HomeMy WebLinkAboutContract 23830 04-28-98 P02 : 46 IN
CITY SECRETARY
CONTRACT NO. �Z-32�
STATE OF TEXAS § TAX ABATEMENT AGREEMENT BETWEEN
COUNTY OF TARRANT § TI-113 CITY OF FORT WORTH AND
CITY OF FORT WORTH § The Fort Worth Villas by the Lake,L.P.
This Tax Abatement Agreement (this "Agreement") is entered into by and between the
City of Fort Worth, Texas (the "City"), duly acting herein by and through its City Manager, and
The Fort Worth Villas by the Lake, L.P. ("Owner"), a Texas partnership, duly acting by and
through its authorized officers.
WHEREAS, the City has adopted a resolution stating that it elects to be eligible to
participate in tax abatement; and
WHEREAS, on the 17th day of February, 1998, the City Council of the City of Fort
Worth, Texas ("City Council") adopted a Policy Statement: Tax Abatement for Qualifying
Development Projects (the "Policy Statement"), attached hereto and incorporated herein as
Exhibit "A"; and
WHEREAS, the Policy Statement constitutes appropriate "guidelines and criteria"
governing tax abatement agreements to be entered into by the City as contemplated by the Texas
Tax Code, as amended(the "Code"); and
WHEREAS, on the 21st day of April, 1997, the Fort Worth City Council adopted
Ordinance No. I&L establishing Tax Abatement Reinvestment Zone No. 29 (" the Zone"); and
WHEREAS, Owner owns certain real property, more particularly described in Exhibit "B"
attached hereto and incorporated herein by reference (the "Premises"), located totally within the
Zone, and
WHEREAS, on the 20th day of March, 1998, Owner submitted an application for tax
abatement with various attachments to the City concerning the contemplated use of the Premises
(the "Application for Tax Abatement"), attached hereto and incorporated herein as Exhibit "C";
and
WHEREAS, the contemplated use of the Premises, the Required Improvements (as
hereinafter defined) to the Premises as set forth in this Agreement, and the other terms hereof are
consistent with encouraging development of said Zone in accordance with the purposes for its
creation and are in compliance with the Policy Statement and the Ordinance and similar guidelines
and criteria adopted by the City and all applicable law; and
WHEREAS, the City Council finds that the terms of this Agreement, and the Premises and
Required Improvements, satisfy the eligibility criteria of the Policy Statement; and
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WHEREAS, 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 premises and
the promises contained herein, do hereby contract, covenant and agree as follows:
I.
OWNER' S COVENANTS
A. Owner shall construct, or cause to be constructed, on and within the Premises certain
improvements: (i) consisting of a 234 unit senior citizen community development (ii) having a
total project cost upon completion of approximately Fifteen Million Four Hundred Thousand
Dollars ($15,400,000), with approximately Ten Million Seven Hundred Fifty Six Thousand One
Hundred Seven Dollars ($10,756,107) of hard construction costs and site development costs (the
"Required Improvements"). The kind, number and location of the Required Improvements are
more particularly described in the Application for Tax Abatement. As long as the conditions in
the first sentence of this Paragraph A are met and the Required Improvements are used for the
purposes and in the manner described in the Application for Tax Abatement, variations in the
required Improvements from the description provided in the Application for Tax Abatement shall
not be an Event of Default.
B. Owner covenants to substantially complete construction of all of the Required
Improvements on or before August 30, 1999. In the event that performance by Owner of any of
its obligations under the terms of this Agreement or the Application for Tax Abatement shall be
interrupted or delayed by an act of God, by acts of war, riot or civil commotion, by an act of
State, by strikes, fire, flood, or by the occurrence of any other event beyond the control of Owner
(unless caused by an act or omission of Owner), Owner shall have additional time as is reasonably
necessary after such occurrence abates or the effects thereof have dissipated to complete
performance, and, provided that Owner is diligently and faithfully pursuing the completion of
performance, in the event of such occurrence, Owners failure to complete construction of all of
the Required Improvements on or before August 30, 1999, shall not be an "Event of Default" as
that term is defined in Article V hereof.
C. Owner covenants that during the term of the abatement (as defined in Article III,
paragraph D. hereof) Owner shall cause to be located on the Premises new real property
j improvements having a cost of approximately least Ten Million Seven Hundred Fifty Six
Thousand One Hundred Seven Dollars($10,756,107), excluding inventory, supplies, land and soft
costs.
D. Owner covenants that the Required Improvements shall be constructed and the
Premises shall be used in accordance with the description of the project set forth in the
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Application for Tax Abatement.
E. Owner covenants that throughout the Term of the Abatement, the Required
Improvements shall be operated and maintained as a senior citizen community development which
use is consistent with the general purposes of encouraging development or redevelopment of the
Zone.
F. Failure by Owner to meet any of the commitments set forth in the Application for
Tax Abatement concerning the employment of Fort Worth and Inner City residents and the use of
Fort Worth businesses and Minority and Women Owned Businesses regarding the supply and
service expenses,for the project, shall not constitute an "Event of Default" as that term is defined
in Article V. hereof, but will result in the loss of the abatement for that year, as set forth in the
Application for Tax Abatement.
II.
GENERAL PROVISIONS
A. The City has adopted guidelines and criteria governing tax abatement agreements
for the City and may enter into this Agreement containing the terms set forth herein.
B. Procedures followed by the City generally conform to the requirements of the
Code, and have been and will be undertaken in coordination with Owner.
C. The Premises are not an improvement project financed by tax increment bonds.
D. Neither the Premises nor any of the 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 of the City or any member of the governing body of any taxing units joining in or
adopting this Agreement.
E. This Agreement is subject to rights of holders of outstanding bonds of the City.
F. In the event of any conflict between the City zoning ordinances, or other City
ordinances or regulations, and this Agreement, such ordinances or regulations shall control.
G. A portion or all of the Premises and/or Improvements may be eligible for complete
or partial exemption from ad valorem taxes, as a result of existing law or future legislation. This
Agreement is not to be construed as evidence that no such exemptions apply to the Premises
and/or Improvements.
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III.
ABATEMENT TERMS AND CONDITIONS
A. The City hereby grants a real property tax abatement ("Abatement")to Owner relative
to Owner's Premises and the Improvements, such Abatement to be subject to the terms and
conditions of this Article III.
B. The value of this Abatement shall be based on the increase in the value of the Premises,
including the Required Improvements over the value of the Premises on January 1, 1998, the year
in which this Agreement is executed, in accordance with the following:
Owner, upon the completion of construction of the Required Improvements, shall provide
notice of the completion of construction to the City. The City, within ninety (90) days
after its receipt of such notice of completion, will conduct an audit of the construction and
determine the percentage of the hard construction costs and site development cost of the
project spent with Minority and Women Owned Business Enterprises ("MWBE'S") during
the construction of the Required Improvements. The abatement granted hereunder will be
up to seventy-five percent (75%) of the increase in value resulting from construction of
the Required Improvements, depending upon the percentage of MWBE'S used during the
construction as set forth in the Proposed Tax Abatement Plan which is attached as
Attachment "I" to the Application for Tax Abatement (Attachment "C" ), such increase in
value subject to abatement in any one year being limited to no more than Fifteen Million
Four Hundred Thousand Dollars ($15,400,000).
C. Owner shall have the right to protest and contest any or all appraisals or assessments
of the Premises and/or the Required Improvements to the Premises.
D. The term of the Abatement(the "Term") shall begin on January. 1 of the year following
the year in which the Certificate of Occupancy is issued (the "Beginning Date")and, unless sooner
terminated as herein provided, shall end on the December 31 st immediately preceding the tenth
(10th)anniversary of the Beginning Date.
E. The City acknowledges receipt from Owner of the required application for Tax
Abatement fee of 1% of project cost, not to exceed $15,000. If construction on the project is
begun within one year from April 21, 1998 (with or without a tax abatement), such fee shall be
creditable in full to the benefit of Owner against any permit, impact, inspection or other lawful fee
required by the City in connection with the project, and any remaining amounts shall be refunded
to Owner.
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IV.
RECORDS, AUDITS AND EVALUATION OF PROJECT
A. Subject to applicable law governing financial disclosure by the Owner, the City shall
have the right to review and audit the project to determine compliance with this Agreement. The
City shall annually (or such other times deemed appropriate by the City) evaluate the project to
insure compliance with this Agreement. On or before March 1st of every year during the life of
the agreement, Owner shall provide information and documentation which details Owner's
compliance with each applicable term of the agreement. Failure to provide this information shall
be considered an "Event of Default" as that term is defined in Article V hereof. The information
shall include, but not be limited to, the following:
(i) the total number of employees who work on the premises, the sum of all
employee salaries, the number of employees who reside in Fort Worth and
the number of employees who reside is designated "Inner City" areas;
(ii) the gross dollars spent on supplier and professional service contracts, with
detail sufficient to demonstrate the amounts by contract awarded and
performed by Fort Worth Entities; and
(iii) if the dollars or percentages do not equal the requirements of this
Agreement, Owner shall explain the reason for the failure to meet the
requirements and state a recommended course of rectification.
B. The City shall make a decision and rule on the eligibility of the project for tax
abatement for that year, based on the information furnished for that year, on or before August 1
of the taxable year and shall so notify the Owner in writing as set forth in Article VII hereof..
C. As a part of the audit process, during normal office hours throughout the Term of this
Agreement, providing reasonable notice is given to Owner, the City shall have access to the
Premises by City employees for the purpose of inspecting the Premises and the Required
Improvements to ensure that the Required Improvements have been constructed in accordance
with the specifications and conditions of this Agreement and to verify that the conditions of this
Agreement are being complied with.
V.
BREACH
A. In the event that (i) the Required Improvements for which an abatement has been
granted are not completed in accordance with this Agreement; or(ii)the schedule for completion
of the Required Improvements specified in Paragraph B of Article I of this Agreement is not
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satisfied; or (iii) Owner allows its ad valorem real property taxes with respect to the Premises or
Improvements, or its ad valorem taxes with respect to tangible personal property to become
delinquent by failing to timely pay or by failing to 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 (iv) subject to the terms and provisions contained in Article I, paragraphs A. and F.
hereof, Owner breaches any of the other terms or conditions of this Agreement, then Owner shall
be in default of this Agreement (an "Event of Default"). Should an Event of Default occur, the
City shall give Owner written notice of such Event of Default, and such written notice will
reasonably specify what event has occurred that has resulted in an Event of Default, and if Owner
has not cured such Event of Default within ninety(90) days of said written notice, this Agreement
may be terminated by the City; provided, however, that if such Event of Default is not reasonably
susceptible of cure within such ninety(90) day period and Owner has commenced and is pursuing
the cure of same, then after first advising City Council of the efforts to cure same, Owner may
utilize an additional ninety (90) days. Time in addition to the foregoing 180 days may be
authorized by the City Council. As liquidated damages for an Event of Default after the
expiration of the applicable notice and cure periods, all taxes which otherwise would have been
paid to the City for each year when an Event of Default existed, without the benefit of Abatement
(after taking into account any applicable exemptions), and penalties and interest thereon charged
at the statutory rate for delinquent taxes as determined by Section 33.01 of the Code, as in effect
at the time of the payment of such penalties and interest, for each such year for which such taxes
were abated, will become a debt to the City. Such amount shall be due, owing and paid to the
City within sixty (60) days of the expiration of the above-mentioned applicable cure period(s) as
the sole and exclusive remedy of the City, subject to any and all lawful offsets, settlements,
deductions, or credits to which Owner may be entitled. The parties acknowledge that actual
damages in the event of default and termination would be speculative and difficult to determine.
B. Notwithstanding the foregoing paragraph, if the City and Owner mutually determine
that the development or use of the Premises or Required Improvements as contemplated herein is
no longer appropriate or feasible or that a higher or better use is preferable, the parties may
terminate this Agreement by a writing signed by both parties, the period of Abatement shall expire
as of the effective date of the termination, there shall be no recapture of amounts previously
abated, and neither party shall have any further rights or obligations hereunder.
VI.
EFFECT OF SALE, ASSIGNMENT OR TRANSFER OF PROPERTY
The abatement shall vest in Owner and, except as provided below, may be assigned to a
new owner of all or a portion of the Premises or Required Improvements, only upon the City
Council's reasonable approval, based upon the ability of the new owner to assume all of the
obligations of Owner under this Agreement, and in the Application for Tax Abatement, for the
balance of the Term of this Agreement; provided further, that the assignee does actually assume
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all obligations of Owner hereunder. Except as provided below, any attempted assignment without
the prior approval of the City Council shall be grounds for the termination of this Agreement as to
the portion of the Premises or Required Improvements assigned, conveyed, transferred or sold
and the proportionate amount of the abatement hereunder, upon ten(10) days written notice from
the City to Owner. Notwithstanding the foregoing, the City consents to Owner's assignment,
transfer or pledge of this Agreement, and, the rights created hereunder and under the abatement,
to Owner's mortgage lender, Bank One Texas, N.A., Bank One Capital Corporation and/or the
Federal National Mortgage Association (Fannie Mae), and their affiliates, successors or assigns
(the "Assignee"), and the City consents to the transfer or conveyance, whether by foreclosure or
other transfer, of the Premises or the Required Improvements to Assignee and agrees that upon
such transfer or conveyance, Assignee rather than Owner, shall receive the benefits of the
abatement, provided that the terms and conditions of this Agreement and the abatement have been
.complied with. Any other assignment, transfer, pledge or other conveyance shall be subject to the
terms and conditions of this Agreement.
VII.
NOTICE
All 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:
OWNER:
The Fort Worth Villas by the Lake, L.P.
Attn: Marcus D. Hiles
2400 Highway 121, Suite 107
Euless, Texas 76039
with a required copy to:
Mr. Harry E. Bartel
Cantey&Hanger,L.L.F.
2100 Burnett Plaza
801 Cherry Street
Fort Worth, Texas 76102
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CITY:
City Manager
1000 Throckmorton Street
Fort Worth, Texas 76102
VIII.
CITY COUNCIL AUTHORIZATION
This Agreement was authorized by the City Council at its meeting on the 21st day of
April, 1998, by Council approving Mayor and Council Communication No.C-16737 authorizing
the City Manager to execute this Agreement on behalf of the City.
IX.
SEVERABILITY
In the event any section, subsection, paragraph, sentence, phrase or word is held invalid,
illegal or unconstitutional, the balance of this Agreement shall stand, shall be enforceable and shall
be read as if the parties intended at all times to delete said invalid section, subsection, paragraph,
sentence, phrase or word. In the event that (i) the Term of the Abatement with respect to any
property is longer than allowed by law, or(ii)the Abatement applies to a broader classification of
property than is allowed by law, then the Abatement shall be valid with respect to the
classification of property abated hereunder, and the portion of the Term, that is allowed by law.
X.
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 default exists the
nature of default and curative action, which should be undertaken to cure same), 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(ies)to receive the certificates.
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XI.
OWNER STANDING
Owner, as a party to this Agreement, shall be deemed a proper and necessary party in any
litigation questioning or challenging.the validity of this Agreement or any of the underlying
ordinances, resolutions, or City Council actions authorizing same and Owner shall be entitled to
intervene in said litigation.
XII.
APPLICABLE LAW
This Agreement shall be construed under the laws of the State of Texas. Venue for any
action under this Agreement shall be the State District Court of Tarrant County, Texas. This
Agreement is performable in Tarrant County, Texas.
XIII.
RECORDATION OF AGREEMENT
A certified copy of this Agreement in recordable form shall be recorded in the Deed
Records of Tarrant County, Texas.
)UV.
AMENDMENT
This Agreement may be modified by the parties hereto to include other provisions which
could have originally been included in this Agreement or to delete provisions that were not
originally necessary to this Agreement pursuant to the procedures set forth in Title 3, Chapter 312
of the Code.
EXECUTED this day of April, 1998 by the City of Fort Worth.
EXECUTED this-Vaday of April, 1998, by The Fort Worth Villas by the Lake, L.P.
(Signature page to follow)
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ATTEST: CITY OF FORT W , TEXAS
B s
City Secretary Assistant City Manager
APPR 'D AJS TO F AND LEGALITY; -L-&Contract Authoriz ti.on
Assistant City Attorney/
Date:
a 7- %� Date
ATTEST: The Fort i as by t Lake, L. P.
By: UiCv-
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Mike Groomer,
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 resolution
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 SE OFFICE this > day of
i 1998.
GEC
Notary Public in and for the State of Texas
`►�`:�o PWRICIA A.GARCIA
NOTARY PUBLIC
,g State of Texas
Comm.Exp.03-31-3001 Notary's Printed Name
I.(L
f
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared 1M 4rcLAS
`4-1 t-.q�75 of The Fort Worth Villas by the Lake, L.P., a Texas Limited Partnership,
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 said limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
_� �:�. 1998.
Notartoblic in and Ar t e ate of Texas
{o YFU
J. RODRIGUEZ 0- C� ut Z
!=
NOTARY PUBLIC
Notary's Printed Name
State of Texas
Nom'oFi��c Commlxp. 04-29.2000
My Commission Expires:N Z-: O
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Exhibit"A"
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CITY OF FORT WORTH
POLICY STATEMENT:
TAX ABATEMENT FOR QUALIFYING
DEVELOPMENT PROJECTS 2117198
I. GENERAL PURPOSE AND OBJECTIVES
Certain types of investment result in the creation of new jobs, new income and provide for
positive economic growth and inner-city economic stabilization which is beneficial to the City as
a whole. The City of Fort Worth is committed to the promotion of high quality development in
all parts of the City and improvement in the quality of life for its citizens.
The City of Fort Worth will, on a case-by-case basis, give consideration to the granting of
property tax incentives to eligible residential, commercial, and industrial development projects.
It is the policy of the City of Fort Worth that consideration of eligible projects will be provided
in accordance with the guidelines and criteria outlined in this document. Texas law authorizes
the City of Fort Worth to grant tax abatement on the value added to a particular property by a
specific development project which meets the economic goals and objectives of the City, and the
requirements of the statute(Vernon's Tax Code Ann. Section 312.001, et. seq.).
As mandated by state law, this policy applies to the owners of real property. It is not the
policy of the City of Fort Worth to grant property tax abatement.to any development
project for which a building permit has been previously issued by the City's Department of
Development. Nothing in the policy shall be construed as an obligation by the City of Fort
Worth to approve any tax abatement application.
Although all applications which meet the eligibility criteria(Section III.)of this policy statement
will be reviewed, it is the objective of the City of Fort Worth to encourage applications from
projects that:
(a) are located in enterprise zones or other designated target areas; or
(b) result in a development with little or no additional cost to the City; or
(c) result in 1,000 or more new jobs,with a commitment to hire Fort Worth and inner city
residents.
11. DEFINITIONS
"Abatement"means the full or partial exemption from ad valorem taxes on eligible properties for
a period of up to ten years and an amount of up to 100% of the increase in appraised value (as
reflected on the certified tax roll of the appropriate county appraisal district) resulting from
improvements begun after the execution of the tax abatement agreement. Eligible properties
must be located in a reinvestment zone.
"Reinvestment Zone"is an area designated as such by the City of Fort Worth or State of Texas in
accordance with the Texas Property Redevelopment and Tax Abatement Act, Sections 312.001
through 312.209 of the Tax Code.
"Residential Development Project" is a development project which proposes to construct or
renovate multi-family residential living units on property that is(or meets the requirements to be)
zoned multi-family as defined by the City of Fort Worth Zoning Ordinance.
"Fort Worth Company"is a business which has a principal office located within the city limits of
Fort Worth.
"Minori ty Business Enterprise (MBE) and Women Business Enterprise (WBE)" is a minority or
women owned business that has received certification as either a MBE or WBE by either the
North Texas Regional' Certification Agency (NTRCA) or the Texas Department of
Transportation(TxDOT),Highway Division.
"Capital Investment" includes only real property improvements such as new facilities and
structures, site improvements, 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 and inventory).
"Facility Expansion"is a new permanent real property improvement such as a building or.
buildings constructed to provide additional square footage to accommodate increased space
requirements of a Fort Worth company.
"Facility Modernization"is a new permanent real property improvement under taken to provide
increased productivity for a new or existing Fort Worth company.
"Supply and Service Expenses"are discretionary expenses incurred during the normal
maintenance and operation activities of a business.
one ELIGIBILITY CRITERIA
A. RESIDENTIAL PROJECT ELIGIBILITY
A residential development project is eligible for property tax abatement if:
1. The project is located in any of the following census tracts: 1002.02, 1010,
1011, 1016, 1017, 1018, 1019 (partial), 1025, 1028 (partial), 1029, 1030,
1031, 1033, 1035, 1036.01, 1037.01, 1038, 1040, 1041 (partial) (see Map-
Exhibit"A"); AND
2. a. The project will construct or renovate no less than 50 residential
living units of which no less than 20%shall be affordable(as defined
by the U.S. Department of Housing and Urban Development) to
persons with incomes at or below 80%of median family income;OR
b. The project has a minimum capital investment of$5 million
(excluding acquisition costs for land and any existing
improvements).
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III. ELIGIBILITY CRITERIA
B. COMMERCIAL/INDUSTRIAL ELIGIBILITY
1. New Projects
In order to be eligible for property tax .abatement, a new
commercial/industrial development' project must satisfy one of the
following three criteria:
a. Upon completion will have a minimum capital investment of $10
million and commits to hire an agreed upon percentage of residents
from an eligible inner city census tract (as identified on Exhibit
"A")for full time employment.; OR
b. Is located in ,the "inner city" (as identified on Exhibit "A") or
property immediately adjacent to the major thoroughfares which
serve as boundaries to any of these inner city census.tracts and
commits to hire an agreed upon percentage of residents from an
eligible inner city census tract(as identified on Exhibit"A") for full
time employment.; OR
C. Is located outside of the "inner city", has a minimum capital
investment of less than $10 million, and commits to hire an agreed
upon percentage of residents from an eligible inner city census tract
(as identified on Exhibit"A") for full time employment.
2. Existing Business Expansion and/or Modernization
In order to be eligible for property tax abatement, a facility expansion
and/or modernization by an existing commercial/industrial business
a. Upon completion will have a minimum capital investment of$10
million.; OR
b. Must result in increased employment for which the business
commits to hire and retain an agreed upon percentage of residents
from an eligible inner city census tract (as identified on Exhibit
"A")for new, full time positions;AND
C. Must have a minimum capital investment of(1) $500,000, OR (2)
an amount equal to or greater than 25% of the appraised value, as
certified by the appropriate appraisal district, of real .property
improvements on the property for the year in which the abatement
is requested.
C. PROOF TESTS
1. Building Permits
No tax abatement will be granted to any development project which has
applied for or received a building permit from the City's Department of
Development.
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2. Evidence of Need for Tax Abatement
The applicant must provide evidence to substantiate and justify the tax
abatement request including (but not limited to) an analysis demonstrating
the tax abatement is necessary for the financial viability of the project.
IV. ABATEMENT GUIDELINES
The tax abatement agreement'must provide that the applicant:
(1) Hire Fort Worth residents for an agreed upon percentage (at least 25%) of new full
time jobs to be'created and make a good faith effort to hire 100% Fort Worth
residents for all new jobs created as a result of the abatement,
(2) Commit to hire an agreed upon percentage of Fort Worth residents from an eligible
inner city census tract (as identified on Exhibit "A") for all new jobs created as a
result of the project. The agreed upon percentage shall be determined by negotiation.
(3) Utilize Fort Worth companies for an agreed upon percentage of the total costs for
construction and Supply and Service Contracts, and
(4) Utilize Minority and Women owned Business Enterprises (M&WBEs) for an agreed
upon percentage of the total costs for construction and supply and service contracts in
the manner provided in the City of Fort Worth's.Minority and Women Business
Enterprise ordinance.
In addition to the above,the abatement must comply with the following guidelines:
A. State law prohibits abatement of taxes levied on inventory, supplies or the existing
tax base. City policy is not to abate taxes on personal property located within Fort
Worth prior to the date of the tax abatement agreement.
B. Unless otherwise specified in the agreement, the amount of the taxes to.be abated
shall in no event exceed the amount of the capital investment (as specified in the
application) multiplied by the City's tax rate in effect for the year in which the
calculation is made.
C. In certain cases, the City may consider a tax abatement application from the
owner of real property who serves as a landlord or lessor for a development
project which meets the eligibility criteria of this section.
D. The City may consider an application from the owner or,lessee of real property
requesting abatement of real and or personal property owned or leased by a
certificated air carrier on the condition that the certificated air carrier make
specific real property improvements or lease real property improvements for a
term of 10 years or more.
E. For an eligible development project to be considered for tax abatement, the
"Application for Tax Abatement" form must be completed and submitted to the
Office of Economic Development.
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F. An application fee must accompany the application. The fee is calculated at the
lesser of (i) 1%of the project capital investment, or(ii) $15,000.
If construction on the project is begun on the site specified in the application
within a one (1) year period from the application submittal date(with or without a
tax abatement), this fee shall be credited to any permit, impact, inspection or any
other lawful fee required by the City of Fort Worth. If the project is not
constructed on the site specified in the application or if construction takes place-at
the specified site more than one (1) year after the application submittal date, the
application fee shall not be refunded or otherwise credited.
G. If requested, the applicant must provide evidence that there are no delinquent
property taxes due on the property on which the development project is to occur.
H. The tax abatement agreement shall limit the uses of property consistent with the
general purpose of encouraging development or redevelopment of the zone during
the period that property tax abatements are in effect.
I. Tax abatement may only be granted for projects located in a reinvestment or
enterprise zone. For eligible projects not currently located in such a zone,the City
Council may choose to so designate the applicant's property in order to allow for a
tax abatement.
J. The owners of all projects receiving tax abatement shall properly maintain the
property to assure the long term economic viability of the project.
V. PROCEDURAL STEPS
Each request for property tax abatement shall be processed according to the following
procedural guidelines..
A. Application Submission:
Provided that the project meets the criteria detailed in Section III of this policy,
the Applicant must complete and submit a City of Fort Worth "Application For
Tax Abatement" form (with required attachments) and pay the appropriate
application fee.
B. Application Review and Evaluation:
The Economic Development Office will review the application for accuracy and
completeness. Once complete,the application will be evaluated based on:
1. Types of new jobs created, including respective wage rates, and
employee benefits packages such as health insurance, day care
provisions, retirement package(s), transportation assistance, and any
other.
2. Percent of new jobs committed to Fort Worth residents.
3. Percent of new jobs committed to Fort Worth"Inner City"residents.
-s-
4. Percent of construction contracts committed to:
a. Fort Worth based firms, and
b. Minority and Women owned Business Enterprises (MBEs and WBEs).
5. Percent of supply and service contract expenses committed to:
a. Fort Worth based firms, and
b. Minority and Women owned Business Enterprises(MBEs and WBEs).
6. The project's increase in the value of the tax base.
7. Costs to the City(such as infrastructure participation, etc.).
8. Other items which may be negotiated by the City and the applicant.
Based upon the outcome of the evaluation, the Economic Development Office
may present the application to the City Council's Expanding Economic
Opportunities Committee.
C. Consideration by Council Committee
Should the Economic Development Office present the application to the City
Council's Expanding Economic Opportunities Committee, the Committee will
consider the application at an open meeting. The Committee may:
(1) Approve the application. Staff will then incorporate the application into a
tax abatement agreement which will be sent to the City Council with the
Committee's recommendation to approve the agreement; or
(2) Request modifications to the application. Economic Development staff
will discuss the suggested modifications with the applicant and then, if the
requested modifications are made,resubmit the modified application to the
Committee for consideration; or
(3) Deny the application. The applicant may appeal the Committee's finding
by requesting the City Council to: (a) disregard the Committee's finding
and (b) instruct city staff to incorporate the application into a tax
abatement agreement for future consideration by the City Council.
D. Consideration by the City Council
The City Council retains sole authority to approve or deny any tax abatement
agreement and is under no obligation to approve any tax abatement application or
tax abatement agreement. The City of Fort Worth is under no obligation to
provide tax abatement in any amount or value to any applicant.
E. Effective Date for Approved Agreements
All tax abatements approved by the City Council will become effective on
January 1 of the year following the year in which a Certificate of Occupancy (CO)
is issued for the qualifying development project(unless otherwise specified in the
tax abatement agreement). Unless otherwise specified in the agreement, taxes
levied during the construction of the project shall be due and payable.
VI. RECAPTURE
If the terms of the tax abatement agreement are not met, the City Council has the right to
cancel or amend the abatement agreement. In the event of cancellation, the recapture of
abated taxes shall be limited to the year(s)in which the default occurred or continued.
VII. INSPECTION AND FINANCIAL VERIFICATION
The terms of the agreement shall include the City of Fort Worth's right to: (1)review and
verify the applicant's financial statements in each year during the life of the agreement
prior to granting a tax abatement in any given year, (2) conduct an on site inspection of
the project in each year during the life of the abatement to verify compliance with the
terms of the tax abatement agreement.
VI11. EVALUATION
Upon completion of construction of the facilities, the City shall no less than annually
evaluate each project receiving abatement to insure compliance with the terms of the
agreement. Any incidents of non-compliance will be reported to all affected taxing units.
On or before March 31" of every year during the life of the agreement, any
individual or entity receiving a tax abatement from the City of Fort Worth shall
provide information and documentation which details the property owner's
compliance with the terms of the respective agreement and shall certify that the
owner is in compliance with each applicable term of the agreement. Failure to
report this information and to provide the required certification by the above
deadline shall result in any taxes abated in the prior year being due and payable.
IX. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY
No tax.abatement rights may be sold, assigned or leased unless otherwise specified in the
tax abatement agreement. Any sale, assignment or lease of the property which is not
permitted in the tax abatement agreement results in cancellation of the agreement and
recapture of any taxes abated after the date on which an unspecified assignment occurred.
�I
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Exhibit "W
Property Description
1.0160 ACRES OF LAND
BEING a tract of land out of the David Strickland Survey,Abstract 1376, in the City of Fort Worth and being the same tray&
conveyed to Jerry W. Smith recorded in Volume 6806,Page 1787,Deed Records of Tarrant County,Texas;
BEGINNING at a point in the called North ROW line of Collett-Little Road (a variable ROW) said point being.the original
Southeast corner of Redwood Estates Addition recorded in Volume 388-59,Page 59,Map Records,Tarrant County,Texas;
THENCE: East 99.36 feet along the called North ROW line of Collett-Little Road to a point in the West line of a 35.285 acre
tract recorded,in Volume 8203, Page 1799 point,also being N OOE 12' 28" E, 33.33 feet from a %2 inch iron rod found in
asphalt being the Southwest corner of said 35.285 acre tract;
THENCE: N OOE 10' 28"E, 444.00 feet along the West line of said 35.285 acre tract to a %2 inch iron rod found at the Ell
corner of Redwood Estates,passing a''/2 inch iron rod at 4.58 feet;
THENCE: West 100.00 feet along the Redwood Estates line a %2 inch iron rod set in the Ell corner of said addition.
THENCE: S OOE 05'33"E,along the West line of Redwood Estates,passing a 'i/2 inch iron rod found at 439.42 feet, in all
444.00 feet to the PLACE OF BEGINNING and CONTAINING 1.0160 acres of land.
14.6873 ACRES OF LAND
BEING a tract of land out of the David Strickland Survey,Abstract No. 1376, in the City of Fort Worth, Texas and being part
of a.35.285 acre tract conveyed to Collette 820 Joint Venture in Volume 11628, Page 1200, Deed Records of Tarrant Count-
Texas and being more particularly described as follows:
BEGINNING at a PK nail found in the West ROW line of Loop 820 and the Southeast corner of the 35.285 acre tract, said
point being in Collett Little Road(ROW not defined);
THENCE: N 89E44'40" W, 996.76 feet along the South line of said 35.285 acre tract and in Collett Little Road to the
Southwest corner of said 35.285 acre tract,a%2 inch iron rod found;
THENCE: N OOE 10' 28" E, 729.64 feet along the West line of said 35.285 acre tract to a %s inch iron rod found at the
Southwest comer of a 10.0 acre tract conveyed to U.S. Rental in Volume 12407, Page 307, and in the East line of Redwood
Estates,recorded in Volume 388-59,Page 59;Deed Records of Tarrant County,Texas;
THENCE: S 89E 20' 15"E,505.52 feet along the South line of said 10.0 acre tract to the Northwest corner of a 2.0 acre tract
conveyed to Mark Matson and wife,Nan Matson, in Volume 12517, Page 1227 Deed Records of Tarrant County, Texas, a %2
iron rod set;
THENCE: S OOE 52' 00"W, 173.46 feet along the West line of said 2.0 acre tract to a%2 inch iron rod found at its Southwest
corner,
THENCE: 89E 20'.15"E, 502.24 feet along the South line of said 2.0 acre tract to its Southeast corner and in the West ROW
line of Loop 820,a%2 inch iron rod found;
THENCE: S OOE 52' 00" W, 547.54 feet along the West ROW line of Loop 820 to the PLACE OF BEGINNING and
containing 14.6873 acres of land.
i
Exhibit"C"
City of Fort Worth
APPLICATION FOR RESIDENTIAL TAX ABATEMENT
1. Applicant Information:
Name The Fort Worth Villas by the Lake, L.P.
Address 2400 Hwy 121, Suite 107
City, State Zip Code Euless, Texas ' 76039
Telephone ( 817 ) 215 — 8100 ext.
Fax ( 817 ) 215 — 8111 ext.
Internet E-mail Address (if.available):
Contact Person (include title/position) Marcus D. Hiles, Vice-President
Name of property owner The Fort Worth Villas by the Lake, L.P.
2. Property Description
Attach legal description or surveyor's metes & bounds description.
Please see Attachment "A"
3. Current Appraised Value of Property
Attach latest copy of property tax statement from the County Appraisal District.
Please see Attachment "B"
4. Attach a brief description of the project Including; number of units to be con-
structed , number of units to be renovated, size of units, number of affordable
housing units(i$applicable) rental rates per unit,amenities,etc.
Please see "c"
5. Project Description
A. Cost of constructio n $ 14,291,642.00 site work, grading, utility under-
C. Site Development (parking, fencing, landscaping, etc.): grids► fencing, extensive land-
1. Type of.work to be done soaping including shzvb and t=ee planting, outside area
lic�tzng, paving of interior scree par g areas an uLS on. o ire
hydrants. For a more detailed description of the work to be done see plat inn site
2. Projected costs $ 1,194,981 plan on Attactmient "G"
B. Personal Property:Value of furnishings, office equipment, etc. $ 103,000
6. Project Construction:
A. What percent of the construction costs (5A.&B. above) will you commit to spend with:
1. Fort Worth businesses? 31
2. Minority and Women owned Business Enterprises? 30-45 %
S. When will construction start? 5/98 end? 3/30/99
C. How many construction jobs will be created? over 260
D. What is the estimated payroll for these jobs? at least $7,000,000.00
7. Employment 12 (please see Attachment "D")
A. How many new full time jobs will be created?
B. What percent of 7A. will be tilled with:
1. Fort Worth residents? 75
2. Inner City residents? 50
�� `I�. i9P.�1 1V LUl.rtuc.v�unr� ••.. .. - . -
93-20-_ D
C. Attach a description of the jobs to be created (technician, engineer, machinist, etc.),
tasks)to be performed by each, and wage rate for e
Please see Attachment "E"
0. Attach a brief description of the emp"s benefit packages) offerred (Is.health
insurance, retirement, public transportation assistance, day care provisions, etc.)
Including portion paid b emppf ee and amptoyer respectively.
Please se Atta=t "F"
a. Regarding supply and service expenses pa. landscaping, ofNce or manufacturing
suppiles,janitorial servlass, etc.): .
A. What Is the annual amount of non-sole source supply and service expenses?
$ 200,000
S. What percentage of 8A.wm be committed to Fort Worth businesses?
50 0Yo
C. What percentage of 8A►.will be committed to Minority and Women Owned
SUalnesses? 25
8. th the property epprepristsly zoned for this project? Yes
10. Is the property platted? if yag,will replatting.be necessary? Yes, the property is
platted. No replatting wi.11 be necessary (Please see Attachment "G") .
11. Attach a description of an®nvlronenentel lrnpacts associated with this project.
N/A
12. Attach a description of corset benefits to the City of Fort Worth as a result of
rids project(ie.sales tax, Inventory text development fses, etc.)
Please see Attachment "We
13. 910 you intend to pursue abatemerIt at:
County ? G Yoe 0 No
school ? 0 Yes 0 No
14. What Iml of abstsment do you request: Years? 1®.._— g e? 45-75% According
to proposed plan. see Attachment "I"
18. On an attachment, explain why tax,abatemsnt is necessary for the su=ses of
this project. Include a business pro forme or other documentation to substand-
go your request Please see Attachment "J"
On behalf Of the applicant, I certify the Information contained in this application (including all
attachments}to be true and correct. I further carlify that on behalf of the applicant, i have
read the"Policy 5latement:Tax Abatement For Qualified Development Projecte and agree
to comply with th es and criteria stated therein.
N Title
Date
ATTACHMENT "A"
Legal description of surveyor's metes and bounds description
Property Description
1.0160 ACRES OF LAND '
BEING a tract of land out of the David Strickland Survey, bstract 1376 in the City of Fort y, ty Worth and being the same tract
conveyed to Jerry W. Smith recorded in Volume 6806,Page 1787,Deed Records of Tarrant County,Texas;
BEGINNING at a point in the called North ROW line of Collett-Little Road (a variable ROW) said point being the original
Southeast corner.of Redwood Estates Addition recorded in Volume 388-59,Page 59,Map Records,Tarrant County,Texas;
THENCE: East 99.36 feet along the called North ROW line of Collett-Little Road to a point in the West line of a 35.285 acre
tract recorded in Volume 8203, Page 1799 point also being N OOE 12' 28" E, 33.33 feet from a % inch iron rod found in
asphalt being the Southwest corner of said 35.285 acre tract;
THENCE: N OOE 10' 28" E, 444.00 feet along the West line of said 35.285 acre tract to a % inch iron rod found at the Ell
corner of Redwood Estates,passing a''/z inch iron rod at 4.58 feet;
THENCE: West 100.00 feet along the Redwood Estates line a''/s inch iron rod set in the Ell corner of said addition.
THENCE: S 00E.05' 33"E,along the West line of Redwood Estates,passing a ''/z inch iron rod found at 439.42 feet, in all
444.00 feet to the PLACE OF BEGINNING and CONTAINING 1.0160 acres of land.
14.6873 ACRES OF LAND
BEING a tract of land out of the David Strickland Survey, Abstract No. 1376, in the City of Fort Worth, Texas and being part
of a 35.285 acre tract conveyed to Collette 820 Joint Venture in Volume 11628, Page 1200, Deed Records of Tarrant County,
Texas and being more particularly described as follows:
BEGINNING at a PK nail found in the West ROW line of Loop 820 and the Southeast corner of the 35.285 acre tract, said
point being in Collett Little Road(ROW not defined);
THENCE: N 89E44'40" W,. 996.76 feet along the South line of said 35.285 acre tract and in Collett Little Road to the
Southwest corner of said 35.285 acre tract,a''/s inch iron rod found;
THENCE: N OOE 10' 28" E, 729.64 feet along the West line of said 35.285 acre tract to a i/2 inch iron rod found at the
Southwest corner of a 10.0 acre tract conveyed to U.S. Rental in Volume 12407, Page 307, and in the East line of Redwood
Estates,recorded in Volume 388-59,Page 59;Deed Records of Tarrant County,Texas;
THENCE: S 89E 20' 15"E,505.52 feet along the South line of said 10.0 acre tract to the Northwest corner of a 2.0 acre tract
conveyed to Mark Matson and wife,Nan Matson, in Volume 12517, Page 1227 Deed Records of Tarrant County, Texas, a '/z
iron rod set;
THENCE: S OOE 52' 00"W, 173.46 feet along the West line of said 2.0 acre tract to a %s inch iron rod found'at its Southwest
corner;
THENCE: 89E 20' 15"E, 502.24 feet along the South line of said 2.0 acre tract to its Southeast corner and in the West ROW
line of Loo 820 a'/s inch iron rod foun d;
THENCE: S OOE 52' 00" W, 547.54 feet along the West ROW line of Loop 820 to the PLACE OF BEGINNING and
containing 14.6873 acres of land.
ATTACHMENT "B"
Latest copy of tax statement from the County Appraisal District
FROM kGAFECO T=V WW 214 445 6047 1997.12e06 16114 #688 P.02/06
FEE $45.26 ftftts TAX CERTIFICATE tvtfte PAGE OF 4
UPDATE EXPERIAN WbRMATION SOLUTIONS, INC.
600 0. LAttAA Di.'r•►a. ovxT= AS*
ARLINGTON, TEXAS 76011
.41117' 261-3190 FAX 265-6367
Cue%, cxrxeo zxwa TrIpLa - zu CAAi CU TC WC-T.1WbW ec►rrra
GF# 90343 CLOSER BH ORDER TYPE r- 4 SUBTYPE R DATE 12/09/97
•t�ette�a�tfettete,�eatttate®e*tteesaesuttttt�tettattttosteo®e'�t,ttttasetsfe*fait•
220 326 90S 099
C71D9 0/162854 SASJTAX
DESC STRICKLAND, DAVID SURVEY A 5376 TR 31A04 X1376 31AOt
ACREAGE 1. 020
SITU.S 5129 COLLETT LITTLE RD 326
MAIL 6200 SOUTH FWY FORT WOR^H TX 76134-1403
ASSESSED OWNERS' 1997 ASSESSED VALUES
SMITH JERRY ETUX CATHERINE H LAUD 12, 800
IMPROVEMNT 0
ASSESSED AS LAND ONLY TOTAL VALUE 12, 800
TAX ENTITY INFORMATION
TARRANT COUNTY PAYMENTS AS OF 11/24/97
100 E. WEATHERFORD FT. WOR.TU, TX 96i96 91 TAX RATE 0. 5565960
PHONE 117-884-1100 W/0 EXEMPT 71 . 24
EXEMPTIONS NmiE YR BASE TAX RASE Dig DUR 12197 DUE 01/98
-- ----------- ------- ------ -----------
97 71. 24 0.00 tt PAID :.1/14/97 to
-- ----------- ----------- -------®®-_ -----------
SUBTOTAL 71. 24 0. 00 0. 00 0. 00
CITY OF FORT WORTH PAYMENTS AS OF 1:/24/97
COLLECTED BY COUNTY 97 TAX BATE 0. 9200000
PHONE 817-384-110o W/O EXEMPT 117. 76
EX£MPTIC)iS NONE YR BASE TAX BASE DUE DUE 12/97 • DUE 01/98
-- e-----® --- -------.e-- ___--------
9? 117.76 0. 00 se PAID 11114/97 at
-- --------- -----------
SUBTOTAL 117.'76 0. 00 0. 00 0 . 00
ISL' - FORT WORTK PAYMENTS AS OF 11/24/97
COLLECTED BY COUNTY 97 TAX RATE 1.4550000
PHONE 817-694-1100 W/O EXEMPT 196 . 24
EXEMPTIONS NONE YR BASE TAX BASE DUE DUE 12/97 DUE 01196
-- ®--we------ _ ----------- ------e----
97 186. 24 0.00 is PAID 11/14/97 00
-- ----------- ----------- ----------- -----------
SUBTOTAL 106. 24 0. 00 0.00 0. 00
i
I
I
FROM t59FEC0 TARRQNT 214 446 65247 1997.12-08 16c14
wj anL&" Arrw iai . - 6r ases P.M/05
iiYY• rfl►YMaf111 riMl
i�iri*�.y rLYYi•ver as rr
saraaa TAX CERTIFICATE PAGE 2 .CF .4
EXPERIAN INFORMATION' SOLUTIONS, INC.
690 E. LAMAR BLVD. - SUITE 130
ARLINGTON, TEXAS 76011
(517) 261-8190 FAX 265-6387
CUST S11F'ECO LAND TITLE - FW BRANCH TC Tr -TANDY CENTER
GV# 40343 CLOC><D flii ZP-MZP. 'TYPE T- 4 EU?iTYflT D. DA-TB 12/OR/a7
TC WATER DIST #_4 COLLECTED BY TAR.R.ANT PAYMENTS AS- or it/24/s?
CO 100 E. WEATHERFORD ST FT. WORTH, TX 76196 97 TAX FATE 0 . 0198230
PHONE 817-6841:00 W/O EXEMPT 2 . 54
EXEMPTIONS MOKE YR BASE TAX BASE D:'E DUE 12/91 DUE 01198
97 0. 54 0. 00 an PAID 11114197 dd
— ----——————— ----------- _
SUBTOTAL 2. 54 0. 00 0 . 00 - r C . 00
a®ldi adiadiiildilii##!!!l�4i#�i�FlJii�Iai#aaa!!#11#1 1F�{illMiEfiii$dai#atllilfi0if!!fi!lilliF
CA:)# 04703650 220 326 905 099
DESC STRICKLAKU, MAVID SURVEY ABST 1376 TRS 37A2 37A2B 111376 37A02 2C
SA5/TAX
AaREAGE 14 . 070
SITUS 5201 COLLETT LITTLE RD 326
M.A_T: 2725 ALTA MESA FORT WORTH TX 76133
ASSESSED OWER(S) 1997 ASSESSED VALUES
COLL.ETTE 820 JOINT VENTURE LAND 67, 416
IMPROVEMENT 0
TOTAL VA:UE 67, 418
ASSESSED AS LAND ONLY
TAX ENTITY INFORMATION
mARRANT COUNTY PAYMENTS AS OF 11/24/97
100 E. WMATRERFOAD FT . WORTH, TX 76196 47 TAX PATE 0. 5565960
PHONE 917-884-1100 W/O EXEMPT 375 . 25
®elF.2Il=IGh19I NONE `a'R
BASE TASK BASE DUE DUE 12/97 DUE 01190
-- ----------- ----------- ----------- -----------
91 375. 25 0 . 00 #! PAID =0/15/97 a!
-- ----------- ----------- ----------- -----------
SUBTOTAL 375 . 25 C. 00 0. 00 0. 00
CITY OF FORT WORTH PAYMENTS AS OF 11124/97
C`LLECTED BY COUNTY 97 TAX RATE 0. 9200000
PRONE 817-884-1100 W/O EXEMPT 620 . 25
EXEMR.PTIOJS NONE YR BASE TAX BASE DUE DUE 12/97 DUE 01/98
—® --e----o-wv - ---------- —r--------- -----------
97 620. 25 0, 00 us PAID 10/15/97 *;
-- rr-os—s---e ----,------- o®w®®s.—.---- -----------
StiKttll'at ntt 0, tIt) r). tit;
PROM IWWRCO TRRRANT 214 446 604'7 1997.12-08 16914 OMM P.04/®6
Sul d"901.9 YMW ♦i&Yl. of •mow• -s---.- .. ..
*Bases TAX CERTIFICATE Bsese* PAGE 3 OF 4
EXPERIM INPQ MATION SOLUTION'S, INC.
69C E. LAMAR BLVD. - SUT-TX 130
OUST SAFECO LAND TITLE - rW BRANCH TC TC-TANDY CENTER
GF# 90343 CLOSER BH ORDER TYPE T- 4 SUBTYPE R DATE 12109/97
ISD - FORT .WORTH PAYMENTS AS OF 11/24/97
COLLECTED BY COUNTY 97 TAX RATE 1. 4550CDC
PHONE 817-884-1100 W/O EXEMPT 98C . 93
EXEMPTIONS NONE YR SASE TAX BASE DUE DUE -12/97 DUE 01/99
o.. -r•os---- ----------- ------r---- -----------
97 960. 93 C . 00 95 PAID 10/15/97 6s
' -m ----------- r---------- -----------
SUBTOTAL 980. 93 0. 70 0. 00 0. 0C
TC WATER DIST i1 COLLECTED BY TARRANT PAYHih'TS AS OF 11/24197
4U ICU el i 1'. W(.ttt'1'lt, '1'X •I C t 9 a 97 '1`Akx I(RNh O. o 1981:!U
PHONE 617-884-1100 W/9 EXEMPT 13. 36
EXEMPTIONS NONE YR BASE TAX BASE DUE DUE 12/97 . DUE 01/98
r® ---s-rasr-r-- -s--®-.+---- ----------- -----------
97 13. 36 0. 00 sB PAID 10/:5197 as
-- ----------- ----------- ----.Y------ -----------
SUBTOTAL 13. 36 C . 00 0 .00 0 . 00
eeo®wo449�i6�si�•a89ee�8�ffi8s®1 s94aH8ai�CfmOC4�i0i4iiiiili4m�$maaii��agiaaBil8i8s�a46#�i4;iai '
COMMENTS
r&')f 047nAPAD - GTTVVT.RMV..WT Tn ItntT.-9 441 TJVc510. 097
�' �• �v��a•z - �f��."EuFrl�€'�p��Qt�z�1��N�r�'� �'BQpF,1��� � uT �.Y;�'�S
PAYMENT CHECK FOR ALL ENTITIES THEY COLLECT
TC WATER DIST 91 COLLECTED - TC WATER DIST 81 WAS ASSESSING TAXES UNTIL
1984-DISBANDED TEEN REINSTATED FOR 1996
. a:se::eo,�..Ee,�seaesswsseogssn:reESegeseese:.re■eats::Baeesf•e.feefeseeaR*s•is��
SUMMARY OF CURRENT YEAR * SUMMARY OF TAXES DUE
TAX YEAR 1iA55s TAX B VUE 12/97 UU1; Oi/98
TARRANT .COUNTY 1997 446.49 a 0. 00 0. 00
'CLTY OF VUWk WUWk.H 199'1 -738. U1 9 0. UC t1. Jo
I51) - FORT WORTH 1997 1, :67 . 17 * 0.00 0. 00
TC NXTER DIST #1 COLLECT 1997 15. 90 a 0. 00 0. 00
TOTAL TAX 2,367 . 57 a 0. 00 0 . 00
FROM tG=%C0 TqRRg� 214 445 6047 1997.12-06
4Y* rn►Yrw &"W ...... .• 16i yg P.Oii/0C+
ee:srs TAX CERTIFICATE �retee PAGE "OF 4
EXPERIAN INFORMATION SOLUTIONS, INC.
690 E. LAX&R BLVD. - SUITE 130
ARLINGTON, TEXAS 76011
(617) 261-/190 FAX 265-9317
CUST SAFECO LAND TITLE - FW BRANCH TC TC-TANDY CENTER
GF# 90343 CLOSER 3H ORDER TYPE T- 4 SUBTYPE R DATE 12/08/97
si6riiffrl fffiirir�iil i::iiffifflFieilFrirfffgiff#IfffBfiiiaasrim lrf0�rfrirrriiirre
CAD ACCOUNT NUMBER S'J1 ARY
04162954 04703650
•■ttssesssetteete:seesessssses:*teettteressrsssroot*:s*rseseeaarsssosossssR4rsi
CERTIFICATION, CONDITIONS JWD S.XCLUSIONS
TR_S CERTIFIES THAT ALL AD VIrLOREM TAXES APPLSCA9LE TO THE ABCVE REFERENCES
PROPERTY HAVE BEEN C.-IECXED AND FOUND TO HAVE THE STATE'S INDICATEn.
I. THIS CERTIFICATION DOES NOT COVER ANY CHWGES MADE TO TAX ROLLS OR RECORDS
Ail"'EK THE "PAYMENTS AS Uk" UATSS L1STE1.) AHUVE.
2. TH_S DOCUMENT DOES NOT CONST TTUTE R REPORT ON OR CERTIFICATION Of HVNFRAL
(PRODUCTIVE AND NON-PRODUCTIVE! TAXES, LEASES, PERSONAL PROPERTY TAXBS OR
OTHER NON AD VALOREM TA)ES (SUCH AS PAVING LIENS,. STAND-BY CHARGES OR
MAINTEN744CL" ASSESSMENTS) . THESE ITEMS MAY BE INCLUDED FOR C MVENZEl10E
PURPOSES ONLY.
3. THIS CERTIFICATE I5 NOT TRANSFERRABLE AND IS ENFORCEA9LE ONLY BY THE PARTY
Tn WUTCk TT UAC aRFW T.4CUTRn.
YKJ-NTZD by SAbITAX
i
i
ATTACHMENT "C"
Brief description of project including: number of units to be constructed, number of units
to be renovated, size of units, number of affordable housing units, rental rates per unit, amenities,
etc.
The Fort Worth Villas by the Lake(the "Project")will be a 234 unit senior citizen
community development designed to provide significant facilities and services specifically to meet
the special physical and social needs of its elderly residents. Each unit will have 946 square feet
of livable space which will include two bedrooms and either one or two bathrooms. The units will
be constructed in 59 two-story buildings that resemble a large home with a four car garage.
(Please see attached pictures of exterior and interior of units).
The project will be a Low Income Housing Tax Credit (LIHTC)Property and a mixed
income development. Of the 234 units, 60% or 140 units will be set aside for low and very low
income residents. Forty percent(40%) or 94 units will have market rate rental amounts. The unit
mix of low, very low and market rate is set forth below:
#of.[ ii Designation Dental Amount
44 very low(50%) $498
96 low(60%) $612
94 market rate $1,052
** The rental amounts for the very low and low units are approximately 71-76%
below the market. Additionally, the market rate units are approximately 50%
below the market.
The Project will conform to the Federal Fair Housing Act and each unit will be occupied
by at least one person who is 62 years of age or older. No children will reside in the Project.
The following is a list of the many in-home amenities included with the units:
• Each 4-flex Townhome Looks and Feels Like a private luxury single family home
• Individual 1 st Floor Attached Garages
• Plant Shelves*
• Ceiling Fans*
• Double Kitchen Sinks with Disposal
• Multi-Cycle Dishwasher
• Full Size Washer/Dryer Connections
• Designer "Faux Granite" Countertops
0 Keyless Deadbolt
• "Interactive" Cable TV
• 9' Ceilings
• Vaulted Ceilings*
• Designer Kitchen Cabinets with White-on-White Appliances
• 17 Cu. Ft. Frost-Free Refrigerator with Ice Maker
• One-Car Private Attached Garages with Automatic Openers for Many Homes
• Controlled Access Gates Conveniently Operated from your Automobile
• Crown Molding in Living and Dining Room*
• Separate Free Standing Showers in Master Bath
• Italian Tile Entries with Tossed Italian Marble Accents
• Marble Vanities
• Double-Pane Windows
• Walls-R15 Insulation
• Ceilings-R30 Insulation
• Mini-Blinds
• Kitchen Pantries
• Walk-In Closets
• 24 Hour Emergency Maintenance
• Elevator For Easy Access to Every 2nd Story Living
*In Select Units
In addition to the many in-home amenities included with each unit, the Project will also
offer its residents the following:
• Clubhouse(7,000 Sq. Ft.)with the following amenities:
Financially Sponsored Meals Available
Primary and Preventive Care Clinic(Wellness Program)
Numerous Diverse Social Activities
Benefits Counseling(Assistance with Finances)
Convenience Store in Clubhouse
Pharmacy in Clubhouse
Library
Game Room,Pool, Tables, and Dart Game
Big Screen TV with Surround Sound
State of the Art Health Club (with Pool View)
Personal Trainer Available
Living Room
Barber&Beauty Shop
Commercial Kitchen with Large Dining Room
ATM or Bank
• Other Amenities Include:
Large Water Feature in Entryway
Limited-Access Gate
Heated (90 degrees)Therapeutic Swimming Pool
Lighted Tennis Courts
Two Championship Lighted Shuffleboard Courts
Picnic and Bar-B-Que Areas
Jogging/Wall ing Trail and Rest Areas around Community
Practice Golf Pitching Area and Putting Green
Outdoor Sitting Areas
Tranquil Views
Four-Plex Cluster Village Design
Adjacent to 9-hole Executive Golf Course and Driving Range
The Project will provide for a much needed senior citizen community and, as a result,has
received considerable support from numerous County, State and Federal Officials as well as an
official endorsement from the City of Fort Worth in connection with its application to the Texas
Department of Housing and Community Affairs for Federal Tax Credits. The project has also
received support of numerous organizations committed to helping and providing for senior
citizens. (see attached letters, etc.)
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August 2.7, 1997
Mr. Cherno M. Njie,Manager
Low Income Housing Tax Credit Program
Texas Department of Housing and Community Affairs
507 Sabine St,Suite 400
P.O.Box 13941
.Austin,Texas 78711-3941
Be: The Fort Worth VBIas by the Lake, Fort Worth, Texas- TDHCA #97040
Dear Mr:Njie:
I am writing to you on behalf of the Fort Worth Villas by the Lake and Rodriquez
Affordable Housing, Inc. and their proposed plan for an affordable housing community
for the elderly in southeast Fort Worth, Texas.
The idea of providing affordable housing.for low income and very low income seniors,
as well as meeting their physical and social requirements, is something that is greatly
needed, especially in the southern sector of Fort Worth. Southeast Fort Worth has not
lad 'a new conventional or affordable housing development in the Last tea years.
Fordable housing for the elderly is the City's most severe need...There are only slightly
more than six-hundred assisted waits specifically for the elderly. This scarcity of units
has contributed to a substantial waiting list for seniors' affordable housing.
The City of Fort:Worth highly recommends considering this,project for the tax credit
allocation in 1997. Without the allocation this project will not be able to be built which
would result in a great loss to the elderly and the City of Fort Worth. Please keep me
informed as to the fimding status of this project
Should you have any questions, please contact Jerome Walker, Housing Director for
Fort Worth,at(817)871-7520.
Sincerely,
�t U.cC.
Kenneth Barr
Mayor
C Eugene McCray,Mayor Pro Tem
Jennifer Rodriquez,Rodriquez Affordable Housing,Inc.
Bob Tea"JI, City Manager
Libby Watson.Assistant City Manager
Jerome C.Walker,Housing Director
MAYOR'S OF'F'ICE
Tue rrry ne F^., ui- -... - .nnn •n.._-_°-'----
Fo&TWq&TH
:y
EuccrrE MCCRAY t
MAYOR PRO Tssaou
August 5.1997
Mr. Chcmo Njie
Iviulti-Family Program xr3nager
Texas Department of Housing
and Community Affairs
P.O.Box 13944
Austin:Texas 78711.3941
Dear Mr.N'jie:
I am writing on behalf of The For,:Worth Villas by the'
their proposed l
and Rodriguez:Fordable
Housing, Inca an 0 pan for an :affordable Lake
housing community for the
elderly in southeast Fort Worth,Texas. °
Affordable housing for Iory to moderate income seniors meeting their phcsical and
social requirements is -ready needed. Distria S. which I represent; has never had a
housing oornatuaty for seniors on find incomes and not anlr eoanutiottal or affordable
housing in the lash trrvnrg years. This project is desperately needed beciuse of the aging
of the city's population and the need now and in the future for this 4pe of complex.,
As the past President of the city's Trinity Housira Finan
the city's Foil i�4°oath.Housing Finance Co g CJ�°mnon and President of
the city's affordable housing policies. These
pOn� inc,lude demolition of substaaldard
housing and replacement nith:quality decent affordable h
family: Because of these policies, this project mould be a pri'f multi
cae'* funding
for this year in the city of Fort WonlL
I highly Mom mend the inclusion of this project for your tax credit allocation in 1997.
In order to be built, the PrOi ct uill need the allocation of tax credits to keep
affordable. If this pwiftt is not built, it trill be a it
conumutity. Please gust loss.to the elderly of our
keep me.informed as to the funding status of this .outstanding
housing community concept Please don't hesitate to contact me nitli any questions.
cerel3 s:�,C,.—
Eug ccray
kOkTWIOKTH
August 7, 1997
Cherno Nj-ie
Multi-Family Program Alanager
Texas Department of Housing
and Community Affairs
P. 4. Box 13941
Austin, TX 78711-3941
RE: The Fort Villas by the Lake, Fort Worth, Texas
7DHCA #97040
Dear Program Manger Npe:
I am writing to you on behalf of The Fort Worth Villas by me and Rodriguez
Affordable Housinng, Inc. and r proposed plan for an affordable housing community for the
elderly in southeast Fort Worth, Texas.
'The idea of providing affordable housing fdr low-income and vcry�low income seniors
as well as meeting their physical and social requirements, is somethin that is
especially in the south g.. greatly needed
sector of Fort Worth. Southeast Fort Worth has*not had anew
conventional or affordable housing project in the Last ten ears,
needed. In fact, there is ai long Y This PJt is desperately
waiting list for seniors affordable-housing. This.project is our
#1 priority for the tax credit funding'this y, in the City of Fort Worth.
I highly recommend considering this project for the tax credit allocation in 1997.
However; without the allocation of tax Credits for funding, this
built which.would result in a _g, project will not be able to be
great loss•an the elderly and the City of Fort Worth. Please keep
me informed as to the funding status of this outstanding community. I look Forward to hearing
from you. Please do not hesitate to contact me with any questions or comments.
. Sincerely, .
Ralph McCloud
RMVcr City Council, District 8
COUNCIL.
DM CRY OF FORT WORM 1000 THROCKMORMN STREET * FORT WORTH. T 76176102
!X171 Q'tsteo - e-._ - __.
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FORT WORM HOUSING ALTMORM
JUN 2 01997 "Investing in the Community"
BARBARA HOISMN
6scuao Diwaa
June 13, 1997
Jennifer Rodriguez
Rodriguez Affordable Housing Inc. .
I 2400 North Highway 121 #107
M Euless, TX 76039
Re: Villas By The Lake
NW Corner of SE hoop.820 at the Intersection of Colette-Little Road
Elderly Project- 234 Units (New Construction)
Dear Ms. Rodriguez:
E
This is in response to your communication regarding the market for affordable housing within the City
i of Fore Worth, in conjunction with the proposed Apartments. We received a copy of your marketing
{ plan and a description of your proposal.
For purposes of applying for tax credits,we confirm the need for additional affordable housing in the
P rP
City of Fort Worth. Presently, she Fort Worth Housing Authority Waiting Lists 'consist of
approximately 2400 families/elderly who qualify for Flow-income housing. Our public housing
program(1400)units and Section S Assistance(2800 units) have 97-100% occupancy and both have
relatively low turn over.
I hope you receive a favorable response to your application. If I can be of further assistance, please
contact mat(8 17)336.2419, extension 117.
Sincerely,
&a4u'.
Barbara Holston
Executive Director
bh:ssj
MA 24 RD.NX CIO FORT womK TEXAS 7"
MARTIN FROST
24th District,Texas WASHINGTON OFFICE
'2256 Rayburn House Office Building
C®t��re�� of ti Washington.DC 20515
RULES COMMITTEE .(202)225-3605
ouge of Repreuntatibeg t os house. ov v
gov
Masbington. RIC 20515
S�Q 19�9T August 11, 1997
Ms. Daisy Steiner
Director of Housing Programs
Texas Department of Housing and Community Affairs
507 Sabine, Ste. 400
Austin, Texas 78711-3941
Dear Ms. Steiner:
RE: The Fort Worth Villas by the Lake, Fort Worth, Texas
TDHCA #97040
This letter conveys my support of the.proposal by Rodriguez Affordable Housing to build an
affordable housing community for the elderly in southeast Fort Worth.
It is vitally important that senior citizens have access to decent, safe, comfortable housing at
rental rates.they can afford on their fixed incomes* Rodriguez Affordable Housing has planned a
comprehensive program including on-site health.facilities, meals, recreation and more, which will
greatly enhance the quality of life for senior citizens in southeast Fort Worth.
•This type of housing development is very much-needed in our community, and I hope you will
give this proposal your utmost'consideration.
Please contact me directly, or through rimy field representative, Andrea Conley, at (8 17) 293-
9231 if.I can provide further assistance.
Sincerely,
TIN FROST
Member of Congress
MF:alc
P"W TO*to oteu dweked
Fort Worth,TX 76140 Dallas,TX 75208
] 3020 S.E.Loop 820 ❑ 400 S.Zang Blvd.,Suite 506 Corsicana,TX 75110
(817)293-9231 (214)948-3401 ❑100 N.Main,Suite 534
1"806-846-6213 ...._ _-- ---- 19031 e7e..n7Fn
• l
M'
. a .
TARRANT COUNTY
Charles F.Griffin Sub-Courthouse
3212 Miller Avenue
Fort Worth,Texas 76119
DIONNE BAGSBY .
County Commissioner
Precinct No.i
ROY C.BROOKS. ($17)531-5600
4dminisnor (81.7)531-5633'fax
'reeinct No.I
August I, 1997
Cherno Njie
Multifamily program Manager
Texas Department of Housing and Community affairs
P.0.Box 13941
Austin,Texas 78711 -3941
The Fort Worth Villas by the Lake Fort Wo
TDHCA#97040 •Texas
Dear Program Manager Njie:
I am wri»gYOU on behalf of the Fort Worth Villas b} :be Lake
proposed plan for as affordable:.ousing community forte elderiv is southeast Fort W
and Rodriguez Affordable Housing,Inc.,and thou
The idea of Providing Worth, Texas.
s;affordable housing for low-income and very low-income seniors as well
Physical and social.requirements is something
Southeast Fort Worth g that is sr:atly needed,especially in the southern sec or of Fort Worm.
has not had a new conventional or affo
is desperately needed. In rdable housing project in the last.10 years.meeting the
one priority for the tax fact,there is a long waiting lisr for seniors affordable housing. . This project
credit fuadia9 this year in TaaiaarCounty. This project is our number
I highly recommend considering
of tax credit for fwtdin .tus Project for the tax credit allocation is 1997. However.without the a
Tarrant County. this Project will not be able-to tree built which would result in a great loss to the tY• please k (location
forward to hearing from �P the informed as to the funding status of this ou elderly and
you. Don,t hesitate to contact tae with any questions or corntaen�unity project. I look
Sincerely,
�.5
Dionne Bagsby
Commissioner,Precinct One
Tarrant County
x.:,A•'
T4g Arnate (114anAmr
pmefin 7 711 V�Cftw
SENATOR MULE MONCRIEF 9~
Logwnw Hnkh a Hwn#n
Swvou OwwWo It Board
August IX 1997
Cherno Njie
Muk fam*PrWum Manager
T9Xas Dqmrftent of 1Foustng and CoArnauruty Affairs
P.0.Fox 13941
Austin, Tc= 79711-3941
Re: The Fort Worth Y1111as by the Lake,Fort Worth, Texas
27)HC 4#97040
Dear Mr.IV e:
Please allow ire'the opportunity to write this letter on bekolf o,f The Fort Borth rXas by the
Lake and 1RodripezAffor;dable Housing;.Fiat and thcBrproposers)plan for an ofj`ordab e
housing comet for Me eUe ro in soaetheastFort Worth, T==
ProvidEsg affordable h6ushwfor low-income and and vvy don►Income seraiors as well as
meeting their pfrysled and social reQuirementr is somethlog that is gre dY needed eswec1a4
in the sarcthera.seaor of Fort Won& Scu Merit Fort P>iorth has star had a new coaven onal
orj`ordable gPM'etat the lasg ten YMM pig fart share i s long Ong list for
seniors affor&bk housing.ft is any beef this projest U' ,and would address the heeds
of the aging pope adore in our community.
I offer rtap„aWort for this prograw and hope?he Port Worth F dks by the Lake is given every
consideration f or.the tar credit adlocaion in 1997.
Make.Moa$crkf
Jaw
cc.•
Ad&Margie,LeeFingha=
Mr.Donald F.Bethel '
Drs Florfta BeQ GiOn,P&D.
Mr. Larry P= Manly
P.O.sox 1V t.AUG7ft Tai "7911 CP21 44*on: VIAX 012)&CH= TEXAN 253.0 is Too(c/a sisals
Ot6rq�CTOsr'10E '
t7p1 RNlR iitJa114p,VXM fro.soz:e.PORT wo6RH.TF S 79107 p17)s91470 FAX 18171 W8.8 M UCM 1917)42 4ZM
�:K.
PA 9OX Ina
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STATl.SMU7DR BrATG AFFAM
VW MTFICrOFFC6 PRANCE
FORMS ONK MM 107
(as Vtom
saxPM7a&M
August 7, 1997
Cherno Njie
Multi-Family Program Managcr
Texas Department of Housing and Community Affairs
P.O.Box 13941
Austin,Texas 78711
Dear Cherno,
I ou ing,ng.to dolt on If of The Fort Woi�Villas by the Lake and Rodriguez Affordable
Housings Inc.and their plat for an affordable housing-coif munity for the elderly in
southeast Fort Worth,Texas.
AffordabIc housing fsr IOW-income and very low-iilcorae seniors as well.as provisions for
meeting their physical and social requiremenss are greatly n especiaily.in the southern :
sector of Fort Worth. Southust,Fort Worth has not had a new conventional or.affordabie
housing project in the last toss years. This project is desperately n Tn fact, there is a long
waiting list for seniors°affordable housing.
I
recommend considering this project for the tax credit allocation in 1997. without the
allocation of tax credits for fimding,this project will not be able to be built which would result.in
s great loss to the eldedy and the City of Fort Worth° Please keep.me informed:as to the funding
status of this outstanding °ty. I look forward to hearing from you:
very truly yob
Senator Jane Aielson
,.
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I I
Red Cross Tanmu County Chapter
1515 South SYlvaali Avenue
Fort Worth,Tccat 76111
(317)335-9137
FAX(817)336-8516
August 5, 1997
bIL�i=oMu7Re omdn gh3a
Chy of a �s'htloc
Aoasran,Taus 77007
Ikar tKs,Bicgi�
I aa¢ g co}m an bd&of The F=WOitb'r
Affcrdsbte How Inc. affi their h9 tb:Ldm amd the La3M and Roder
sontbeest Fort Worth,Te L.W- 9 p aDr as affable heating tY for the eld:rty in
T'e'd=6EPUmIdng
k ha�for l
soma is same V=gy t welt
cat W�ss act had a new c in the southern terror
122 Ma yoam"I's Prt=if_ the diy "''T wed his a U boa ;°1a is the
vpmmteata is z tioa d program
tmmmdow arrant It is y apps tram view Of Tatraat Catty to medical
need`or sofa and mono m.ova s;
a!on � �hacasiag:x the� puce of resadeax tbcre is a for seaie5 to s+ccrae�rcfabie 3cacsia is Fort Worth, in fact,there is
pricrirv. m of the ncag popola*-,is our mmrraity �thu ��is dmeIT,acrd woWd
.ease co=da this;mj=as your dl
1 higblr�omttt=l cam .� Y'big :or d==�won im 1997.Haver %i
aPPon this pmj=win not be able to ac 3rritt whiff world be a zt t your
ln:o�' 1:49n:�p me informed ss w the 8 less za the eI iY and the City of
caws of this arorsmdgaraaairy,
'mid to�eariaZ Tarr.plem don't b=mm to c�tact are w�amY�adons or=mmmm
S'ucft9,
Maras lioq� ��
otT �o:a
University of North Texas
Cemer for Public Service
Texas Institute for Reseamh and Education on Aging
August 6. 1997
Ms. Margie Lee Bingham
Director of Housing
City of Houston
601 Sawyer STreet, 4th floor
Houston, TX 77007
Re: The Fort Worth Vi11as by the Lake, Fort Worth, Texas
TDHCA #97040
Dear Ms. Bingham,
I am writing to you on behalf of The Fort Worth Villas by the Lake and Rodriguez
Affordable Hoeg, ,Inc, and their Proposed plu for an affordable housing community for
ehe elderly in southeast Fort Worth, Texas.
Providing affordable housing for low and very low income seniors, as well as meeting their
Physical and social service requireme� is something that is y needed is this part of
Fort Worth. Southeast Fort Worth has not had a new conventional or affordable housing
Project in the last ten years. This project will fill a need for affordable senior housing for
which there is great and increasing demand„
I highly recommnd considering this project for the tax credit allocation in 1997. Jim
project will not be realized without the allocation of tax credits for fund'
result in a great loss to the elderly and Tarrant C mg, which would
funding status of this well-designed qty. Please keep me informed as to the
fined coniatlunity.
The Healthy Neighborhoods program has already had several years of experience helping
develop community-based health and social service programs Pm8
central Fort Worth, and we w p 8raans in other target neighborhoods is
would welcome being able to extend this work to the newly
developing southeast Fort Worth area.
or look forward hearing h from you. Please don't hesitate to contact tae with any questions
Sincerely, .
Martin Jaeckel, .D.
Associate Dim. Healthy Neighborhoods
P.Q.Boot 13438•Dcam.Tan 76203.6436
(817)565.4&63-PAX(817)365.4370•TDD(600)735-2989
2219 , LIGHTHOUSE
July 9 %3 7 FOR®THE®:B-LIND
o f Fort Worth
Jennifer Rodriguez
Rodriguez Affordable Housing, Inc.
2400 North Highway 121, #107 ,
Euless, TX 76039
RE: Villas By The Lake
Dear 14s. Rodriguez,
I have reviewed with great interest your development plans for Villas by the Lake
in the southeast area of Ft. Worth. Your project could certainly meet the housing needs
of many of our older, blind citizens. In Texas, people over 55 are one of the fastest
growing populations and individuals with blindness and visual problems are more
prevalent in this age group than any other age group.
We very much support your plans and please keep us informed of its progress.
Sincerely,
Robert W.Mosteller,President
912 WEST BROADWAY
FORT WORTH,TEXAS 76104
ATTACHMENT "D"
How many new full time jobs will be created.
Twelve new permanent jobs will be created by this project. A listing of the twelve new
jobs is as follows, and a detailed description of the jobs can be found on Attachment "E".
New permanent jobs:
1. Manager 7. Assistant Maintenance
2. Assistant Manager 8. Grounds Keeper
3. Supportive Services Director 9 Retail Store Manager
4. Leasing Director 10. Assistant Store Manager
5. Maintenance Supervisor 11. Clerk at Store
6. Porter 12. Housekeeper
In addition to the above-listed permanent jobs, a security person will be on duty 24 hours
a day at the Project. While a third party service provider will provide the security service, it will
be necessary for such service provider to employ at least four(4)full time security persons to
provide this service.
i
i
ATTACHMENT "E"
Description of the jobs to be created, tasks to be performed by each and wage rate for
each classification.
As set forth on Attachment "D" the Project will create twelve(12) new permanent jobs a
description of each, the tasks to be performed by each and wage rate for each classification is as
follows:
1) Manager: The Manager will be the Director of the community, set property
policies and supervise all aspects of the property. Salary estimated
at $35,000/year.
. 2) Assistant
Manager: Acts as assistant to the Manager and performs similar duties as well
as leasing and collection duties. Salary estimated at $28,000/year.
3) Supportive
Services
Director: Coordinate delivery of all services to the residents such as nursing
care, prescriptions, meals, outings, housekeeping, etc. Salary
estimated at $30,000/year.
4) Leasing
Director: Leases all units and coordinates all media and marketing events.
Salary estimated at $26,000/year.
5) Maintenance
Supervisor: In charge of all routine and preventive maintenance on the property.
Salary estimated at $28,000/year.
6) Assistant
Maintenance: Assistant to Maintenance Supervisor who will be skilled in
performing routine and preventive maintenance on the property.
Salary estimated at $21,000/year.
7) Porter: Assumes the property is clean and free of trash and assists the
maintenance staff. Salary estimated at $13,500/year..
8) Grounds
Keeper: Cuts lawn and hedges as well as maintain and repair sprinkler
system. Also in charge of landscaping and ornamental plants and
flowers. Also assists maintenance. Salary estimated at
I
$13,500/year.
9) Retail Store
Manager: In charge of operating the on-site store and supervises store staff.
.Purchasing inventory and maintains store books. Salary estimated
at$25,000/year.
10) Assistant
Store
Manager: Assists Retail Store Manager. Salary estimated at $14,560.
11) Store Clerk: Cashier and sales person in on-site store. Salary estimated'at
$12,480/year.
12) Housekeeper: Cleans units and clubhouse. Salary estimated at $13,520/year.
i
ATTACHMENT "F"
EMPLOYEE BENEFITS
Employees will.receive the following benefits:
1. Full health care(currently through Prudential HMO);
2. Life Insurance;
3. Two weeks paid vacation per year;
4. Nine paid holidays per year;
5. Sick leave;
6. Participation in bonus plan;
7. Annual incentive trips for qualified employees;
S. Free public transportation.
Employees will not be required to pay for any portion of the costs for the benefits.
ATTACHMENT "G"
Attach copy of plat
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ATTACHMENT "H"
Description of any direct benefits to the City of Fort Worth as a result of this project(i.e.,
sales tax, inventory tax, development fees, etc.).
The completion of the Project will result in, according to State Representative Glen Lewis,
the largest investment ever made in southeast Fort Worth. Additionally, because a designated
non-profit corporation will own the Project, the Project will be a long term community asset
operated by a caring and socially responsible operator.
The City of Fort Worth will directly benefit from a large portion (approximately 31%) of
the construction costs. Additionally, 30-45% of the construction costs will be spent with minority
and women owned businesses with 20%to be spent with minority and women owned businesses
with a.place of business in inner city Fort Worth or whose principals are residents of inner city
Fort Worth. Over 260 construction jobs with a payroll of at least $7,000,000 will be created
during the Project's construction.
The Project, after its completion, will create fifteen to sixteen permanent new jobs,
including at least four employees of a third party security service provider that will be retained to
provide security for the project. Additionally, the Project will have annual non-sole source supply
and service expense of approximately$200,000 of which at least 50% of which will be spent with
Fort Worth businesses, and 25% spent with minority and women owned businesses.
According to market studies prepared by Massey&Associates in June of 1997 and Oji &
Associated dated June 14, 1997,the City of Fort Worth metropolitan area was projected to have
a 1997 year-end population of 1,523,800, an increase of 20,100 over year end 1996. Despite this
large and rapidly increasing population, the City of Fort Worth has only 600 units of seniors
housing, of which only 75 units are "affordable" housing units. In addition, the Public Housing
Authority has no "seniors only" housing units. Demographic studies show that the City of Fort
Worth's population is advancing in age, and since the housing for seniors is already inadequate,
the City is going to have an even more serious problem with senior housing in the future. This
Project helps provide for the senior citizens of Fort Worth through private funding. The private
funding of the Project results in a direct benefit to the City by reducing the cost that will result to
the City in proving for its seniors.
The Project requires that all residents must be at least 55 years of age or older, and that at
least one resident of each unit be at least 62 years of age. Because of the advanced age of its
residents it is believed that the Project will not put a large drain on City services. The Project is
expected to require minimal police, fire and street maintenance, as all roads are private streets.
Additionally, no children will reside in the Project.
Another direct benefit to the City of Fort Worth is that the Project will allow senior
citizens to move out of their homes on which many of them now claim an over 65 homestead
exemption. This will allow for more taxpayers who are not eligible for the over 65 homestead
exemption to purchase these homes resulting in increased ad valorem taxes to the city.
Attachment "I"
PROPOSED TAX ABATEMENT PLAN
The proposed tax abatement plan is based on a level established from the amount of Minority
and Women Owned Business("MWBE")participation during the construction of the project. This
base would then be the level of abatement for the full period of the abatement. Each year an annual
audit will be conducted to verify that the commitments made by the developer have been met in the
ongoing supply and service and employment areas and the abatement will continue for that year at
the level established during the construction of the project. In any year that the commitments for the
ongoing supply and service and employment areas are not met in any of the aforementioned areas,
the abatement level for that year will be reduced to zero. The proposed schedule or scale for the tax
abatement level is as follows:
MWBE Participatjon in Construction of Project Abatement level
30% 45%
35% 55%
40% 65%
45% 75%
With regard to the above MWBE participation percentages, the developer has committed to
spend at least 20%of the total hard construction costs with MWBE's with a place of business in inner
city Fort Worth or whose principals are residents of inner city Fort Worth
The annual commitments are as follows:
Employment
Total Employment: 12
Fort Worth Residents 9 (75%)
*Inner City Residents 6 (50%)
Annual Supplies and Services
Total Contracts: $200,000.00
**Fort Worth Companies: 100,000.00 (50%)
MWBE Companies: ,0-1-0-0(25%)
*Tenn"Inner City Resident"shall be defined as a resident of Inner City Fort Worth as of the
date of his or her employment in connection with the project.
** The term "Fort Worth Companies" shall be defined as a business with a fixed place of
business within the city limits of the city of Fort Worth. The Fort Worth Companies do
not have to be owned by Fort Worth residents or be headquartered in Fort Worth.
ATTACHMENT "J"
Explanation as to why a tax abatement is necessary for the success of the Project.
Total project costs are estimated at$16,489,055.00, including developer equity, as
reflected on the attached proformas. After taking account of the Project's $6,596,842.00 Tax .
Credit Equity, a construction loan commitment of$6,797,258.00 and a developer equity
contribution of$1,656,836.00, a funding gap of$1,430,1 19.00 exists (the "Funding Cap"). It
should be noted that the Federal Tax Credit Program allows the Developer to take 15% of the
eligible basis of the Project Equity as a development fee. In the case of this Project that fee could
have been $2,063,020.00. The Developer of this Project has committed $1,656,836.00 of that
amount of the Project to make it work. Nevertheless, there is still the $1,430,119.00 Funding
Gap noted above.
This Funding Gap arose because the Texas tax credit program was over-subscribed
resulting in a reduction in the total tax credits awarded to the Project and because additional
amenities were added to the Project after the tax credit application was filed. The additional
amenities include elevators in each of the 60 fourplex housing units comprising the Project, as
well as a 2,500 sq. ft. increase in the clubhouse size, and common room facilities. Additionally,
the average unit size was increased by approximately 50 sq. ft.
An additional equity contribution by the Developer of the full amount of the "Funding
Gap" is not feasible because the tax credit program precludes the Developer from recovering its
investment through the sale of the Project and in fact requires the Developer to transfer the
Project to an identified tax exempt organization. In this case, Houston Interfaith Housing
Corporation has the right to acquire the Project on the fifteenth anniversary of the award of the
credits,for a maximum consideration equal to any federal income tax recapture at the time of
transfer, together with any balance due on the original Project construction loan. Therefore, the
Developer is unable to ever recoup its investment through a sale.
As reflected in the attached proformas, the below market rentals on 60%of the Project
units limits Project cash flow to the point where the Developer cannot rely on it to recover the
additional equity contribution required to cover the Funding Gap.
The Contractor would, however, fund the gap if it receives a full tax abatement which will
allow it to recoup a significant portion of the Funding Gap albeit over a ten-year period.
Specifically, estimated annual property taxes(city, school and county taxes) on completion of the
Project will be$250,750.00. The current property taxes on the undeveloped land are$5,000.00,
resulting in$245,750.00 in annual property taxes for which an abatement is requested. The
present value of a seventy-five percent(75%) abatement of all of the property taxes is
approximately $1,143,179.00(see attached schedule), therefore, the financial viability of the
Project is dependent upon the tax abatement.
As noted in Attachment "H", the City of Fort Worth presently has only 600 units of senior
citizen housing of which only 75 are "affordable" housing units. In addition, the Public Housing
Authority has no "seniors only" housing units. Without the requested abatement a much needed
senior housing community will not be able to be completed.
FIFTEEN YEAR 0PERA7ING PROJECTION
PROJECT NAME The Villas by the Lake 1998
LOCATION: Fat VV*h,Tan .PROFORMA
No Abatement CITY OF
FORT WORTH
ACOUISITION SUMMARY: AnIount per Sq.FL WEIR
Admel ft0d Colls $16,489,055 $74.49 570,468
Tax Craft Equity 40.01%of VxctL pdoa $8,596,542 529.60 528.192
tnlarer
an Equty 0.05%of putdn.price $8.000
Dev.Fen Unial m(Eq.) 10.05%of p rck price . a1,6s6,an WAS Sum
Tar Equity 50.10%of total invest 58281,676 $3729 $35.272
1st Lion Fbo ck 41.22%of total k veal $01797.256 Conatruedm Loan $30.71 529,04a
Funding Clap(EWifty) 8.67%of lots[kwnL $1,430,119 $8.48 58,112
Tar Inveabnrd 100.00%of 10101 hunt $18,459,056 $57.99 564,320
•Snarl a1$016.228 pr year of assts•ae,lils vrdad M pant vrua of so.72 pw gl of gftW ae�m at eloNrp
Paid 45%at Cloah9 and 55%at compwft of daatrucbn.
'•PrmrneM loan*4 be ■ $0,797,256
RENT$CHEDUI.l: Est• llkrbr Tom
cross (Ac'd) kart. ,ly
Um Unk Lkdt morld ly PA Rer1m
tffi MIN .ma Tom 8F me"tal Per Sp e»
21 2/1 SMANSI 11048 948 19.806 9498 $0.628 $10,458
23 =G 50% 1,493 948 21.758 8498 to am $11,454
46 2/1 ~ANSI* 1,048 946 43.516 am $0.729 $31.740
48 2/2 G Mrkr 1.495 948 45,408 5730 $0.772 535,040
46 2(1 IMANSI 1,04a 918 43,516 $SQ $0.636 927.892
50 22G 60% 1,493 946 47.300 . 5802 Solon 530,100
234 1,245 94a 221,354 am 80.812 $148,484
Average Average Average Avrapa
G•Vft attodod parfpn
SMANSI mb re the har dkap udb rnd ihm to 50%ufAGI 59.83%of udb era tax crmm unit
60%IANSI wits ate the handicap udb and low kl=. 10.17%of u8b ors t w unks
Grog S.F.kndules attadwd garages,covwW prow,kderla oovemd wa*ways,dwbharn a mrrrianmca hkfinp
CURRENT OPERATING PROFORMA: Pr Sq.FL Per Un@
Grua Sds 1n=,®(ftom above) $1,767,808 $7.94 $7.512
phn Mkxolrnwrrs Income $10 pr unit per m0. $28,080 $0.13 $120
Gtosa Pobntir irncome $1,785,988 $6.07 $7,632
low Vamncycrit Lou 7.00% economic (8125,012) (so m) ($534)
Grove Opualknp Inoonfs 71,66o.am Eemabd s7.5o $7,098
has Op«a ft Exp-
Preprty Tam 0.02950 $61500.000 9250.760 Cs[ouls[ed 81.13 81,072
P'wart'imuanm 537,532 Eedmobd $0.17 $181
Uddes(Landlord pays for tram,trnrnt pays for eject $74,000 Esbmabd $0.33 $318
wow A ewer,no go m poperty)
Maragrnrd Fee 5% of GOI $83.044 Calpdsbd $0.38 am
P"a Rrs[ad $179.459 Etarneftd $0.81 $767
Aftimisbitoon,weft a Ptaeakn 144,271 Estlmred $0.20 slat
Reprn,Mrnloninw a Realft,SeMma $168.365 Estimated $0.78 $720
Twwwourmowsockofty $57.000 Eadmaled 60.39 $372
Reserves 556,500 EsUmated $0.28 s250
(8983.022) Estlnnaled ($4.44) (54,201)
NET OPERATING INCOME.CAP RATE 8677,853 23.06 $2,897
Mrke1 Debi Srvloe•Pw'w wit Loan ($589.438) ($Zee) ($2,519)
Debt Service an Funding Gap
$1,430.119 @ 7.84%10 yr lk*amaft ($208.787)
CASH FLOW wain a New Mrkr Lear(en below) (51®
ftm"ai Cwh Oka)Pkrm■a•a.IL Low(am bs6m, •1.22%
NOTE neow,Pkyet■x r rr a+■t snot rm seek)W a Ymm,a
NEW MARKET LOAN UNDERWRITING:
Debt Cove"Ratio 1.1500 On NOI as$aft,above
Current Mike!lntw t Raft 7.&400%
AmoNzatbn Tenn 30
Debi Rah Caybnt . 8.6717% Per Sq.FL Per UnR
MAXIMUM LOAN AMOUNT 41.22% $6,797,258 $30,71 529,048
Tar Imrestrnent 100.00% $16,489,055 $74.49 $70,468
Tots[Equiy 58.7a% 39,691,797 $43.78 $41,418
1rW Yvonw wn..wrrarkamkw Okernbanow.loxw MUronprawan. n..r.xw, v kVd a to to Wanes[of to k*.
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City f®, Fort Worth, Texas
IvDavorr and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
"4/21/98 C-16737 02VILLAS 1 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT WITH
THE°'FORT--w1NORTHNILLAS BY THE LAKE, L. P., AUTHORIZE EXECUTION OF THE
AGREEMENT, AND AMEND THE INNER CITY ELIGIBLE CENSUS MAP
RECOMMENDATION:
It is recommended that the City Council:
1. Find that the improvements described herein are feasible and practical and would be a benefit to
the land and to the City after the expiration of the tax abatement agreement, and
2. Find that written notice of the City's intent to enter into the attached Tax Abatement Agreement (the
Agreement) and copies of the Agreement were delivered to all affected taxing units in accordance
with state law, and
3. Amend the inner city eligible census tract map for residential tax abatement purposes to include
census tract 1061.02, and
4. Find that the terms and conditions of the Agreement and the property subject to the Agreement
meet the criteria of the City's Policy Statement: Tax Abatement for Qualifying Development Projects
(the "Tax Abatement Policy") approved by M&C G-12143 (Resolution No. 2379), as amended, and
5. Authorize the City Manager to enter into the Agreement with The Fort Worth Villas By The Lake, L.
P. in accordance with the Tax Abatement Policy.
DISCUSSION:
The property subject to abatement is located in Southeast Fort Worth on the northwest intersection of
Collette-Little Road and Interstate-820. The City Council has designated this property as Tax
Abatement Reinvestment Zone Number 29. This reinvestment zone is located in Council District 5.
Project.
On this property, The Fort Worth Villas by the Lake a 234-unit senior citizen community development
will be operated. Each unit will have 946 square feet of livable space which will include two bedrooms
and either one or two baths. The units will be in 59 two-story buildings that resemble a large home with
a four-car garage. Sixty-percent of the units will be set aside for low and very low-income residents.
The remaining forty-percent will be market rental rate units. Total investment in the facility will be
approximately $15.4 million in improvements to construct the multi-family dwellings and accompanying
facilities.
Employment.
The Villas will employ 12 people at the facility. The manager of the project has committed to hire Fort
Worth Residents for a minimum of 75% (9-employees) of all full time positions. A further commitment
to hire Inner City Residents for a minimum of 50% (6-employees) of all full time positions has been
made.
City of Fort Worth, Texas
4vagor and Council Communication
DATE - REFERENCE NUMBER 1 11,NAME I PAGE
4/21/98 C-16737 02VILLAS 2 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT WITH
THE FORT WORTH VILLAS BY THE LAKE, L. P., AUTHORIZE EXECUTION OF THE
AGREEMENT, AND AMEND THE INNER CITY ELIGIBLE CENSUS MAP
Utilization of Fort Worth Businesses:
Regarding utilization of Fort Worth based businesses, the Villas management has committed 31% of
the total of $14.29 million in construction to Fort Worth construction contractors and/or subcontractors.
Additionally, of the $200,000 projected to be spent on supplies and services annually, the Villas has
committed 50% annually to Fort Worth based service and supply contractors and/or sub-contractors.
Utilization of MMBE Businesses:
Regarding Minority Business Enterprises (MBEs) and Women Business Enterprises (WBEs), the Villas
has committed to base its tax abatement level on the percentage of MIWBE construction contractors
and/or subcontractors used during construction. (The complete terms are outlined below in the next
section) Additionally, of the $200,000 projected to be spent on supplies and services annually, a
commitment has been made for 25% annually to be spent with certified MBE/WBE supply and service
contractors and/or subcontractors.
Abatement Terms:
The abatement level in the agreement is based on the amount of certified M/WBE participation during
the construction of the project. The annual abatement level will be based on the following schedule for
the agreed 10 year term.
M/WBE—Construction Abatement Level
at least 30% 45%
at least 35% 55%
at least 40% 65%
at least 45% 75%
Once an abatement level is set after an audit of the construction by the City, the project must then
continue to meet the annual commitments in employment and ongoing supply and services. The
abatement will not increase from the established level, but in any year that any commitment is not met,
the abatement will be reduced to zero for the following year. Each year of the abatement term will
stand alone and be considered on its own merits.
If the maximum abatement (75%) is reached during construction, the abated taxes are projected to be
$89,122 annually. At the 75% tax abatement level, the projected taxes paid to the City will be $31,413
annually. Currently taxes on the property are $758.00 annually.
City ®, Fort Worth, Texas
�Vbnyor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
4/21/98 ®16737 1 02VILLAS 1 3 of 3
SUBJECT MAKE FINDINGS CONCERNING A PROPOSED TAX ABATEMENT AGREEMENT WITH
THE FORT WORTH VILLAS BY THE LAKE, L. P., AUTHORIZE EXECUTION OF THE
AGREEMENT, AND AMEND THE INNER CITY ELIGIBLE CENSUS MAP
Inner-City Eligible Census Tracts
The City Council has previously adopted a map that specifies which census tract areas are eligible for
residential tax abatement. The census tract in which this development is located is not currently within
the adopted census tract map. In order for this tax abatement to be approved, census tract number
1061.02 must be added to the map. The current demographic make-up of the census tract reflects
those found in other "tax abatement eligible" census tracts. Census tract 1061.02 has an
unemployment rate of 14.38% and a poverty rate of 28.27%.
FISCAL INFORMATION/CERTIFICATION:
The Director of Fiscal Services certifies that approval of this agreement will have no material effect on
City funds.
MG:m
Submitted for City(Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to) APPROVED
Mike Groomer 6140 CITY OOUNCL
Originating Department Head:
Tom Higgins 6192 (from) APR
Additional Information Contact:
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C ty o tL7f rod WOM Yam
Jay Chapa 8003