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HomeMy WebLinkAboutContract 47239 (2)0 13 2.015 RECEIVED stcRESIO ralECkillikRY CONTRACT NO. ASSIGNMENT OF TAX ABATEMENT AGREEMENT )33 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 5752 Maui Drive; Lot 33; Block 4; 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 36976 ("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 36976-CA1. D. Pursuant to that certain Special Warranty Deed dated as of October 27, 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 permits 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 October 27, 2015, ("Effective Date"). All rights, duties and obligations under the Agreement arising, accruing or relating to theperiod before the Effective Date are allocated to Assignor and all rights, .L RECORD � g STY SECRETARY Assignment of Tax Abatement Contract #36976-CA1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC FT.WORTH, TIC 1 --- 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 in the Agreement. 6. City of Fort Worth's Consent. City of Fort Worth hereby consents to this Assignment upon the teuiis 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 teens 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 AS SIGNOR: 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. 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. Assignment of Tax Abatement Contract #36976-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 • en/Pieer Le-dA 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. c Notary Pub r c in an the State of Texas ATTEST: GIVEN UNDER MY HAND AND SEAL OF OFFICE this o u P,,A„ , 2 015 . 1 'AL ao or y cretary APPROVED AS TO FORM AND LEGALITY: (AA. Melinda Ramos Sr. Assistant City Attorney M & C: C-22514 a jill\-'day of 1RIKINYA JOHNSON NotorY Public, Stole of Tex as MY Commission Expires April 17,2016 OFFICIAL RECORD CITY SECRETARY FT. WORTH) TX Assignment of Tax Abatement Contract ##3 6976-CA 1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 3 ASSIGNOR: CTMGT Waterview Estates FL-1, LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF = f' § D scA.1tas 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 Ai day of r /00-00u , ,zo,s. .uha l,( 4%�zad Notary public in and for cl) the State of Texas ASSIGNEE: Impression Homes, L.L.C. Name: Bruce Heikkinen Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § • ;.fw F,(,.b - - - LAURA L VVAYLANC My Commission Expires July 14, 2016 SAL BEFORE ME, the undersigned autht on this daypersonally appeared Bruce Heikkinen, g Y� p Y pp Managing Member of Impressioromes, 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 Up ER MY HAND AND SEAL OF OFFICE this day of 2015. Notary P lic in and for the St of Texas OFFICIAL RECORD CITY SECRETARY Ft WORTH, TX Assignment of Tax Abatement Contract #3 6976-CA 1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 4 Notary Public in/an/for the State of Texas ASSIGNOR: CTMGT Waterview Estates FL-1, LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this ,day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Waterview person whose name is subscribed to the he executed the same for the purpos therein stated and as the act and de slates FL-1, L.L.C. known to me to be the egoing instrument, and acknowledged to me that and consideration therein expressed, in the capacity of CTMGT Waterview Estates FL-1, L.L.C. GIVEN UNDER M1Y HAND AND SEAL OF OFFICE this day of 2015. Notary Pu c in and for the State of Texas ASSIGNEE: pres- 'o Homes, L.L.C. Name Bruce Heikkinen Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § 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. 9.'1V4E,N UNDER MY HAND AND SEAL OF OFFICE this g ) (1/W , 2015. iL. • . • -1 KERI KEIS MY CO MMISSION EXPIRES June 19, 2017 day of OFFICIAL RECA D CITY SECRETARY FT. WORTH, TX Assignment of Tax Abatement Contract #3 6976-CA 1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 4 Ig&C Review Official site o .t e. City o Fort oft , Texas ITV OUNCI!Th:GENDA COUNCIL ACTION: Approved As Amended on 11/6/2007 FORT WORTH DATE: CODE: SUBJECT: 11/6/2007 REFERENCE NO: C TYPEw 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, LP , 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_packetlmc review.asp?ID-8145&councildate=11/6/2007[09/19/2013 3:35:54 PM] M&C Review ITV' K OUNCIL ` GENOA FORT WORTH COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE: 11/6/2007 REFERENCE NO.: CODE: SUBJECT: C TYPE: C-22514 NON - CONSENT LOG NAME 05ENCHANTEDBAY PUBLIC HEARING: NO Authorize Execution of a Five Year Tax Abatement Agreement with Waterview Estates, LP , 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, 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 http://apps.cfwnet.org/council packet/mc_review.asp?fI=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM] 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 Manager's Office by: Dale Fisseler (6140) Oriainatina Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) http://apps.cfivnet.org/councilpacket/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM] M&C Review ATTACHMENTS Continued Exhibit B for M&C.odf Exhibit A for M&C.xls Exhibit B for M&C.doc Final TA Agreement for M&C.doc Location Mao for M&C.odf http://apps.cfivnet.org/counciljacket/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 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Lot Street Address 1 5641 2 5637 4 5629 6 5621 7 5617 9 5609 10 5605 11 5601 12 5549 13 5545 14 5541 15 5537 16 5533 17 5529 18 5525 21 5513 22 5509 26 5441 27 5437 28 5429 29 5425 30 5421 31 5417 33 5409 35 5401 37 5365 1 5640 2 5636 3 5628 4 5808 5 5804 6 5800 7 5801 8 5805 9 5809 10 5813 11 5620 12 5616 13 5612 14 5608 15 5604 16 5600 Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Dnve Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Dnve Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Dnve Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Court Grenada Court Grenada Court Grenada Court Grenada Court Grenada Court Grenada Court Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Subdivision Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted 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Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay 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 2 2 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 Lot Street Address 17 5572 Thunder Bay Dr. 18 5568 Thunder Bay Dr. 19 5564 Thunder Bay Dr. 20 5560 Thunder Bay Dr. 21 5556 Thunder Bay Dr. 22 5552 Thunder Bay Dr. 23 5548 Thunder Bay Dr. 24 5544 Thunder Bay Dr. 25 5540 Thunder Bay Dr. 26 5536 Thunder Bay Dr. 27 5532 Thunder Bay Dr. 28 5528 Thunder Bay Dr. 29 5524 Thunder Bay Dr. 30 5516 Thunder Bay Dr. 1 5621 Thunder Bay Dr. 2 5617 Thunder Bay Dr. 3 5613 Thunder Bay Dr. 4 5609 Thunder Bay Dr. 5 5601 Thunder Bay Dr. 6 5561 Thunder Bay Dr. 7 5553 Thunder Bay Dr. 8 5549 Thunder Bay Dr. 9 5545 Thunder Bay Dr. 10 5541 Thunder Bay Dr. 11 5537 Thunder Bay Dr. 12 5533 Thunder Bay Dr. 13 5529 Thunder Bay Dr. 14 5525 Thunder Bay Dr. 15 5521 Thunder Bay Dr. 16 5517 Thunder Bay Dr. 17 5513 Thunder Bay Dr. 18 5509 Thunder Bay Dr. 19 5505 Thunder Bay Dr. 20 5501 Thunder Bay Dr. 21 5424 Grenada Drive 22 5428 Grenada Drive 23 5432 Grenada Drive 24 5436 Grenada Drive 25 5440 Grenada Drive 26 5444 Grenada Drive 27 5448 Grenada Drive 28 5500 Grenada Drive 29 5504 Grenada Drive 30 5508 Grenada Drive Subdivision Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted Waterfront At Enchanted 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