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HomeMy WebLinkAboutContract 47210 (2)'CI b 'i S ;. FE;) LLB 'Lt ,21r CONTRACT OF SALE AND PURCHASE (Sale by City of Fort Worth of Tax Foreclosed Property) THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, a home rule municipal corporation acting by and through Fernando Costa, its duly authorized Assistant City Manager, acting for the use and benefit of itself and the County of Tarrant, JPS Hospital District, Tarrant County College District, Tarrant County Right of Way District, Tarrant County Regional Water District, Fort Worth Independent School District and the Tarrant County Education District (collectively, "Seller") and Tarrant County Housing Partnership, Inc., a Texas non-profit corporation ("Purchaser") as of the date on which this Contract is executed by the last to sign of Seller and Purchaser ("Effective Date"). RECITALS 1. Seller is the owner of 1004 E. Harvey Avenue, 1005 E. Harvey Avenue, 1121 E. Harvey Avenue, 945 E. Jessamine Street and 1244 E. Jessamine Street together with any easements, rights -of -way, licenses, interests, benefits, privileges and rights appurtenant thereto (collectively, the "Property"), as shown and more particularly described on the attached Exhibit "A", incorporated herein for all purposes. 2. Pursuant to Section 34.051 of the Texas Property Tax Code, the taxing entities comprising Seller have entered into an Interlocal Agreement to allow for the sale of tax -foreclosed properties to eligible non-profit entities for the development of low-income housing for 20 % of the Tarrant Appraisal District value. 3. Purchaser is an eligible non-profit entity and a Community Housing Development Organization that desires to acquire the Property for the development of low- income housing. 4. The City of Fort Worth, on behalf of Seller, approved the conveyance of the Property to Purchaser for 20% of the Tarrant Appraisal District Value in M&C L- 15686. AGREEMENT In consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Purchaser agree as follows: CFW Tax Foreclosed Sale Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 OFFICIAL RECORD CITY SECRETARY AFT. WORTH, TX. Page 1 of 13 Section 1. Agreement of Sale and Purchase. (a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to purchase and accept the Property from Seller, for the purchase price (as defined below), subject to the terms and conditions set forth in this Contract. (b) Seller shall convey the Property to Purchaser in "AS IS' condition free and clear of all City liens, but subject to ad valorem taxes accruing after the Judgment, if any. Section 2. Purchase Price. The purchase price ("Purchase Price') for the Property, payable by Purchaser to Seller in cash at Closing (defined below), is $8,079.73, as shown and more particularly desciibed on the attached Exhibit "B", incorporated herein for all purposes. Section 3. Title Commitment and Survey. (a) Purchaser may obtain at Purchaser's sole cost and expense (i) a Commitment for Title Insurance and Title Policy ("Title Commitment') from the Title Company of Purchaser's choice ("Title Company"), setting forth the status of the title of the Property and showing all claims, easements, rights -of -way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to, plats, reservations, restrictions, and easements. (b) Purchaser may, at its sole cost and expense, obtain a survey ("Survey") of the Property. Section 4. Representations, Warranties, "AS IS" (a) EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE CFW Tax Foreclosed Sale Page 2 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE, AS DEFINED BY THE U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT PURCHASER IS TAKING THE PROPERTY "AS IS" WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE. PURCHASER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATIONS, STATEMENTS, ASSERTIONS OR NON -ASSERTIONS BY THE SELLER WITH RESPECT TO THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION OF THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). UPON CONVEYANCE, AS BETWEEN SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING BUT NOT LIMITED TO, UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT ("CERCLA"), THE RESOURCE CONSERVATION AND CFW Tax Foreclosed Sale Page 3 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE TEXAS WATER CODE. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES, BUT NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE HEREOF. (b.) The provisions of Section 4(a) shall be incorporated into the Tax Resale Deed Without Warranty (c.) The provisions of Section 4(a) shall survive the closing (as defined below). Section 5. Closing Contingencies. (a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the office of the Title Company if any, or at Seller's offices no more than 15 days after the satisfaction of the following contingencies to Closing ("Closing Contingencies"), but not later than The Closing Contingencies are as follows: Satisfactory completion of environmental review under 24 CFR Part 58 and receipt by the City of Fort Worth ("City") of a release of funds from the United States Department of Housing and Urban Development ("HUD") for Purchaser's intended use of the Property. (b) Purchaser agrees to pursue the approvals and agreements described in the Closing Contingencies above with reasonable diligence. Seller agrees to cooperate fully with Purchaser in connection with Purchaser's pursuit of the above approvals. CFW Tax Foreclosed Sale Page 4 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 (c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction so that Purchaser is prepared to close on or before October 30, 2015, then Purchaser may terminate this Contract. Section 6. Closing. (a) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following• (i) A Tax Resale Deed Without Warranty ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser title to the Property subject to existing easements, rights -of -way, and prescriptive rights whether of record or not, with the precise form of the Deed to be determined pursuant to Section 11 below; (ii) Any other instrument or document necessary for any Title Company to issue the Owner Policy in accordance with Section 9(a)(3) below. (2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Seller through the Title Company federally wired funds or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. (3) The Title Company shall issue to Purchaser, at Purchaser's sole cost and expense, a Texas Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Purchaser is the owner of title to the Property, subject only to the Permitted Encumbrances, and the standard pnnted exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted hncumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read: "Standby Fees and Taxes for [the year of Closing] and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership". (4) Seller and Purchaser shall each pay their respective attorneys' fees. CFW Tax Foreclosed Sale Page 5 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 (5) Except as otherwise provided herein, all costs and expenses in connection with Closing shall be paid or borne by Purchaser including without limitation, filing fees, Title Company attorney and escrow or settlement fees, costs of tax certificates, survey costs, and title insurance policy costs. (b) Ad valorem and similar taxes and assessments which are subsequent to and not included in the Judgment, if any, relating to the Property shall paid by Purchaser as of the Closing Section 7. Agents Seller and Purchaser each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction except the following: NONE Section 8. Closing Documents. DELhTED BY AGREEMENT OF THE PARTIES. Section 9. Notices. (a) Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the party to whom the notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing) (iii) placed in the United States mail, return receipt requested, addressed to such party at the address specified below, or (iv) deposited into the custody of Federal Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below. (b) The address of Seller under this Contract is: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention• Neighborhood Services, Bette Chapman Telephone• 817-392-6125 With a copy to: City Attorney's Office 1000 Throckmorton St Fort Worth, Texas 76102 Attnh Leann Guzman CFW Tax Foreclosed Sale Page 6 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 (c) The address of Purchaser under this Contract is: Tarrant County Housing Partnership, Inc. 3204 Collinsworth St. Fort Worth, TX 76107 Attn: Donna VanNess, President (817) 924-5091 Office (d) From time to time either party may designate another address or telecopy number under this Contract by giving the other party advance written notice of the change. Section 10. Termination, Default, and Remedies. (a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other than termination of this Contract by Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perfoun Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive remedy, shall have the right to terminate this Contract by giving written notice thereof to Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations hereunder. (b) If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Sellei's other obligations hereunder either prior to or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a right so to terminate expressly set forth in this Contract or Purchaser's failure to perform Puichaser's obligations under this Contract, then Purchaser shall have the right to terminate this Contract by giving written notice thereof to Seller prior to or at the Closing and neither party hereto shall have any further lights or obligations hereunder. Section 11. Entire Contract. This Contract (including the attached exhibits) contains the entire contract between Seller and Purchaser, and no oral statements or prior written matter not specifically incorporated herein is of any force and effect. No modifications are binding on either party unless set forth in a document executed by that party. Section 12. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Any attempted assignment shall be void. Section 13. Time of the Essence. It is expressly agreed that time is of the essence with respect to this Contract. CFW Tax Foreclosed Sale Page 7 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 Section 14. Taking Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain Purchaser may in Purchaser's sole discretion, either (i) terminate this Contiact whereupon any Earnest Money shall be returned to Purchasei, and neither party shall have any further rights or obligations hereunder or (ii) proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect the net square footage of the Property after the taking. Section 15. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 16. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and any and all payments under the terms of the Contract are to be made in Tarrant County, Texas. Section 17. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. Section 18. Severability. If any provision of this Contract is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein Section 19. Business Days. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday for the City of Fort Worth or federal holiday, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. Section 20. Multiple Counterparts. This Contract may be executed in any number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes, and all such counterparts shall collectively, constitute one agreement, but, in making proof of this Contract, it shall not be necessary to produce or account for more than one such counterpart. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] CFW Tax Foreclosed Sale Page 8 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TEXAS By: )711/1444&----- Fernando Costa Assistant City Manager Date: /0�28 //S Attest Mary J. Ka City Secretar M&CL-15 6 8 6 Approved as to Legality and Form Assjilui istant City Aiitorney PURCHASER: TARRANT COUNTY HOUSING PARTNERSHIP, INC. By: Name: Title: Date: OFFICIAL dt.GORn CITY SECRETARY FT. WORTS. TX CFW Tax Foreclosed Sale Page 9 of 13 1004, 1005, 1121 E. Harvey Ave. and 945 and 1244 E. Jessamine St. 10/28/2015 This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TEXAS By: Fernando Costa, Assistant City Manager Date: Attest Mary J. Kayser City Secretary M&CL-15686 Approved as to Legality and Form Assistant City Attorney PURCHASER: TARRANT COUNT Y HOUSING PARTNERSHIP, INC. a‘>7/1\ By: Donna.VanIess, Pi'esider Date: Or- dq 1 I `; CFW Tax Foreclosed Sale Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 9 of 13 By its execution below, Title Company acknowledges receipt of any harnest Money described in this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY: By: Name: Title: Date: Phone cep 447ci#1Wodvieciro Providence Title Company 4107 S. Bowen Road, Suite 101 Arlington, Texas 76016 • OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX CFW Tax Foreclosed Sale Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 Page 10 of 13 .� :MC1+71t EXHIBIT "A" Description of Property 1004 E Harvey Avenue: Lot 2, Block 35, Southland Subdivision, situated in the City of Fort Worth, Tarrant County, Texas, and located within the Fort Worth Independent School District, as shown by a Deed of Record in Volume 11379, Page 1829 of the Deed Records of Tarrant County, Texas (Account No. 02857391) Also known as Lot 2, Block 35, SOUTHLAND SUBDIVISION, an addition to the City of Fort Worth, Tairant County, Texas, according to the plat thereof recorded in Volume 310, Page 11 of the Plat Records of Tarrant County, Texas. 1005 E. Harvey Avenue: Lot 35, Block 36, Southland Subdivision, situated in the City of Fort Worth, Tarrant County, Texas, and located within the Fort Worth Independent School District, as shown by a Deed of Record in Volume 3038, Page 592 of the Deed Records of Tarrant County, Texas. (Account No. 2858150) Also known as Being Lot 35, Block 36, of SOUTHLAND SUBDIVISION an addition to the City of Fort Worth, Tarrant County, Texas, according to the map or plat thereof recorded in Volume 310, Page 11, of the Plat Records, Tarrant County, Texas. 1121 E. Harvey Avenue: Lot 20, Block 36, Southland Subdivision, Fort Worth, Tarrant County, Texas (Account No. 2857987) Also known as Being Lot 20, Block 36, of SOUTHLAND SUBDIVISION an addition to the City of Fort Worth, Tanant County, Texas, according to the map or plat thereof recorded in Volume 310, Page 11, of the Plat Records, Tarrant County, Texas. 945 E. Jessamine Street: Lot 19, Block 31, Southland Subdivision Addition, situated in the City of Fort Worth, Tarrant County, Texas, as shown by a Deed of Record in Volume 12025, Page 28 of the Deed Records of Tarrant County, Texas. (Account No. 2856123) Also known as Being Lot 19, Block 31, of Southland Subdivision, an addition to the City of Fort Worth, Tarrant County, Texas, according to the map or plat thereof recorded in Volume 310, Page 11, of the Plat Records, Tarrant County Texas. 1244 E. Jessamine Street: Lot 11 and 12, Block 6, Vickery Southeast Addition, an addition to the City of Fort Worth, Tarrant County, Texas, and located within the Fort Worth Independent School District. CFW Tax Foreclosed Sale Page 11 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 Also known as Being Lots 11 and 12, Block 6, of Vickery Southeast Addition, an addition to the City of Fort Worth, Tarrant County Texas, according to the map or plat thereof recorded in Volume 310, Page 56, of the Plat Records, Tarrant County, Texas. CFW Tax Foreclosed Sale Page 12 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E. Jessamine St. 10/28/2015 EXHIBIT "B" Sales Price of Property 20% of TAD Value (Sales Post -Judgement Address TAD Value Price Under Ordinance) Taxes Total 945 E Jessamine Avenue $5,000.00 $1,000.00 $180.55 $1,180.55 1004 IH, I Iai vey Avenue $5,000.00 $1,000.00 $363.24 $1,363.24 1005 E Harvey Avenue $5,000.00 $1,000.00 $2,517.61 $3,517.61 1121 E Harvey Street $5,000.00 $1,000.00 $718.33 $1,718.33 1244 E Jessamine Street $1,500 00 $300.00 $0.00 $300.00 Total $21,500.00 $4,300.00 $3,779.73 $8,079.73 CFW Tax Foreclosed Sale Page 13 of 13 Tarrant County Housing Partnership, Inc. 1004, 1005, 1121 E. Harvey Ave. and 945, 1244 E Jessamine St. 10/28/2015 M&C Review Page 1 of 2 CIL COUNCIL ACTION: Approved on 6/3/2014 Official site of the City of Fort Worth, Texas FORT WORTII DATE: 6/3/2014 REFERENCE NO.: **L-15686 LOG NAME: 17DIRECTSALETCHP CODE• L TYPE• CONSENT PUBLIC NO HEARING: SUBJECT: Authorize Direct Sale of Twelve Tax -Foreclosed Properties to Tarrant County Housing Partnership, Inc., in the Amount of $11,360.00 for the Development of Low -Income Housing (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the direct sale of twelve tax -foreclosed properties to Tarrant County Housing Partnership, Inc , in the amount of $11 360.00 for the development of low-income housing, in accordance with Section 34.050) of the Texas Tax Code and 2. Authorize the execution and recording of the appropriate instruments conveying the property to complete the sale. DISCUSSION: The City of Fort Worth received the property referenced below through Constable's sales after a tax - foreclosure suit. Pursuant to Section 34.05(i) of the Texas Tax Code, the City is authorized to sell tax - foreclosed properties for any price with the consent of the other taxing entities who are entitled to receive proceeds under the tax judgment. In 1998, (M&C G-12284) the City Council approved an ordinance for the conveyance of tax -foreclosed properties to non-profit entities for the development of low-income housing. The ordinance allows the City to sell tax -foreclosed properties to eligible non-profit entities for 20 percent of the Tarrant Appraisal District Value as long as the property will be used for the development of low-income housing. Every taxing entity has signed an Interlocal Agreement adopting the ordinance and granting its consent to sales made, pursuant to the ordinance. Tarrant County Housing Partnership (TCHP) has requested to purchase 12 properties in Council District 8 pursuant to the low-income housing development ordinance Staff recommends that the properties be sold to TCHP at a sales price equal to 20 percent of Tarrant Appraisal District value, as outlined below: Address 923 Allen Avenue E 1116 Allen Avenue E 20 Percent of TAD TAD No. Current TAD Value Mapsco Zoning Value (Sales Information Price Under Ordinance) 01411896 A-5 $ 5,000.001 $ 1,000.001 077P 01412558 A-5 $ 5,000.00 $ 1,000.00 077Q http://apes.cfwnet.org/council_packet/mc review.asp?ID=19856&councildate=6/3/2014 10/20/2015 M&C Review Page 2 of 2 1203 Allen Avenue E 1113 Baltimore Avenue 1004 Harvey Avenue E 1005 Harvey Avenue E 1121 Harvey Avenue E 945 Jessamine Street E 1205 Jessamine Street E 1244 Jessamine Street E 1325 Jessamine Street E 1003 Richmond Avenue E 014130151 A-5 02859181 A-5 02857391 02858150 02857987 A-5 A-5 A-5 $13,200.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 2,640.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 077Q 077Q 077P 077P 077Q 02856123 A-5 $ 5,000.00 $ 1,000.00 077T 03266001 A-5 $ 1,100.00 $ 220.00 04708202 A-5 $ 1,500.00 300.00 03266850 A-5 $ 1,000.00 $ 200.00 02859734 A-5 $ 5,000.00 TOTAL $ 1,000.00 $11,360.00 077U 077U 077U 077P The Planning and Development Department has reviewed the current zoning of these properties as noted and has determined that the zoning classifications are compatible with the Comprehensive Plan. All the properties are located in COUNCIL DISTRICT 8. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that the Housing and Economic Development Department is responsible for the collection and deposit of funds to the City. TO Fund/Account/Centers GG01 240126 0000000 $11,360.00 Submitted for City Manager's Office bv: Originating Department Head: Additional Information Contact: ATTACHMENTS FROM Fund/Account/Centers Fernando Costa (6122) Jay Chapa (5804) Cynthia Garcia (8187) Bette Chapman (6125) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=1 9 8 5 6&councildate=6/3/20 14 10/20/2015