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Home My WebLink AboutContract 57140-CA1 CITY SECRETARY CONSENT TO ASSIGNMENT OF CONTRACT NO 57 O" � TAX ABATEMENT AGREEMENT (CITY SECRETARY CONTRACT NO. 57140) This CONSENT TO ASSIGNMENT OF CITY SECRETARY CONTRACT N O. 57140 ("Consent") is made and entered into by and between the CITY OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of the State of Texas, and Jackson-Shaw/46Ranch, LLC ("Assignor or Owner"), and TREA JS South Fort Worth Industrial Portfolio,LLC ("Assignee"). The following introductory provisions are true and correct and from the basis of this Consent: A. On or about February 15, 2021, the City and Jackson-Shaw/46Ranch, LLC entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 57140 (the "Agreement"). Under the Agreement, Jackson-Shaw/46Ranch, LLC agreed to construct an industrial building for the distribution of retail goods and light manufacturing,consisting of approximately 154,440 square feet(the"Required Improvements") on certain land in the City (the "Land") in return for a 5-year real property tax abatement on improvements located on the Land (the "Abatement"), all as more specifically set forth in the Agreement.The Abatement was granted pursuant to the City's Neighborhood Empowerment Zone Policy ("NEZ Policy"). B. Assignor has sold its interest in the Land and Required Improvements to Assignee and to assign all right,title and interest in the Agreement to Assignee. 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. The City hereby consents to an assignment by Assignor to Assignee of all right, title and interest granted to Assignor by the Agreement, effective as of August 9,20222 ("Effective Consent Date"). 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City that as of the Effective Consent Date Assignee will comply with all duties and obligations of Owner set forth in the Agreement. 3. Assignee understands and agrees that no act or omission of Assignor, whether on, before or after the Effective Consent Date, will serve to mitigate (i) any Abatement Amounts, Terms and Conditions set forth in Sections 2 and 3 of the Agreement (ii) any Event of Default set forth in Section 4 of the Agreement. Consent to Assignment of Tax Abatement Agreement#57140 from Jackson-Shaw/46Ranch, LLC to TREA JS South Fort Worth Industrial Pottbfib , ECORD CS0 R ICE VD Approved by M&C 22-0567 on August 9, 2022 � �:.;Ii°!SECRETARY SEP 16'22 rm -.*03 17v WORTH,TX 4. Nothing in this Consent shall be deemed to grant Assignee any rights under the Agreement that are an addition to or greater than those of the Owner thereunder. 5. All terms in this Consent that are capitalized but not defined shall have the meanings assigned to them in the Agreement. IN WITNESS WHEREOF,the parties have executed this Assignment as of the Effective Consent Date. CITY OF FORT WORTH Fernando Costa Assistant City Manager STATE OF TEXAS § COUNTY OF TARRANT § i 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 I, 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. GIVEV UNDER MY HAND AND SEAL OF OFFICE this day of 52022. [70-.- IPA MARIA S SANCHEZ • Notary ID#2256490 No y Public in and forMY Commission Expires December 19, 2025 the State of Texas „0 s ATTEST: OFFICIAL RECORD CITY SECRETARY C t Secretary J ette Goodall +" FT. ®RTC'TX Consent to Assignment of Tax Abatement Agreement#57140 from Jackson-Shaw/46Ranch5 LLC to TREA JS South Fort Worth Industrial Portfolio, LLC Approved by M&C 22-0567 on August 9, 2022 2 APPROVED AS TO FORM AND LEGALITY: d�(il� Str ng Sr. Assistant City Attorney M & C: 22-0567 ASSIGNOR: Jackson-Shaw/46Ranch, LLC a Texas limited liability company By: AIT Capital Management,LLC a Texas limited liability company,its Manager By: Name: bh Title: ASSIGNEE: TREA JS South Fort Worth Industrial Portfolio,LLC a Delaware limited liability company By: p Name: Title: OFFICIAL RECORD CITY SECRETARY Consent to Assignment of Tax Abatement Agreement#57140 FT. WORTH'TX from Jackson-Shaw/46Ranch, LLC to TREA JS South Fort Worth Industrial Portfo io, L Approved by M&C 22-0567 on August 9, 2022 3 MC 220567 Version: 1 Zvi Award of Contract Consent �f ,± (CD 8) Authorize Execution of Consent to Assignment of City Secretary Contract Nos. 57134, 57140 and 57156, Tax Abatement Agreements with Jackson-Shaw/46Ranch, LLC to TREA JS South Fort Worth Industrial Portfolio, LLC for Property Located at 6501 Oak Grove Road Mover: Result: Agenda note: Minutes note: Action: Approved Action text: Approved. City of Fort Worth,Texas Mayor and Council Communication DATE: 08/09/22 M&C FILE NUMBER: M&C 22-0567 LOG NAME: 1946RANCHASSIGN SUBJECT (CD 8)Authorize Execution of Consent to Assignment of City Secretary Contract Nos.57134,57140 and 57156,Tax Abatement Agreements with Jackson-Shaw/46Ranch, LLC to TREA JS South Fort Worth Industrial Portfolio, LLC for Property Located at 6501 Oak Grove Road RECOMMENDATION: It is recommended that the City Council authorize the execution of a Consent to Assignment of Tax Abatement Agreements, (City Secretary Contract Nos. 57134,57140 and 57156)between the City of Fort Worth and Jackson-Shaw/46Ranch, LLC to TREA JS South Fort Worth Industrial Portfolio, LLC, in conjunction with the sale of the industrial project located at 6037,6101 and 1701 Campus Drive in Neighborhood Empowerment Zone Area Six. DISCUSSION: On September 20, 2020,the City Council approved a five-year Tax Abatement Agreement(Agreement)with Jackson-Shaw/46Ranch, LLC(Company)related to the construction of three industrial buildings for the distribution of retail goods and light manufacturing located at 6037, 6101 and 1701 Campus Drive in Neighborhood Empowerment Zone Area Six(Mayor and Council Communication 20-0619) City Secretary Contract Nos.57134,57140 and 57156.The original address on the contracts was 6501 Oak Grove Road.The property was re-platted and new addresses were assigned for each building by the Fire Department. The Company now wishes to sell the development to TREA JS South Fort Worth Industrial Portfolio, LLC (Purchaser). Under the Agreement,the Company is prohibited from assigning the Agreement to another party without the City Council's consent. In order to facilitate the transaction,a Consent to Assignment of the Tax Abatement Agreement between the City,the Company and the Purchaser will be required. The Company has constructed all the required improvements,as set forth in the Agreement,and the Purchaser will be required to meet all ongoing obligations of the Company under the Agreement.The City will continue to receive the public benefits resulting from development of this project. The industrial project is located in COUNCIL DISTRICT 8. FISCAL INFORMATION/CERTIFICATION: I The Director of Finance certifies that upon approval of the Consent to Assignment of the current Tax Abatement Agreements,a loss of an estimated$951,146.10 in property tax revenue may occur over the next five year period.This reduction in revenue will be incorporated into the City's long term financial forecast upon the Consent to Assignment of the Tax Abatement Agreements being officially granted. Submitted for City Manager's Office by: Fernando Costa 6122 Originating Business Unit Head: Victor Turner 8187 I Additional Information Contact: Sarah Odle 7316 I I I CERTIFICATE OF INTERESTED PARTIES FORM IL295 1of1 Complete Nos.i-4 and 6 if there are interested parties. OFFICE USE ONLY Complete Nos.1,2,3,5,and 6 if there are no Interested parties. CERTIFICATION OF FILING 1 Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number: of business. 2022-911498 TREA JS South Fort Worth Industrial Portfolio LLC Fort Worth,TX United States Date died: 2 Name of governmental entity or state agency that Is a party to the contract for which the forms 07/18/2022 being filed. City of Fort Worth Date Acknowledged: 3 Provide the Identification number used by the governmental entity or state agency to track or Identify the contract,and provide a description of the services,goods,or other property to be provided under the contract. 57134,57140 and 57156 Tax Abatement 4 Nature of interest Name of Interested Party City,State,Country(place of business) (chock applicable) Controlling Intermediary 5 Check only if there Is NO Interested Party. n 6 UNSWORN DECLARATION � f G�f "My name is Ayt tt S GtM fM and my date of birth is fs l_ 1�Cir►;y� �U My address is 26 r �� R GLp , � ��, ?0 1 ,—+.,,,-►—. (street) (city) (state) (zip code) (country) I declare under penalty of perjury that the foregoing is true and correct. ( �f 1 Executed in iki1 EI 5 County, Slate of 1 Qm _,on the `� day of 1 ,20 2Z—. (mo h) (year) f f 7 125Igrfature of authorized agent of contracting business entity (Dedorant) Forms provided by Texas Ethics Commission www.ethics.state.tx,us Version V1.1,191b5cdc