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Home My WebLink AboutContract 44995-CA3 (2)444 RECELVED SEP 30 2015 CITY 0r FORT WORTH CLT`f SECRETARY tv } CITY t EC..yT .G yNRCT., _ U ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Impression Homes, L.L.C., ("Assignor") and Michael C. Washington and Cassandra E. Washington, ("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 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 ("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 44995 ("Agreement"): B. Section 5 of the Agreement permits Waterview to assign all of its rights under the Agreement to CTMGT Waterview Estates FL-1, LLC ("CTMGT"), without obtaining the prior consent of the City Council, such Agreement is dated September 27, 2013, City Secretary Contract Number 44995-CAI. C. Section 5 of the Agreement permits CMGT to assign all of its rights under the Agreement to Impression Homes, L.L.C. ("Impression"), without obtaining the prior consent of the City Council: D. CMGT assigned the Agreement to Impression (Assignor), such Agreement is dated April 9, 2015, City Secretary Contract Number 44995-CA2: 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: F. Pursuant to that certain Special Warranty Deed dated as of July 15, 2015, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Michael C. Washington and Cassandra E. Washington and Assignee acquired title to the real property which is the subject of the Agreement. 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: RIECORD \ CITY SECRETARY Assignment of Tax Abatement Contract #44995-CA2 CT. WORTH, TX from Impression Homes, LLC, to Michael C. Washington and Cassandra E. Washington. 1 1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, duties, obligations, title and interest under the Agreement to Assignee. 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 July 15, 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, 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. 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 terms and conditions set forth herein Unless and until City of Fort Worth has executed this Assignment, this Assignment is of no effect the consent granted herein should not be construed as consent to any farther 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 Neighborhood Empowerment Zone Program 1000 Throckmorton Fort Worth, Texas 76102 Assignment of Tax Abatement Contract #44995-CA2 from Impression Homes, LLC, to Michael C. Washington and Cassandra E Washington. 2 ASSIGNOR: Impression Homes, L.L.C. P.O. Box 92726 Southlake, Texas 76092 ASSIGNEE: Michael & Cassandra Washington 5424 Grenada Drive Fort Worth, Texas 76119 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. 10. BindinQ 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. ASSIGNOR( m ression Homes L.L.0 Name. Title: Bruce Mana eikkinen ing Member STATE OF TEXAS § COUNTY OF TARRANT § May Atestassi pagiwas 4,61 BEFORE ME, the undersigned authority, on this day persona �y appeared Braes 1tetkI11111a1, 1vL 11asine, /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 and as the act and deed of the Impression Homes, L.L.C. a Texas limited liability company. GIVEN UNDER MY HAND AND SEAL OF OFFICE this � day of Titisasky , 201 Notary Public in and for the State of Texas A. a P. . _ 4 p BRANDON JACK$ON Notary public, State of Texas o My Commission Expires June 24, 2016 • .L r ,Y. LAY •! Y! Assignment of Tax Abatement Contract #44995-CA2 from Impression Homes, LLC, to Michael C. Washington and Cassandra E. Washington. 3 • • • • ASSIGNEE: Michael C. Washington Name: ath ezitt 7C i ASSIGNEE: Cassandra E. Washington V Michael C. Wash' gton Name: Cassandra E. Washi CITY OF FORT WORTH • Fernando Costa Assistant City Manager ATTEST: a/y KaySe , APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-22514 STATE OF TEXAS § COUNTY OF TARRANT § " '1 BEFORE ME, the undersigned authority, on this day personally appeared Michael C. Washington, known to me to be the persons whose names are 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 UNDER MY HAND AND SEAL OF OFFICE this 6 day of -Sus ota ' ' ublic in a fo e State of Tex '�RYo�•�% BRANDON JACKSON i• "fl Notary Public, State of Texas `ot1111 �. S ,. ., :, ,�h My Commission Expires '%4,1••‘4;'� June 241 2016 • J Assignment of Tax Abatement Contract #44995-CA2 from Impression Homes, LLC, to Michael C. Washington and Cassandra E. Washington. 4 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Cassandra E. Washington, known to me to be the persons whose names are 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 UNDER MY HAND AND SEAL OF OFFICE this _Attu blic in a to of Texa STATE OF TEXAS § COUNTY OF TARRANT § r 1s day of Y 1 w - ,,,o,Yp�a��, BRANDON JAOKSON 3?; Jr Notary Public, State of Texas �7� :ti My Commission Expires r,�r• Ebr��c:'' June 24, 2016 • ,1 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 2 day of £ji/rivi& .r c nl h Notary Publfc in the State of Texas •‘‘ co't p 1p'.•• • .0 6,i i,i • . . 'el,1-- o 11 ��o TRIKINYA 1. JOHNSON Notary Public, State of Texas My Commission Expires April 17, 2018 1E-PICfl OFFICIAL RECORD CITY s .rL, J ltn FT. WORTH, TX Assignment of Tax Abatement Contract #44995-CA2 from Impression Homes, LLC, to Michael C. Washington and Cassandra E. Washington. 5 M&C Review ® dicta site o .t e Ci -o Fort o h, Texas O(J CIL ='=GENOA DATE: CODE: SUBJECT: COUNCIL ACTION: Approved As Amended on 11/6/2007 11/6/2007 REFERENCE NO.: C TYPE* C-22514 LOG NAME 05ENCHANTEDBAY NON- PUBLIC CONSENT 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 bnck which will appraise for a minimum of $100,000.00. A more detailed description of the homes to be constructed and FORT ;WORTH http://apps.cfwnet.org/council packet/mc review.asp?Ill=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM] 14,4&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 Distract (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 Citv Manager's Office bv: Dale Fisseler (6140) Oriainatina Department Head: Jerome Walker (7537) Additional Information Contact: Sarah Odle (7316) http://apps cfwnet.org/counett_packet/mc_reviewasp711) 8145&councildate=11/6/2007[09/19/2013 3:35:54 PM) 4 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.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 Street Address 1 5641 Grenada Drive 2 5637 Grenada Drive 4 5629 Grenada Drive 6 5621 Grenada Dnve 7 5617 Grenada Drive 9 5609 Grenada Drive 10 5605 Grenada Drive 11 5601 Grenada Drive 12 5549 Grenada Drive 13 5545 Grenada Drive 14 5541 Grenada Drive 15 5537 Grenada Drive 16 5533 Grenada Drive 17 5529 Grenada Drive 18 5525 Grenada Dnve 21 5513 Grenada Drive 22 5509 Grenada Dnve 26 5441 Grenada Drive 27 5437 Grenada Drive 28 5429 Grenada Drive 29 5425 Grenada Drive 30 5421 Grenada Drive 31 5417 Grenada Drive 33 5409 Grenada Drive 35 5401 Grenada Drive 37 5365 Grenada Drive 1 5640 Grenada Drive 2 5636 Grenada Drive 3 5628 Grenada Drive 4 5808 Grenada Court 5 5804 Grenada Court 6 5800 Grenada Court 7 5801 Grenada Court 8 5805 Grenada Court 9 5809 Grenada Court 10 5813 Grenada Court 11 5620 Thunder Bay Dr. 12 5616 Thunder Bay Dr. 13 5612 Thunder Bay Dr. 14 5608 Thunder Bay Dr. 15 5604 Thunder Bay Dr. 16 5600 Thunder Bay Dr. Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront Waterfront 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 Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay Bay 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 At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay At Enchanted Bay 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 Lot 2 17 2 18 2 19 2 20 2 21 2 22 2 23 2 24 2 25 2 26 2 27 2 28 2 29 2 30 3 1 3 2 3 3 3 4 3 5 3 6 3 7 3 8 3 9 3 10 3 11 3 12 3 13 3 14 3 15 3 16 3 17 3 18 3 19 3 20 3 21 3 22 3 23 3 24 3 25 3 26 3 27 3 28 3 29 3 30 1 Street Address 5572 Thunder Bay Dr. 5568 Thunder Bay Dr. 5564 Thunder Bay Dr. 5560 Thunder Bay Dr. 5556 Thunder Bay Dr. 5552 Thunder Bay Dr. 5548 Thunder Bay Dr. 5544 Thunder Bay Dr. 5540 Thunder Bay Dr. 5536 Thunder Bay Dr. 5532 Thunder Bay Dr. 5528 Thunder Bay Dr. 5524 Thunder Bay Dr. 5516 Thunder Bay Dr. 5621 Thunder Bay Dr. 5617 Thunder Bay Dr. 5613 Thunder Bay Dr. 5609 Thunder Bay Dr. 5601 Thunder Bay Dr. 5561 Thunder Bay Dr. 5553 Thunder Bay Dr. 5549 Thunder Bay Dr. 5545 Thunder Bay Dr. 5541 Thunder Bay Dr. 5537 Thunder Bay Dr. 5533 Thunder Bay Dr. 5529 Thunder Bay Dr. 5525 Thunder Bay Dr. 5521 Thunder Bay Dr. 5517 Thunder Bay Dr. 5513 Thunder Bay Dr. 5509 Thunder Bay Dr. 5505 Thunder Bay Dr. 5501 Thunder Bay Dr. 5424 Grenada Drive 5428 Grenada Drive 5432 Grenada Drive 5436 Grenada Drive 5440 Grenada Drive 5444 Grenada Drive 5448 Grenada Drive 5500 Grenada Drive 5504 Grenada Drive 5508 Grenada Drive Subdivision Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay _ Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay _ Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Page 2 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 Grenada Drive 5516 Grenada Drive 5520 Grenada Drive 5524 Grenada Drive 5528 Grenada Drive 5532 Grenada Drive 5748 Maui Drive 5752 Maui Drive 5749 Maui Drive 5753 Maui Drive 5801 Maui Drive 5805 Maui Drive 5809 Maui Drive 5813 Maui Drive 5817 Maui Drive 5821 Maui Drive 5428 Saba Drive 5424 Saba Drive 5420 Saba Drive 5416 Saba Drive 5412 Saba Drive 5408 Saba Drive 5404 Saba Dnve 5400 Saba Drive 5361 Saba Drive 5365 Saba Drive 5369 Saba Drive 5373 Saba Drive 5368 Grenada Drive 5364 Grenada Drive 5360 Grenada Drive 5356 Grenada Drive Subdivision W aterfront At Enchanted Bay Waterfront At Enchanted Bay W aterfront At Enchanted Bay 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 W aterfront At Enchanted Bay W aterfront At Enchanted Bay W aterfront At Enchanted Bay W aterfront At Enchanted Bay Waterfront At Enchanted Bay W aterfront At Enchanted Bay Waterfront At Enchanted Bay 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 W aterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Waterfront At Enchanted Bay Page 3 of 3