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HomeMy WebLinkAboutContract 44995 (2)CITY SiCRTAJw CiAkCONfI�'AC'tNO. /� TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE 5424 Grenada Drive This TAX ABATEMENT AGREEMENT ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal corporation organized under the laws of the State of Texas and acting by and through T.M. Higgins, its duly authorized City Manager, and Waterview Estates, L.P., a Texas Limited Partnership ("Owner"), owner of property located at 5424 Grenada Drive, Block 3, Lot 21, Waterfront at Enchanted Bay Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Cabinet A, Slide 11723, of the Plat Records of TalTant County, Texas, by and between Pars Investments, Inc. L.P., a Texas Limited Partnership, General Partner, and Woodhaven Custom Homes, L.L.C., Limited Liability Company General Partner, acting by and through Mark Johns, its duly authorized President. The City Council of the City of Fort Worth ("City Council") hereby finds and the City and Owner hereby agree that the following statements are true and correct and constitute the basis upon which the City and Owner have entered into this Agreement: A. A. Chapter 378 of the Texas Local Government Code allows a municipality to create a Neighborhood Empowerment Zone (NEZ) if the municipality determines that the creation of the zone would promote: (1) The creation of affordable housing, including manufactured housing in the zone; (2) An increase in economic development in the zone; (3) An increase in the quality of social services, education, or public safety provided to residents of the zone; or (4) The rehabilitation of affordable housing in the zone. B. Chapter 378 of the Texas Local Government Code provides that a municipality that creates a NEZ, may enter into agreements abating municipal property taxes on property in the zone. C. On July 31, 2001, the City adopted basic incentives for property owners who own property located in a NEZ, stating that the City elects to be eligible to participate in tax abatement and including guidelines and criteria governing tax abatement agreements entered into between the City and various third parties, titled "NEZ Basic Incentives", these were readopted on May 21, 2013 (Resolution No. 4209). D. The NEZ Incentives contains appropriate guidelines and criteria governing tax abatement agreements to be entered into by the City as contemplated by Chapter 312 of the Texas Tax Code, as amended (the "Code"). E. On February 3, 2004, the Fort Worth City Council adopted Ordinance No. 15854 (the "Ordinance") establishing "Neighborhood Empowerment Reinvestment Zone No. 16," City of Fort Worth, Texas (the "Zone"). On February 17, 2009, the City Council adopted Ordinance No. 16474 renewing "Neighborhood Empowerment Reinvestment Zone No. 16" (the "Zone"). 9 RECEIVED OCT 1 Page 1 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 QYFtJCUAL RECORD E ton S© TAEV G`� � i*t_) t'in', i1 ' F. Owner owns certain real property located entirely within the Lake Arlington NEZ and that is more particularly described in Exhibit "1", attached hereto and hereby made a part of this Agreement for all purposes (the ' Premises") G. Owner or its assigns plan to construct the Required Improvements, as defined in Section 1.1 of this Agreement on the Premises to be used for as a single-family i esidence that will be owner occupied. (the "Project"). H. On August 13, 2004, Owner submitted an application for NEZ incentives and an application for tax abatement to the City concerning the contemplated use of the Premises (the "Application"), attached hereto as Exhibit "2" and hereby made a part of this Agreement for all purposes. I. The City Council finds that the contemplated use of the Premises, the Required Improvements, as defined in Section 1.1, and the terms of this Agreement are consistent with encouraging development of the Zone in accordance with the purposes for its creation and are in compliance with the NEZ Incentives, the Resolution and other applicable laws, ordinances, rules and regulations J. The City Council finds that the terms of this Agreement, and the Premises and Required Improvements, satisfy the eligibility criteria of the NEZ Incentives. K. Written notice that the City intends to enter into this Agreement, along with a copy of this Agreement has been furnished in the manner prescribed by the Code to the presiding officers of the governing bodies of each of the taxing units in which the Premises is located. NOW, THEREFORE, the City and Owner, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. OWNER'S COVENANTS. 1.1. Real Property Improvements. Owner shall construct, or cause to be constructed, on each lot within the Premises for which tax abatements are requested, certain improvements consisting of a single-family residence (collectively, the "Required Improvements"), of at least 1200 square feet of living space in size with 3 bedrooms and one and one-half baths, with 70% mortared brick and having an appraised value of $80,000.00 as determined by an independent appraiser (collectively, the "Required Improvements"). Owner shall provide a survey of the completed home showing Required Improvements before the home is sold and a copy of the independent appraisal after the sale. The parties agree that the final survey and independent appraisal shall be a part of this Agreement and shall be labeled Exhibit "4". Minor variations, and more substantial variations if approved in writing by both of the parties to this Agreement in the Required Improvements from the description provided in the Application for Tax Abatement shall not constitute an Event of Default as defined in Section 4 1, provided that the conditions in the first sentence of this Section Page 2 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 1.1 are met and the Required Improvements are used for the purposes and in the manner described in Exhibit '3". 1.2. Completion Date of Required Improvements. Owner covenants to substantially complete construction of all of the Required Improvements within one year from the issuance and receipt of the building permit, unless delayed because of force majeure, in which case the two years shall be extended by the number of days comprising the specific force majeure For purposes of this Agreement, force majeure shall mean an event beyond Owner's reasonable control including, without limitation, delays caused by adverse weather, delays in receipt of any required permits or approvals from any governmental authority, or acts of God, fires, strikes, national disasters, wars, riots and material or labor restrictions and shortages as determined by the City of Fort Worth in its sole discretion, which shall not be unreasonably withheld, but shall not include construction delays caused due to purely financial matters, such as, without limitation delays in the obtaining of adequate financing. 1.3. Use of Premises. Owner covenants that the Required Improvements shall be constructed and the Premises shall be sold so that it is continuously used as the primary residence of the Home Buyer in accordance with the description of the Project set forth in the Exhibit "3" In addition, Owner covenants that throughout the Term, the Required Improvements shall be operated and maintained for the purposes set forth in this Agreement and m a manner that is consistent with the general purposes of encouraging development or redevelopment of the Zone. 2. ABATEMENT AMOUNTS, TERMS AND CONDITIONS. Subject to and in accordance with this Agreement, the City hereby grants to Owner a real property tax abatement on the Premises, the Required Improvements as specifically provided in this Section 2 ("Abatement"). "Abatement ' of real property taxes only includes City of Fort Worth -imposed taxes and not taxes from other taxing entities. 2.1. Amount of Abatement. 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, 2007: One Hundred percent (100%) of the increase in value from the construction of the Required Improvements. Page 3 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 If the square footage requirement and the appraised value of the Required Improvements are less than as provided in Section 1 1 of this Agreement, Owner shall not be eligible to receive any Abatement under this Agreement. 2.2. Increase in Value. The abatement shall apply only to taxes on the increase in value of the Premises due to construction of the Required Improvements and shall not apply to taxes on the land. 2.3. Term of Abatement. The term of the Abatement ("Term") shall begin on January 1 of the year following the calendar year in which a Required Improvement is sold to a Home Buyer to be used as its primary residence ( 'Beginning Date') and, unless sooner terminated as herein provided, shall end on December 31 immediately preceding the fifth (5th) anniversary of the Beginning Date. Upon the sale to a Home Buyer, City shall certify that the Required Improvements have been completed in satisfaction of the terms of the agreement However, the Compliance Auditing Term will begin on the date this agreement is executed and will end on the expiration fate of the Term 2.4. Protests Over Appraisals or Assessments. Owner shall have the right to protest and contest any or all appraisals or assessments of the Premises and/or improvements thereon 2.5. Abatement Application Fee. The City acknowledges receipt from Owner of the required Abatement application fee of $25.00 per single family house. The application fee shall not be credited or refunded to any party for any reason. 3. RECORDS, CERTIFICATION AND EVALUATION OF PROJECT. 3.1. Inspection of Premises. Between the execution date of this Agreement and the last day of the Term, at any time during construction of the Required Improvements and following reasonable notice to Owner the City shall have and Owner shall provide access to the Premises in order for the City to inspect the Premises and evaluate the Required Improvements to ensure compliance with the terms and conditions of this Agreement Owner shall cooperate fully with the City during any such inspection and/or evaluation Page 4 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 3.2. Certification. Owner shall certify annually to the City that it is in compliance with each applicable term of this agreement The City shall have the right to audit at the City's expense the Required Improvement with respects to the specifications listed in Exhibit "3". Owner must provide documentation that Owner is using the Required Improvements as its primacy residence (collectively, the ` Records') at any time during the Compliance Auditing Term in order to determine compliance with this Agreement. Ownei shall make all applicable Records available to the City on the Premises or at another location in the City following reasonable advance notice by the City and shall otherwise cooperate fully with the City during any audit. 3.3. Provision of Information. On or before February 1 following the end of every year during the Compliance Auditing Term and if requested by the City, Ownei shall provide infoimation and documentation for the previous year that addresses Owner's compliance with each of the terms and conditions of this Agreement for that calendar year. Failure to provide all information within the control of Owner required by this Section 3.3 shall constitute an Event of Default, as defined in Section 4.1. 3.4. Determination of Compliance. On or before August 1 of each year during the Compliance Auditing Term, the City shall make a decision and rule on the actual annual percentage of Abatement available to Owner for the following year of the Term and shall notify Owner of such decision and ruling. The actual percentage of the Abatement granted for a given year of the Term is therefore based upon Owner's compliance with the terms and conditions of this Agreement during the previous year of the Compliance Auditing Term. 4. EVENTS OF DEFAULT. 4.1. Defined. Unless otherwise specified herein, Owner shall be in default of this Agreement if (i) Owner fails to construct the Required Improvements as defined in Section 1.1.; (ii) ad valorem real property taxes with respect to the Premises or the Project, or its ad valorem taxes with respect to the tangible personal property located on the Premises become delinquent and Owner does not timely and properly follow the legal procedures for protest and/or contest of any such ad valorem real property or tangible personal property taxes or (m) HOME BUYER DOES NOT USE THE PREMISES AS PRIMARY RESIDENCE ONCE THE ABATEMENT BEGINS, (iv) HOME BUYER DOES NOT COMPLY WITH CHAPTER 7 AND APPENDIX B OF THE CODE OF ORDINANCE OF THE CITY OF FORT WORTH (collectively, each an "Event of Default"). Page 5 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6 2007 4.2. Notice to Cure. Subject to Section 5, if the City determines that an Event of Default has occurred, the City shall provide a written notice to Owner that describes the nature of the Event of Default. Owner shall have nmety (90) calendar days from the date of receipt of this written notice to fully cure or have cured the Event of Default If Ownei reasonably believes that Owner will require additional time to cure the Event of Default, Owner shall promptly notify the City in writing in which case (i) after advising the City Council in an open meeting of Owner's efforts and intent to cure, Owner shall have one hundred eighty (180) calendar days from the original date of receipt of the written notice, or (ii) if Owner reasonably believes that Owner will require moi e than one hundred eighty (180) days to cure the Event of Default, after advising the City Council in an open meeting of Owner s efforts and intent to cuie, such additional time if any, as may be offered by the City Council in its sole discretion. 4.3. Termination for Event of Default and Payment of Liquidated Damages. If an Event of Default which is defined in Section 4 1 has not been cured within the time frame specifically allowed under Section 4.2, the City shall have the right to terminate this Agreement immediately. Owner acknowledges and agrees that an uncured Event of Default will (i) harm the City's economic development and redevelopment efforts on the Premises and in the vicinity of the Premises; (ii) require unplanned and expensive additional administrative oversight and involvement by the City, and (iii) otherwise harm the City, and Owner agrees that the amounts of actual damages there from are speculative in nature and will be difficult or impossible to ascertain. Therefore upon termination of this Agreement for any Event of Default, Owner shall not be eligible for the Abatement for the remaining Term and Owner shall pay the City as liquidated damages, all taxes that were abated in accordance with this Agreement for each year when an Event of Default existed and which otherwise would have been paid to the City in the absence of this Agreement. The City and Owner agree that this amount is a reasonable approximation of actual damages that the City will incur as a result of an uncured Event of Default and that this Section 4 3 is intended to provide the City with compensation for actual damages and is not a penalty. This amount may be recovered by the City through adjustments made to Owner's ad valorem property tax appraisal by the appraisal district that has jurisdiction over the Premises. Otherwise, this amount shall be due, owing and paid to the City within sixty (60) days following the effective date of termination of this Agreement In the event that all or any portion of this amount is not paid to the City within sixty (60) days following the effective date of termination of this Agreement, Owner shall also be liable for all penalties and interest on any outstanding amount at the statutory rate for delinquent taxes, as determined by the Code at the time of the payment of such penalties and interest (currently, Section 33.01 of the Code). 4.4. Termination at Will. If the City and Owner mutually determine that the development or use of the Premises or the anticipated Required Improvements are no longer appropriate or feasible, or that a higher or better use is preferable, the City and Ownei may terminate this Agreement in a written format that is signed by both parties. In this event, (i) if the Tenn has commenced, the Term shall expire as of Page 6of12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 the effective date of the termination of this Agreement; (ii) there shall be no recapture of any taxes previously abated; and (iii) neither party shall have any further rights or obligations hereunder. 4.5. Sexually oriented Business & Liquor Stores or Package Stores. a. Owner understands and agrees the City has the right to terminate this agreement if the Project contains or will contain a sexually oriented business. b. Owner understands and agrees that the City has the right to terminate this agreement as determined m City s sole discretion if the Project contains or will contain a liquor store or package store. 5. EFFECT OF SALE OF PREMISES. Except for an assignment to Woodhaven Homes, L.P., or any other builder or developer approved by the Housing Department Director, or Owner's first mortgagee or to a homebuyer who will use the Required Improvements as its primary residence or the homeowner's mortgagee which City Council hereby agrees to, this Abatement cannot be assigned without the prior consent of the City Council, which consent shall not be unreasonably withheld provided that (i) the City Council finds that the proposed assignee is financially capable of meeting the terms and conditions of this Agreement and (ii) the proposed purchaser agrees in writing to assume all terms and conditions of Owner under this Agreement. Ownei may not otherwise assign, lease or convey any of its rights under this Agreement. Any attempted assignment without the City Council's prior consent shall constitute grounds for termination of this Agreement and the Abatement granted hereunder following ten (10) calendar days of receipt of written notice from the City to Owner Upon assignment to Owner's first mortgagee, or to a homebuyer who will use the Required Improvements as its primary residence or the homeowner's mortgagee, Owner shall have no further obligations or duties under this agreement. In addition, upon assignment to any other entity with the written consent of City Council, Owner shall have no further duty or obligation under this agreement. IN NO EVENT SHALL THE TERM OF THIS AGREEMENT BE EXTENDED IN THE EVENT OF A SALE OR ASSIGNMENT THE FAILURE OF OWNER TO SEND THE CITY NOTIFICATION OF THE SALE OF THE REQUIRED IMPROVEMENTS AND EXECUTION OF THE ASSIGNMENT OF THIS AGREEMENT WITH THE NEW OWNER WITHIN 30 DAYS OF THE TRANSFER OF OWNERSHIP OF THE REQUIRED IMPROVEMENTS SHALL RESULT IN THE AUTOMATIC TERMINATION OF THIS AGREEMENT. THE NOTICE AND EXECUTED ASSIGNMENT MUST BE SENT TO THE CITY BY CERTIFIED MAIL OR BY HAND DELIVERY. Page7of12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 6. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party designates in writing, by certified mail, postage prepaid, or by hand delivery: City: City of Fort Worth Attic City Manager's Office 1000 Throckmorton Fort Worth, Texas 76102 7. MISCELLANEOUS. 7.1. Bonds. and Housing & Economic Development Dept. Attn Jay Chapa, Director 1000 Throckmorton Fort Worth, Texas 76102 Owner: Waterview Estates, L P Pars Investment Inc., General Partner 3901 Anport Freeway, Suite 200 Bedford, Texas 76021 The Required Improvements will not be financed by tax increment bonds This Agreement is subject to rights of holders of outstanding bonds of the City. 7.2. Conflicts of Interest. Neither the Premises nor any of the Required Improvements covered by this Agreement are owned or leased by any member of the City Council, any member of the City Planning or Zoning Commission or any member of the governing body of any taxing units in the Zone. 7.3. Conflicts Between Documents. In the event of any conflict between the City's zoning ordinances, or other City ordinances or regulations, and this Agreement, such ordinances or regulations shall control In the event of any conflict between the body of this Agreement and Exhibit "3", the body of this Agreement shall control. 7.4. Future Application. A portion or all of the Premises and/or Required Improvements may be eligible for complete or partial exemption from ad valorem taxes as a result of existing law or future legislation. This Agreement shall not be construed as evidence that such exemptions do not apply to the Premises and/or Required Improvements. 7.5. City Council Authorization. This Agreement was authorized by the City Council through approval of Mayor and Council Communication No.C-22514 on November 6 2007, which, among other things authorized the City Manager to execute this Agreement on behalf of the City. Page 8 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6 2007 7.6. Estoppel Certificate. Any party hereto may request an estoppel certificate from another party hereto so long as the certificate is requested in connection with a bona fide business purpose. The certificate which if requested will be addressed to the Owner, shall include, but not necessarily be limited to, statements that this Agreement is in full force and effect without default (or if an Event of Default exists, the nature of the Event of Default and curative action taken and/or necessary to effect a cure), the remaining term of this Agreement, the levels and remaining term of the Abatement in effect, and such other matters reasonably requested by the party or parties to receive the certificates. 7.7. Owner Standing. Owner shall be deemed a proper and necessary party in any litigation questioning or challenging the validity of this Agreement or any of the underlying laws, ordinances, resolutions or City Council actions authorizing this Agreement, and Owner shall be entitled to intervene in any such litigation. 7.8. Venue and Jurisdiction. This Agreement shall be construed in accordance with the laws of the State of Texas and applicable ordinances, rules regulations or policies of the City. Venue for any action under this Agreement shall lie in the State District Court of Tarrant County, Texas. This Agreement is performable in Tarrant County, Texas. 7.9. Recordation. A certified copy of this Agreement in recordable form shall be recorded in the Deed Records of Tarrant County, Texas. 7.10. Severability. If any provision of this Agreement is held to be invalid illegal or unenforceable, the validity legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 7.11. Headings Not Controlling. Headings and titles used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 7.12. Entirety of Agreement. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and Owner Page9of12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, Novembei 6 2007 their assigns and successors in interest, as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. This Agreement shall not be amended unless executed in writing by both parties and approved by the City Council. This Agreement may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. CITY OF FORT WORTH: By: ailao•t4 C..,..� Fernando Costa Assistant City Manager ATTEST: By: Ma(y a . if� City e retary APPROVED AS TO FORM AND LEGALITY: B Melinda Ramos Assistant City Attorney M & C: C-22514 By: Mehrdad Moayedi President • Page 10of12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 • OFFICIAL RECORD WV SECRETARY' FWD 1NORTM, IX 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 /5 day of , 2013. 41-0-744-dt anda ( Notary Public in an for the State of Texas 6/0/1 /4'.. 2�aniLS Notary's Printed Name STATE OF TEXAS § COUNTY OF TARRANT § N ,1. J. J V� i • LsY 11 -Val OS EA v ...ESI ,..I LL..-' _z ,gyp`• • p t EVONIA DANIELS ': Notary _ Public, State of Texas is:•• •' My Commission Expires July 10, 2017 BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi of Waterview Estates, L.P., a Texas Limited Partnership, Pars Investments, Inc., General Partner, 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 Waterview Estates, L.P., a Texas Limited Partnership, Pars Investment, Inc., General Partner. GIVE UNDER MY HAND AND SEAL OF OFFICE this o�so day of 2013. r Notary Public in and for the State of Texas Notary's Printed Name • LAURA L WAYLAND My Commission Expires Jul): 14, 2016 NFEICrrnvujiien Page 11 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 Exhibit 1: Property Description Exhibit 2: Application* (NEZ) Incentives and Tax Abatement Exhibit 3: Project description including kind, number and location of the proposed improvements Exhibit 4: Final Survey and Independent Appraisal Page 12 of 12 NEZ Tax Abatement with Waterview Estates Approved by M&C C-22514, November 6, 2007 Exhibit 1 Property Description 5424 Grenada Drive; Lot 21; Block 3; 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. 4. Phone no.: 6. Email: 7. Agent (if any) 8. Address: 9. Phone no.: 11. Email: FORT WORTH Application No. Exhibit 2 -G- cooI CITY OF FORT WORTH NEIGHBORHOOD EMPOWERMENT ZONE (NEZ) PROGRAM PROJECT CERTIFICATION APPLICATION FORM C FOR DEVELOPMENT PROJECTS I. APPLICATION CHECK LIST Please submit the following documentation: 127 A completed application form A list of all properties owned by the applicant in Fort Worth Application fee — cashier's check or money order payable to the City of Fort Worth (For tax abatement applications only For multifamily, commercial industrial commercial facilities, and mixed -use tax abatement applications: 0.5% of the total Capital Investment of the project, not to exceed $1,000.00; For single family tax abatement applications: $25 per house) Proof of ownership, such•as a warranty deed, affidavit of heirship, or a probated will OR evidence of site control, such as option to buy (A registered warranty deed is required for tax abatement application.) Title abstract of the property (only if applying for release of City liens) N/A..' A completed set of development plan, project description and development budget or contractor's quote Support letter from Woodhaven Neighborhood Association and Woodhaven Community Development Corporation (For projects located in Woodhaven NEZ only) N /A INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED FOR CERTIFICATION UNTIL ALL REQUIRED DOCUMENTS SHOWN IN THE ABOVE CHECKLIST ARE SUBMITTED WITHIN 30 DAYS AFTER THE APPLICATION IS RECEIVED. YOU MUST APPLY FOR TAX ABATEMENT BEFORE ANY BUILDING PERMITS ARE ISSUED FOR YOUR PROPERTY AND BEFORE ANY IMPROVEMENTS ARE MADE TO YOUR PROPERTY. IT TAKES 30 TO 90 BUSINESS DAYS TO COMPLETE THE TAX ABATEMENT AGREEMENT APPROVAL PROCESS AFTER THE ISSUANCE OF NEZ CERTIFICATION DEPENDING ON 173E COMPLEXITY OF YOUR PROJECT. II. APPLICANT / AGENT INFORMATION 1. Applicant: Waterview Estates, L.P. 2. Contact Person: Russell Slovak 3. Address: 3901 Airport Frwy, Suite 200 Bedford TX 76021 Street City State Zip 817-391-2500 5. Fax No.: 817-391-2502 russell@dfwdevelopment.net ..,a,,,,,x,z,—t aita- vwstll �i C2vt-furlaiamericaM..cenni Street City State Zip 10. Fax No.: If you need further information or clarification, please contact Jamie Warner at (817) 392-7507 or Sarah Odle at (817) 392-7316. 1 FORT WORTH III. PROJECT ELIGIBILITY 1. Please list down the addresses and legal descriptions of the project and other properties organization owns in Fort Worth. Attach metes and bounds description if no address or description is available. Attach an exhibit showing the location of the project. Table 1 Property Ownership Address Zip Legal Description Code Subdivision Name Lot No. Block No. (Project Location) 50 acres along the west bank of Lake Arlington, 76119 The Waterfront at Enchanted adjacent to Sun Valley Addition Bay (proposed) 268 proposed lots (see attached metes and bounds description) (Please attach additional sheets of paper as needed.) your legal 2. For each properties listed in Table 1, please check the boxes below to indicate if: • there are taxes due; or • there are City liens; or • you have been subject to a Building Standards Commission's Order of Demolition where the property was demolished within the last five years. Table 2 Property Taxes and City Liens Address Property Taxes Due ■ Prop. Waterfront at Enchanted Bay 1 ❑ ■ 0 ■ City Liens on Property Weed Board-up/Open Liens Stucture Liens ❑ ■ ■ ■ ❑ ❑ ■ (Please attach additional sheets of paper as needed.) 3. Do you own other properties under other names? ❑ Yes (SNo If Yes, please specify (See attached letter regarding other properties) 4. Does the proposed project conform with City of Fort Worth Zoning? © Yes ❑ No Demolition Liens ❑ ■ ■ Paving Liens ■ ❑ ■ n If no, what steps are being taken to insure compliance? 5. Project Type. Single Family ■ Multi - Family ■ Order of Demolition ■ ❑ ❑ ❑ ■ ■ (see attached zoning letter from city of FW) ■ Commercial Industrial Community Facilities ■ Mixed -Use 2 FORT WORTH 6. If your project is a commercial, industrial, or mixed -use project, please describe the types of businesses that are being proposed: N/A 7. Is this a new construction or rehab project? New Construction El Rehab 8. How much is the total development cost of your project? approx. $ 5,000,000 (including land) 9. Will the eligible rehabilitation work* equal to at least 30% of the Tarrant Appraisal District (TAD) assessed value of the structure during the year rehabilitation occurred? NA. 0 Yes ❑ No * Eligible rehabilitation includes only physical improvements to real property. It does NOT include personal property such as furniture, appliances, equipment, and/or supplies Total eligible rehabilitation costs shall equal to or exceed 30% of the TAD appraised value of the structure during the year rehabilitation occurs. 10 How much is the total square footage of your project? 49.752 Acres square feet 11. For a single family homeownership, mixed -use, or multi -family development project, please fill out the number of residential units based on income range of owners or renters in the following table. Table 3 Number of Residential Units and Income Range of Owners or Renters ",Number of Units. _.• Income. Range,At or below : > 80% of AMFI** 80% of AMFI Total.Umts`:. **AMFI• Area Median Family Income. Please see attachment for income and housing payment guidelines. 12. For a multifamily project to be qualified for tax abatement, at least 20% of total units shall be affordable to families at or below 80% of AMFI. Check the box if you are requesting a waiver of this requirement. Percentage,... ■ 13. For a commercial. industrial or community facilities project, indicate square footage of non- residential space. Commercial Industrial Community Facilities square feet square feet square feet PLEASE ANSWER QUESTIONS NO.14 TO NO. 16 ONLY IF YOU ARE APPLYING FOR TAX ABATEMENT. 14. How much will be your Capital Investment*** on the project? Please use the following table to provide the details and amount of your Capital Investment (Attached additional sheets if necessary). Table 4 Capital Investment of the Project Items. I Amount (see A4-taclnec9- gLid c a 'r -fer Plisse < 4 Phs.1 fat icy. costs 3,2. 84, 500 f h s.2. hhk Jaw. colts 1, 7 l 1. in sIitfJ S, 00i'), 3sit L.A.4 Aetsis:k.n (animal - 9SD, 000 Total it tl,eSq, 3$'t ;'hmse2-) Notes 3 Release of City Liens FORT WORTH ***Capital Investment includes only real property improvements such as new facilities and structures, site unprovements, facility expansion, and facility modernization, Capital Investment DOES NOT include land acquisition costs and/or any existing improvements, or personal property (such as machinery, equipment, and/or supplies or inventory). 15. For a commercial. industrial. community facility or mixed -use project, how many employees will the project generate? N/A 16. For a mixed -use project, please indicate the percentage of all uses in the project in the following table. Table 5 Percentage of Uses in a Mixed -Use Project Type I Square Footage Percentage Residential Office Eating Entertainment Retail sales Service Total, IV. INCENTIVES 1. What incentives are you applying for? Municipal Property Tax Abatements (t 5 years More than 5 years ■ Development Fee Waivers All building permit related fees (including Plans Review and Inspections) Fr Plat application fee (including concept plan, preliminary plat, fmal plat, short form replat) Board of Adjustment application fee Demolition fee ❑ Structure moving fee 1i Community Facilities Agreement (CFA) application fee Zoning application fee Me Street and utility easement vacation application fee ■ ■ Impact Fee Waivers Impact fee waiver Meter Size 7 How many meters? 268 yp 54nyt< 4. 4m;11 resit/epce) 3" , ("� ? Weed liens Board up/open structure liens Demolition liens Paving liens 4 Foa T WORTH V. ACKNOWLEDGMENTS I hereby certify that the information provided is true and accurate to the best of my knowledge I hereby acknowledge that I have received a copy of NEZ Basic Incentives, which governs the granting of tax abatements, fee waivers and release of City liens, and that any VIOLATION of the terms of the NEZ Basic Incentives or MISREPRESENTATION shall constitute grounds for rejection of an application or termination of incentives at the discretion of the City. I understand that the approval of fee waivers and other incentives shall not be deemed to be approval of any aspect of the project. I understand that I am responsible in obtaining required permits and inspections from the City and in ensuring the project is located in the correct zoning district. I understand that my application will not be processed if it is incomplete. I agree to provide any additional information for determining eligibility as requested by the City. Russell E. Slovak (TYPED NAME) (AUTHORIZED SIGNATURE) Please mail or fax your application to City of Fort Worth,.HousingDepartment, 1000.Throckmorton Street; Fort.Worth'Texas 76102 • (817) 392=7328;s ;:..::,_ r/9 /04� (D'ATE) Electronic version of this form is available by request. Please call 817-392-7507 to request a copy. For more information on the NEZ Program, please visit our web site at www.fortworthgov.org/housing. For Office Use Only Application No. In which NEZ? 1 t .in . Council District Application Completed Date (Received Date): Conform with Zoning? Type? [A SF ❑ Multifamily ❑ Commercial ❑ Industrial Community facilities Construction completion date? ❑ Before NEZ [After NEZ Ownership/Site Control TAD Account No. 110 Meet affordability test? NI6 Yes ❑ No Rehab at oi(higher than 30%, N6NA ['Yes ❑ Yes ❑ No ■ Tax current on this property? City liens on this property? • Weed liens • Board-up/open structure liens • Demolition liens • Paving liens • Order of demolition Certified? ❑ Yes • No Tf not certified reason Referred to: UYes UNo ❑ Yes ❑ No Yes ❑ No ❑ Yes ■ No Yes ❑ No Certified by ■ ■ ■ Consistent with the NEZ plan? Minimum Capital Investment? No Meet mixed -use definition? Tax current on other properties? City liens on other properties? • Weed liens • Board-up/open structure liens • Demolition liens • Paving liens • Order of demolition Date certification issued? Yes DNo PSki`- Mixed -Use ■ Yes No ❑ Yes ❑ No ❑ Yes ■ ■ ■ ■ Yes Yes Yes Yes Yes Yes Yes Economic Development ❑Housing ❑Development ■ Water OCode QTPW Revised February 16, 2004 No No No U No ❑ No ❑ No ❑ No I-1 No 5 FORT WORTH Family Size 1 2 3 4 5 6 7 8 ATTACHMENT INCOME AND HOUSING PAYMENT GUIDELINES 80% of Median Income* $35,100 $40,150 $45,150 $50,150 $54,150 $58,200 $62,200 $66,200 Maximum Housing Payment Affordable for Individuals or Families at 80% of Median Income *Source: 2004 Fort Worth -Arlington PMSA HUD Income Guidelines $877 $1,003 $1,128 $1,253 $1,353 $1,455 $1,555 $1,655 Protect Descrintion Exhibit 3 Single -Family Home — New Construction Minimum of 1200 square feet of living space Minimum of 3 Bedrooms -Each additional bedroom must be at least 200 square feet Minimum of 1 /2 Bathrooms Garage 70% Mortared Brick A selection of floor plans ivrr&u review ITY OUNCIL AGENDA rage i or .s Official site of the City of Fort Worth, Texas Ffi RTWORT I1 COUNCIL ACTION: Approved As Amended on 11/6/2007 DATE CODE 11/6/2007 REFERENCE NO.: C TYPE: C-22514 NON - CONSENT LOG NAME: 05ENCHANTEDBAY PUBLIC HEARING: NO SUBJECT: 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 Neighborhood 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 NEZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ Program 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 sample drawings are attached as Exhibit "B" The Agreement is attached as Exhibit "C". http://apps.cfwnet org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007 05/19/2009 NI&C: Keview Page 3 of 3 Final TA Agreement for M&C.doc Location Mao for M&C.odf http://apps.cfwnet.org/counciljacket/mc review.asp?ID=8145&councildate=11/6/2007 05/19/2009 Filed in Cabinet A NEZCert LA-C-0001-045 LA-C-0001 046 LA-C-0001-047 LA-C-0001-048 LA-C-0001 049 LA-C-0001-050 LA-C-0001-051 LA-C-0001-052 LA-C-0001-053 LA-C-0001-054 LA-C-0001-055 LA-C-0001-056 LA-C-0001-057 LA-C-0001-058 LA-C-0001-059 LA-C-0001-060 LA-C-0001-061 LA-C-0001-062 LA-C-0001-063 LA-C-0001 064 LA-C-0001-065 LA-C-0001-066 LA-C-0001-067 LA-C-0001-068 LA-C-0001-069 LA-C-0001-070 LA-C-0001-071 LA-C-0001-072 LA-C-0001-073 LA-C-0001-074 LA-C-0001-075 LA-C-0001-076 LA-C-0001-077 LA-C-0001-078 LA-C-0001-079 LA-C-0001-080 LA-C-0001-081 LA-C-0001-082 LA-C-0001-083 LA-C-0001-084 LA-C-0001-085 LA-C-0001-086 LA-C-0001-087 LA-C-0001-088 LA-C-0001-089 LA-C-0001-090 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20' 21 22 23 24 25 26 27 28 29 30 31 32 33 34 WATERFRONT AT ENCHANTED BAY PHASE 1A David Strickland Survey, Abstract No. 1376 City of Fort Worth, Tarrant County, Texas Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07 treet-Ad dress - ='Subdivision=- 5564 5560 5556 5552 5548 5544 5540 5536 5532 5528 5524 5516 5621 5617 5613 5609 5601 5561 5553 5549 5545 5541 5537 5533 5529 5525 5521 5517 5513 5509 5505 5501 5424 5428 5432 5436 5440 5444 5448 5500 5504 5508 5512 5516 5520 5524 Thunder Bay Thunder Bay Thunder Bay Thunder Bay Dr. Dr. Dr. Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Thunder Bay Dr. Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Grenada Drive Waterfront At Enchanted W aterfront At Enchanted W aterfront At Enchanted W aterfront At Enchanted Waterfront At Enchanted W aterfront Waterfront W aterfront W aterfront W aterfront W aterfront Waterfront Waterfront W aterfront W aterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront W aterfront Waterfront Waterfront Waterfront W aterfront W aterfront W aterfront Waterfront W aterfront W aterfront Waterfront W aterfront Waterfront W aterfront W aterfront W aterfront W aterfront W aterfront W aterfront W aterfront W aterfront W aterfront W aterfront 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 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 Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay •" batements Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement ITax Abatement ITax Abatement ITax Abatement Tax Abatement Tax Abatement Tax Abatement Tax Abatement (Tax Abatement ITax Abatement ITax Abatement (Tax Abatement Page 2 of 3