HomeMy WebLinkAboutContract 47238 (2)CSTY SECRETARYi
3-3
+t� N1 '8tA T Noe • --
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
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 5748 Maui Drive; Lot 32; 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 36793
("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 36793-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 the period before the Effective Date are allocated to Assignor and all rights,
4
Assignment of Tax Abatement Contract #36793-CA1 from CITY StC ETARY
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC r ; WORTH, TX
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 hffective Date. Assignor must surrender the Property to the
Assignee on or before 11:59 p. m on the date prior to the hffective 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 teunus 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 terms 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 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 #36793-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
4----7=-Sente-7 Cawl
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 /7dav of
No d e"vrt L stir , 2015.
IdelotaxotA,tJ
Notary Public and fo
the State of Texas
AT
1
ary
r
City Secretary
APPROVED AS TO FORM AND L
v4La turrO
Melinda Ramos
Sr. Assistant City Attorney
M & C: C-22514
TRIKINYA 1. JOHNSON
Notary Public, State of Texas
My Commission Expires
April 17, 2018
•
OFFICIAL IltumiD
CITY SECRETARY
FT. WORTH, TX
Assignment of Tax Abatement Contract #3 6793 -CA 1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
3
ASSIGNOR: CTMGT Waterview Estates FL-1, LLC
Name: Mehrdad Moavedi
Title: Managing Member
STATE OF TEXAS
COUNTY OF
Vaktac
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
(?kJ-on,r LL�ate.i,kd
n 2015. (I
Notary public in and for U
the State of Texas
ASSIGNEE: Impression Homes, L.L.C.
Name: Bruce Heikkinen
Title: Managing Member
i`
STATE OF TEXAS §
COUNTY OF TARRANT §
-
a
LAB RA L WAYLAND
My Commission Expires
July 14, 2016
ALI
day of
al"!
BEFORE ME, the undersigns "authority, on this day personally appeared Bruce Heikkinen,
Managing Member of Imp: ssion 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 anonsideration therein expressed, in the capacity therein stated.
purposes d � p p
GIVEUNDER MY HAND AND SEAL OF OFFICE this
2015.
otary Public in and for
the State of Texas
day of
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Assignment of Tax Abatement Contract #3 6793 -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 OF TEXAS §
COUNTY OF TARRANT §
•
BEFORE ME, the undersigned authorit -w�on this day personally appeared Mehrdad Moayedi,
Managing Member of CTMGT W - erview Estates FL-1, L.L.C. known to me to be the
person whose name is subscribsdrto the foregoing instrument, and acknowledged to me that
he executed the same forte purposes and consideration therein expressed, in the capacity
therein stated and as tact and deed of CTMGT Waterview Estates FL-1, L.L.C.
GIVENVIJNDER MY HAND AND SEAL OF OFFICE this day of
�'', 2015.
„7"-
Notary Public in and for
the State of Texas
ASSIGNEE: Impression Hcyfnes, L.L.C.
Name: Bru+ eikkinen
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.
IV CQ N UNDER MY HAND AND SEAL OF OFFICE this 7day of
(JhL/1 , 2015.
•
Notary Public in and for
the State of Texas
r 4
`
144
KERI KEIS
MY COMMISSION EXPIRES
i
June 19, 2017 •
P
J. 1
CITY SECRETARY
FT. WORTH, TX
Assignment of Tax Abatement Contract ##3 6793 -CA 1 from
CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC
4
ng&C Review
DATE:
CODE:
SUBJECT
COUNCIL ACTION: Approved As Amended on 1116/2007
11/6/2007 REFERENCE
NO.:
C TYPE:
C-22514
NON -
CONSENT
L OG NAME 05ENCHANTEDBAY
P UBLIC
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, 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?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
r4&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.cfwnet.org/council packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Exhibit "A"
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
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
1
2
4
6
7
9
10
11
12
13
14
15
16
17
18
21
22
26
27
28
29
30
31
33
35
37
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Street Address
5641 Grenada Drive
5637 Grenada Drive
5629 Grenada Drive
5621 Grenada Drive
5617 Grenada Dnve
5609 Grenada Drive
5605 Grenada Dnve
5601 Grenada Drive
5549 Grenada Drive
5545 Grenada Drive
5541 Grenada Drive
5537 Grenada Drive
5533 Grenada Drive
5529 Grenada Dnve
5525 Grenada Drive
5513 Grenada Drive
5509 Grenada Drive
5441 Grenada Drive
5437 Grenada Drive
5429 Grenada Dnve
5425 Grenada Drive
5421 Grenada Dnve
5417 Grenada Drive
5409 Grenada Drive
5401 Grenada Drive
5365 Grenada Drive
5640 Grenada Drive
5636 Grenada Drive
5628 Grenada Drive
5808 Grenada Court
5804 Grenada Court
5800 Grenada Court
5801 Grenada Court
5805 Grenada Court
5809 Grenada Court
5813 Grenada Court
5620 Thunder Bay Dr.
5616 Thunder Bay Dr.
5612 Thunder Bay Dr.
5608 Thunder Bay Dr.
5604 Thunder Bay Dr.
5600 Thunder Bay Dr.
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
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
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
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 1
1
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 Lot
3 31
3 32
3 33
3 34
3 35
3 36
4 32
4 33
5 9
5 10
5 11
5 12
5 13
5 14
5 15
5 16
5 17
5 18
5 19
5 20
5 21
5 22
5 23
5 24
6 12
6 13
6 14
6 15
6 16
6 17
6 18
6 19
Street Address
5512
5516
5520
5524
5528
5532
5748
5752
5749
5753
5801
5805
5809
5813
5817
5821
5428
5424
5420
5416
5412
5408
5404
5400
5361
5365
5369
5373
5368
5364
5360
5356
Grenada Drive
Grenada Drive
Grenada Drive
Grenada Drive
Grenada Drive
Grenada Drive
Maui Drive
Maui Drive
Maui Drive
Maui Drive
Maui Drive
Maui Dnve
Maui Drive
Maui Drive
Maui Dnve
Maui Drive
Saba Drive
S aba Drive
Saba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
S aba Drive
Grenada Drive
Grenada Drive
Grenada Drive
Grenada Drive
Subdivision
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
W aterfront At Enchanted Bay
Waterfront At Enchanted Bay
Waterfront At Enchanted Bay
W aterfront At Enchanted Bay
Waterfront
Waterfront
Waterfront
W aterfront
W aterfront
Waterfront
W aterfront
Waterfront
Waterfront
W aterfront
Waterfront
Waterfront
W aterfront
Waterfront
Waterfront
W aterfront
Waterfront
Waterfront
Waterfront
Waterfront
Waterfront
W aterfront
Waterfront
Waterfront
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
At Enchanted
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
Bay
1
1
Page 3 of 3