENCE
NO.:
C TYPE:
C-22514 LOG NAME 05ENCHANTEDBAY
NON -
CONSENT
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
N eighborhood 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
N EZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ
P rogram 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, LP 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
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
1 ,
r,M&C Review
sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C".
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 City Manaaer's Office by: Dale Fisseler (6140)
Oriainatina Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
http://apps.cfwnet.org/councilpacket/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Exhibit "A"
WATERFRONT AT ENCHANTED BAY
PHASE lA
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County, Texas
118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084
Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07
Block
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Lot Street Address
1 5641 Grenada Drive
2 5637 Grenada Dnve
4 5629 Grenada Drive
6 5621 Grenada Drive
7 5617 Grenada Drive
9 5609 Grenada Drive
10 5605 Grenada Drive
11 5601 Grenada Drive
12 5549 Grenada Drive
13 5545 Grenada Drive
14 5541 Grenada Drive
15 5537 Grenada Drive
16 5533 Grenada Dnve
17 5529 Grenada Drive
18 5525 Grenada Dnve
21 5513 Grenada Drive
22 5509 Grenada Drive
26 5441 Grenada Drive
27 5437 Grenada Drive
28 5429 Grenada Dnve
29 5425 Grenada Drive
30 5421 Grenada Drive
31 5417 Grenada Dnve
33 5409 Grenada Drive
35 5401 Grenada Drive
37 5365 Grenada Drive
1 5640 Grenada Drive
2 5636 Grenada Dnve
3 5628 Grenada Drive
4 5808 Grenada Court
5 5804 Grenada Court
6 5800 Grenada Court
7 5801 Grenada Court
8 5805 Grenada Court
9 5809 Grenada Court
10 5813 Grenada Court
11 5620 Thunder Bay Dr.
12 5616 Thunder Bay Dr.
13 5612 Thunder Bay Dr.
14 5608 Thunder Bay Dr.
15 5604 Thunder Bay Dr.
16 5600 Thunder Bay Dr.
Subdivision
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Enchanted Bay
Enchanted Bay
Enchanted Bay
Enchanted Bay 1
Enchanted Bay
Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay 1
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At
Waterfront At
Waterfront At
Waterfront At
Waterfront At
Waterfront At
Page 1 of 3
WATERFRONT AT ENCHANTED BAY
PHASE 1A
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County, Texas
118 Residential Lots, 22.159 Acres Final Plat No. FP 04 084
Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07
Block
3
3
3
3
3
3
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
1
Lot
31
32
33
34
35
36
32
33
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
12
13
14
15
16
17
18
19
Street Address
5512 Grenada Drive
5516 Grenada Drive
5520 Grenada Drive
5524 Grenada Drive
5528 Grenada Drive
5532 Grenada Drive
5748 Maui Drive
5752 Maui Drive
5749 Maui Drive
5753 Maui Drive
5801 Maui Drive
5805 Maui Drive
5809 Maui Drive
5813 Maui Dnve
5817 Maui Drive
5821 Maui Drive
5428 Saba Drive
5424 Saba Drive
5420 Saba Drive
5416 Saba Drive
5412 Saba Drive
5408 Saba Drive
5404 Saba Drive
5400 Saba Drive
5361 Saba Drive
5365 Saba Drive
5369 Saba Drive
5373 Saba Drive
5368 Grenada Drive
5364 Grenada Drive
5360 Grenada Drive
5356 Grenada Drive
Subdivision
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Page 3 of 3