HomeMy WebLinkAboutContract 36943-CA2 SIN
Cff Y SECRETARY.
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ASSIGNMENT O�F TAX ABATEMENT AGREEMENT
This Assignment, of Tax Abatement Agreement is made and entered into
by and between Impression pression Homes, L.L.C., "Assignor" and Timothy D. Go d n,
("Assignee") ad the City of Fort Worth, ("City"'),
RECITALS
A. Waterview Estates, L.P., Fars Investment, Inc., General partner ` aterview"
and the City of :Fort Worth, Texas (the "City"") entered into that certain Tax
Abatement Agreement ("Agreement") property Located 5804 Grenade. Court
Lot 5; Block 2 Waterfront at Enchanted Bay; an Addition to the City of Fort
worth., Tarrant County, Texas, according to, the plat recorded and filed in Cabinet
Slide No 11723, Flat Records, Tarrant County, Texas "Property" which is
located in the Laic Arlington Neighborhood Empowerment Zone, such
Agreement approved by the City Council of Fort Worth November 6, 2007, City
Secretary Contract,Number 36943 ("Agreement"):
B. Pursuant to 'that certain. Special Warranty Decd dated as of October 10, 2012
recorded under Tarrant County Deed Records, Waterview conveyed the Property
to Assignor and Assignor acquired title to the Property which ch is the subject of the
Agreement-,
C. Section 5 of the Agreement permits, Water view to assign all of its rights under the
Agreement to Impression Domes, L.L.C., ("Impression"), without obtaining the
prior consent of the City Council:
D. Waterview assigned the Agreement to Impression Assignor, such Ageement is
dated October I O, 2012 City Secretary Contract "umber 3 6943-CAI:
E. Pursuant to that certain Special Warranty Deed dated as of April 4, 2013,
recorded under`arrant County Deed Records, Assignor conveyed the Property to
Xiu Fang Liu and Ran Sun and Assignee acquired title to the real property which.
is the subject of the Agreement.
F. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assi ee, without obtaining the prior consent of the City Council.
AGREEMENT
NOW THEREFORE I in consideration o f the mutual terms and conditions herein
contained and other good and valuable consideration, the receipt and sufficiency ofwhich
are hereby acknowledged, the parties hereby agree as follows:
OFFICIAL RECORD
u.
�� RECEIVED R 2 6 2913
1 Assig gent. Assignor herebly 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
0
all of Assignor's rights, duties and obligations arising under the Agreement.
3. Effective Date. The effective date of this Assignment is, April 4, 20113: ("Effective
Date"'). All rights, duties and obligati.onsunder the Agreement ansing, accruing or
relating tote 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.
5. Representation _ 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. Ci,t,y 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 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.
ci"ry OF FORT WORTH-,
City of Fort, Worth
Housing and Economic Development Department
Neighborhood Empowerment Zone Program
100,01 Throclu-norton Street
Fort, Worth, Texas 76102
2
ASSIGNOR:
Impression Hom-es, LLC
P.O. Box 1838
Keller,, Texas 76244
ASSIGNEE:
Timothy Goo 'en
5804 Grenada Court
Fort Worth, TX 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. Counter . This Assigrmient may be executed in multiple counterparts,, each of
which, once executed, will be an original and fully-binding on the, parties so
executing-,I and all such counterparts, together constitute one and the same
agreement.
10. Blinding Offer. This Assignment will be not be binding until executed and
delivered by all three parties.
IN WITNESS WHEREOF, the parties, have executed this ►ssigmuent as of the
date first above written.
I
ASS OR: mpr S' in Holmes, LLC
ruse Iteikkinen
Title: Managin member
ASSI E: Timothy Goode�n
S E,*
lim thy Goloden
N anm e Ti
3
CITY OF FORT WORTH
r �
Fernando Costa
Assistant.City Manager
fo
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ATTE
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Mary Kayser
City Secretary
APPROVED AS TO FORM AND LEGALITY.-
dk L) vek
- ,UAI, "." "'�,I Ri
Melinda Ramos
Sr. Assistant City Attorney
M & C C-22514
EOFFICIAL RECORD
FFI,CIAI
CITY SECRETARY
" W011 TX
WO�RTH9
STATE OF TEXAS §
COUNTY OF TAR NT §
BEFORE, ME, the undersigned authority, on this, day personally appeared
Fernando Costa, Assistant City Manager of the CITY OF FOR"I" WORTH, a municipal
corporation, known to me to be the person and officer whose name is subscribed to the
1"bregoing instrument, and ac luiowledged to me that the same was the act of the said
CITY OF FORT WORTH I'EXAS, a municipal corporation, that he as duly authorize
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 f r the purposes and consideration therein expiressed and in the capacity -therein
stated
IVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2013.
I A&
Notary Public in and for "'VONIA DANIELS
the State oi j,elxas My r-OMMISSION EXPIRES
JU1Y 1A 2013
5
STATE OF TEXAS §
COUNTY OF TAR AMT §
BEFORE ME, the undersigned authority, on this day personally appeared Bruce,
Heikkinen, managing member of Impression Homes, LLC, known to me to he 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 Impression Homes, LLC, a Texas limited
liability company.
A
it GI EN UNDER MY HAND AND SEAL OF OFFICE this day of
I A
A A 20134
MAW
Notary Pu;llc, in and for
the State of Texas ii;%ly I'p,lot, KERI KIEIS
N ota ry Public,State of Texas
My Commission Expires
04 June 19, 2013
STATE OF TEXAS
COUNTY OF TARRANT
BEFORE ME, the undersigned authority, on this day personally appeared Timothy
Gooden, 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.
(.iIVEN LNDER MY HAND AND SEA1--j OF OFFICE this day of
*t 2013.
W ............
Iry
otar ublic in d r
BRANDON �AC KSON
xa
S
y P of Texas
IbliC
t- tate of Texas
n EXpires
My
16
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IVI&U I<%_eview vage i o.t
Of ciat site of the it of Fort Worth,,Texas
Flo;RT NVO RT 11
CITY L EA
COUNCIL ACTION,: Approved As Amended on 11/612007
EFERENCE
DATE: 11/6/2007 R C-22514 LOG NAME. 05EN HANTS,DBAY
CODE: C TYPE.- NON- PUBLIC NO
CONSENT HEARING:
S,UBJECT.- 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:
I I
1. Authorize the City Manager to enter into a five gear 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.1 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)1, 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 C &C Gi- 49,4 7),, 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 Holmes, L.P., will invest a minimum of$,15,200,00,01.00 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 wild 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.c,fwnet.org/council iew.asp. 1
16 _packet/mc_rev* ?1D=8 145&counc'1date=11/6/2007 05/1 2 9
M&U .Keview 1,age
bin�riF
2.jo, f
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 fire l-year period,, starting on the date the home is
sold to a homebuyer to be used as a, primary residence, at the pre-imp,rovement value as defined by
the Tarrant Appraisal District (TAD) on January 1, 2010,7, as follows:
Pre-improvement TAD Value of Improvements $ 0.010
Pre-improvement Estimated Value of Land $2,3925.00
Total Pre-improlvement Estimated Value $ 2025.00
The municipal property tax on the improved value is estimated at $,550-00 per house, per year, for a
tota I of
$2,75,0,00 over the five-year periold 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 ble 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.
FIS,CAL INFORMATIONXIERTIFICATION.:
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers, FROM Fund/Account/Ce,nters
I i
Submfitted for Qjft Man a,gerls, Office b Dale Fisseler (6140)
y.
Or.1ginatin a artrnuenut Head: Jerome Walker (7'537)
Additional Information Contact: Sarah Odle (73116),
ATTACHMENTS
Continued Exhibit B for M&C.,odf
Exhibit A for M&C.x1s
Exhibit B for M&Cdoc
http-.//apps.cfwnet.oirg/councll_placket/mc-review.asp?ID=8145&counciI dot e=1 1/6/2007 05/19/2009
"Olor LM&,C Review Page 3 ot J
"lop,
Final TA A gee t for M,&C.doc
Location Map for MI&C,,pdf
httpl-. a ps.cfwnet.org/'counc*l iew.asp?ID=81451&counc*ldate=1 2007 05/191/2009
p 1 _packet/mc-rev" 1
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