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Contract 28686
��� ���������� ,,� ._�''��� �"���'��� �R� _ �� �.��, STATE OF TEXAS § ,. , , , COLTN'x'Y' OF TA12.RANT § TAX AEATEMENT AGREEMENT FOR PROPERTY LOCATED TN A NEZGHBORHOOD EIt�POWERMENT ZONE This TAX ABATEMEI�T A�REEMEPrTT ("Agreement's} is entezed into by and betwe�n the CITY OF FORT WOR'1'H, TEXAS tthe "City"), a I�ome rule muzlicipal corporation organized under ihe laws of the State of Texas and �,cting by and through Reid R�CfpP, iis duly authorized Assistant City Manager, and Ramey Avexxue, L.P, ���Owner"), a Texas limited par�tnerslup, aciing by and through Gary She:ffield, its duly authorized Manager. The City Council of the City of Fort Worth ("City Council") hezeby finds ax�.d the City aa�d Ownar hereby agree that the follovving statem�nts are tt-ue an.d correct ax�d constitute the basis upon which the City �.nd Owner have entered into this Agreement: A, Chapter 378 of the Texas Lacal Gover��nent Code a]�ows a municipality to ca�eaie a N�ighborhood Empowerment Zone (NEZ) if the murucipa�i�y determix�.es that tl�e c�eation o�the zone wouldpromote: l. The creation of affoxc�able housing, including rnanu�actured housing in the zone; 2. An ir�crease in econorn�c developrnen.t in the zvne; 3. An incr�ase in the quality af socia� s�rv7ices, education, or public safety provided to residents af the zone; or 4. The rehabilita�ion of aft'ozdable housing in the zone. S. Chapter 378 of the Texas Loca1 Government Cod� �zovides that a municipality thai creates a NEZ, may enter into agreements abating municipal proper�y taxes on property in the zone. C. On Ju.�y 31, 2001, the City adopted basic ancentives for property owners vwho own property locat�d in a NEZ, stating ihat tk�e City elects to be eligible to partici�ate ix� tax abatement and including guidelines and cri�eria govei�ing tax abatement agreements entered iixto between ihe City and �arious �hird parties, titled "NEZ Basic Zncen�iv�s" ("NEZ Ineenti�es�'), which is �.ttached hexeto as Exhi.bit "A" �d hereby rnade a part of this Agreement far all purposes. D. The NEZ Incentivas contain� appropriate guidelines and crite�ia goveming fiax abatement ag�reem�nts ta be entezed into by the City as contemplated by Chapter 312 of the Texas Tax Code, as amended (the "Code"). � ��r'i�: ���.;���1� t r � � � 6�� l � . �9�� ����� 1��� ' :�.1 y n � ��t ...;�a���, ��y�, , E. On September 11, 2001, the Fort Worth City Cauncil adopt�d Oxdinance No. 14767 (the "Ordinance") establishing "Neighborhood Empawerment Reinvestment Zone No. 1," City of Fort ViTarth, Texas (the "Zone"). F. Owner ovvns certain real property Iocated entirely within the Zone and that is more partScularly descxibed i� E�ibii "�", attached hereto and hereby made a part of this Agreement for all purposes (ihe "Prem�ises"). G. Ownez or its assigns plan to consii-�ct the Required Itnprovements, as defined in Section I.l. o� this Agreement, on the Premises to be used �nr as a single-family residence to be that wi11 ba owner occupied. (the "Projeci"). H. On ruly 24, 2Q02, Ownez s�bmitted an application for NEZ incentives and an application on Tanuary 17, 2003 far �a�c abatement to tl�e City concerrznng the contempla�ed us� of �ie Premises (the `�Application"), atta.ched here�o as Exl�bit "C" and hereby made a part of this Agreemeni fox all putposes. I. The City Councxl �inds that the contemplated use of tha Pr�mises, the Requrred Improvements, as de�nEd iz� 5ection 1.1, and the terms af this Agraement are consistent with encouraging development of the Zone in accardance with f.he pu�pases for iis c�ea�ion and are in cornpliance with tlze NEZ Tncentives, the Resolution and other applicable laws, ordinances, rules and regulations. J. The City Co�uncil finds that the terms of this Agreement, and the Pr�rnises and Required Improvexnents, satisfy the eligibility critaria of the NEZ I�cenfives. K. Written not�ce that th� City intends to enter intv tl�is Agreement, alang with a copy of this Agreemea�t, has been fi.unished in the max�ner prescribed by the Code ta tl�e presiding afficers of the goven�ing bodies af each o£ tk�e taxing units in which the Preznises i� locat�d. NOW, TH�REF4RE, the City and Owner, for and in consideration of the terms an.d con�clitions set forth herein, da hereby coniract, covenant and agree as follnws: Z. OWNER'S C�VEl�ANTS. ],.�. Rea1.P�'onertv Tmprvvements. Owner sha1l coz�siiuct, or cause to be constnzcted, on and wiihin the Pzemises cErfain, improvements consisting of a sin.gle family zesidence, (i} of at least 1,20Q square �'eet in size, and (ii) having an appraised value of $85,OQO.DO, as determined by an independent appraaiser {collectively, the "Reqnired Impxovements"). Owx�er shall pz-ovide a survey of ihe completecl home showzng Required Ixnprovements before the home is sold. The parties agree that the final survey shall be a part of this Agreexnent and sha.11 be labeled Exhibit E. Minor variations, and more substaniial varia�ions if approved in writ�ng by bath of the parties to this Agreemeni, in tk�e Required �m�xovements fronrx 2 the descriptian �rovided in the Applicatinn far Ta.� Abatezz�e�t shal.l not constifute an Event of Defauli, as de�'ined in Section 4.1, provided that the conditions in the first sentence n�` this Section 1.1 are met and the Required Improvern�nts are used far fhe purpases an.d in the rnanner d�scribed in Exhibit "D", 1.2. Complat�on Date of Repuired Imnrovements. Owner covenants to substan�ially complete consi�ru.ction of a11 of ihe Required Iznprovements �viihin two years from �he issua�ce and xeceipi of the building perrnit, unless delayed because of force majeure, in which case the two years shail be extended by the nurnher of days comprising the specific force majeure, For purposes a£ this Agreement, force maj eura �hall mean an eve�t beyond Owner's reasonable control, including, without iimitation, deiays cau�ed by adverse weaiher, delays in receipt of any requ.ired permits or app�rovals from any goveiumental authority, or acts a£ God, fires, sirikes, natianal disasiers, wars, riots and materia� or labor zestriictions and shortages as determzned by the City of Fort Warth in its sole discretion, which shall not be u�reasona�aly withheld, but shall not include construction delays caused due to purely financial rnattars, such as, without limitation, delays i� the obtaining af adequate financing. 1.3. Use of Premises. Owner covenants that the Required Imprnvements shall be constTucted and the Premises shall be so�d so that it is confiinuously used as the pr�mary residenca of the Home Buyer in accordan.ce with ihe descripiion of the Proj�ct set �orth in the Exhibzt "D". In addiiion, Owner covenants tha# throughaut the Term, the Required Impxove�nents shall be operated and znaintained %r the purp�ses set farth in ihis Agreeinent and in a manner tbat is co�sistent �vith the general purposes of encouraging development or redevelopznent of the Zone. �. ABATEMENT AM�UNTS, TERMS AND CONDITION�. Sub�ject to and in accardance with this Agreezxxent, the City hereby grants to Owner a real property t� abatement on �.he Premzses, the Required Tmprovements, as specifically pravided in this Sectian 2("Abatement"). "Abatement" of real property iaxes only includes City af Fort Worth-imposed ta�es and not ta.�es from ofiller taxing antities. �.i. Arnoant of Abatement. The actual axn.ount of the Abatement granted und�r ti�is Agreernen� shalJ be based upon the increase in value of the Premises and the Requi�ed Tm�provements aver their values on �anuary 1, ZOa3 ($2082,d0) the yeaar in which this Agreement was entered intv: 3 One Hundred percent (104%) of f1�e increase in value from the conshuction of the Req�ired Improvements. If ihe square �ootage requirement and the appraised value of the Required Tmprov�ments are less than as provided in Section 1.1 a�' thi� Agxe�ent, except ihat such minixn.uxn cons�ructian costs sha11 be reduced by construction cost savin�s, Owner will not be eligible io re�eive aa�y Aba�ement under this Agreement. 2.2. Incr�ase in Value The abatemeni shall apply only to taxes on the increase in valt�e of the Prexni.ses due ta consf.r�xction of the Required Tmpravern�nis and shall not apply to taxes on the 1and. �.3 Term o�Abatement. The fieran af the Abatement (th� "Term") shall begin on ranuary 1 of the yeax �ollowing the calendar year in whick� the Required Tmprovement is sold to a Home Buyar to be used as its prixnary residence {"Beginning Date"} and, uz�l.ess sooner ierin.inated as herein provided, shall end on Decembez 31 imrnediately preceding the fi�h (5�`} armiversary of the Begir�ning Date. Upon the sale ta a Home Buyer, Ciiy shall certify that �lie Requzred Improvements have been coxx�pleied in satisfae�ion o�the terms af tlais Agreement 2.4. Protests Over Annraisals o�r Assessment�. OwnEr shall have the right to prote�t and cont�st any oz all appraisals or assessrrments o#'the Premises and/or improvem�nts f�iereon. �.�. Abaternenf Apnlicatinn Fee. The City acknowZedges receipt from Owner of the rec�uired Abatement application fee of twenty-five dollars ($25.00). 3. RECORDS, CERT�FICATION AND EVALIIATION OF PR�JECT. 3.1. Inspection of Premise�. Betweei� the eXecuiion data ofthzs Agreemez�t arxd the last day of the Term, at an� tin�.e during consituction of the R�quir�d Irnpravexnen.ts and follaw�ng reason�,ble notice to Ov,rner, the City shall have and �ur�er shall provide access to the Pramises in order fox the City to inspect the Premises and evaluate the Required Im�rov�rnents to ensu�re conipliance with tk�e terms and conditions of this AgreemEnt. Ovvner shall coopera�e �u11y with tk�e City during any such in�pection andlor evaluaiion. 4 3.2. Gertification Owner sha11 certx�y annually to the City that it is in compliance with each applicable term a� tiiis agreement. The City sha11 hav� the �ight to audit at kh.e City's expense �1ie fii�ancial and business records of Owner that zelate to the square footage and appraised value of the Required Improvemen�s and on.ce the city property taxes are abated, Owner rnust provide docuxn.entation thai Owner is using ih� Required Improvements as its prixnary residence (collectively, ih� "Reeords"} at any time duri.ng the Compliance Auditing Term in order to dete�Yr�lne coxnpliance with this Agreement and to calculate the correct percentage af Abatement available to Owner. Owner shall make all applicable Recozds avaz1a1�1e t�o the City on ihe Premis�s or at anothez Iocaiion in the City fallowxug reasonable advance notice by the Ciiy at�d sha� otherwise cooparate fully with the City during any audit. 3.3. Pravision af �n�ormation. ��x or before F�bruary 1 following �he ez�d of every year duri�g the Compliance Auditi�g Tenn and if requested by the City, Owner shall pravide information and documentation far the previaus year that addresses Owner's compliance with ea.ch af the terfns and conditz�ns of this Agreement for that calendar year. Frcilure ta provide all i�formation withi� the cantr�ol of Qwner �equired by t�iis Section 3.3 slrall constitute an Eve�at ofDe.fault, as defi�ed i�x Section 4.1. 3.4. Determination of Comnlia�ce. On or befare August 1 of each year during tha Compliance Auditing Tezm, �he City shall make a decision and rule on the actuaX aunual percentage of Abatement available to Owner for th� follawing year of the Term and shall notify Owner o� such decision and ruling. The actual percentage of the Abatement granted fox a given year of the Term is therefore based upon Owner's compliance with the tez�rFs and eonditions of this Agreement during the previons year of Yhe CoxnpIiax�ce Auditing Term. A�. EVENTS OF DEFAULT. 4.1. De�ned. Unless otherwise specified herein, Qwner shall be iz�. default of this Agreement if (i.} Owner fai.ls to construct �h� Required Improvements as defined in Section 1.1; (ii) ad valorem real property ta,xes wi�h respec� to �he Prenaises or �he Project, or its ad valarem taxes with resp�ct to the tangible personal property locaied on the Prernises, become delinquent and Oumer dQes not timely axkd properly follow the Iegai procedures inr protest a.ndlor contest of any such ad valarexn real property or tangible personal property taxes or (iii} HOME BTIYER D�ES NOT IISE THE PRENIISES AS PRIMARY RESIDENCE ONCE THE ABATEMENT BEGINS {collectively, each an "Eveni of Default"). � � 4.�. Not�ce to Cure. Subject to Section 5, if the City determit�es that an Event of Default has occurred, the City sha.11 provide a�ritten nokice to Owxier that descr�bes the nature of �he Event of Default. Owner sha11 have ninety (90) calendar days from �he date of receipt o�' this written notice to fully cure or have cured the Event af Default. If O�vner reasonahly believes that Ovsmer wi11 require additional time to eure the Event of Default, Owz�er shall promp�ly notify ihe City in writing, in which case (i) after advising ihe City Council in an open meeting of Owner's ef£o�s and ixitent to cure, Owner sha11 have one hundred eighty (1 SO) calendar days from the origi_nal date of receipt of �he writte�rz natice, ar (ii) i�' Owner reasonably believes that Owner wi11 reqnir� more than ane hundred eighty (180} days to cure the Eveni of Default, a.iier advasiug the City Council in an open meeting of Owner's efforts and intent to cure, su,c�. additional time, if any, as may be affered by the City Council in its sole discrenon, 4.3. Termination for Event nf Default and Pavment of Liauic�ated Dama�es. Tf an Event af Default which is defn�d iri Section 4.1 has not been cured within the tix�e frame specifically allovv�d under �ection 4.2, ihe City sha11 have the right to terminate this Agreement imarnediately. Owner acknowledges and agrees that an ua�cured Event of Default will (i) harm the City's econariiic develapment and redevelopment efforts on the Premises and in th� vicinity of the Premises; (ii} require unplatuled and e�pensive additional administrati�e ovexszght and involvement by the City; and (iii} otherwise harm the City, and Owz�er agrees tha.t the arnounts af actual damages therefrom are speculative in �aiure an.d wi11 be difficult or impossible to ascertain. T�ere�ore, upon termination of this Agreement fflr any Event of Default, Owner shall not be elig'ible for the Abatement for �he remaining T�rm and Owner shall pay ihe City, as liquzdated damages, all taxes t,taa� were abated in accardance with this Agxeement for each year when an Event of Default existed an� which �therwise would have been paid to the Cit�r in �e absence of this Agze�ment, The City and Owner agree that this amount is a reasonable approximatifln o� actual dama�es �hat the City vvill incuz' as a result of an uncur�d Event of Default and tha# this Section �3 is inte�.ded ia provide the City with campensation for aetual damages and is not a penalty. This amouni may be recovered by the City through adjustments made tn O�er's ad va�orem property tax appraisal by �e appraisal district that has jurisdiction over the Pre�ises. Qf1�en�vise, thi.s amount sha�l be due, owing and paid to the City with�n sixiy {60) days fa�lowing the effective date of termination of this Agreement. In the event tJa�at a11 or any portion of this amount is not paid to the City within sixty (60) days following the effective date of ternxination of this Agreement, Qwner sha11 also be liable for a11 penaliies and infexest on any outstanding arnount at the statutory �rate for delinquent taxes, as determined by �he Code at the time of �he payzx�ent af such penal�ies and inter�st (currently, Section 33.01 of the Cade). 4.4. Termina#ion at Will. rf' the City and Owner mutually determi�e that the developrnent ar us� of the 1'reanises ar ihc an�icipated Requ�red �inprovements are na longer appropriate or �easible, ar that a higher or better use is preferai�l�, the .City and Owner may tennivate this Agreement iz� a written format that is signed by both parties. In this event, (i} if the Term has commenced, the T�rm shall expire as of the effective date a� the terrnination of this Agreement; (ii) there sl�all be no recapture of any taxes previously abated; and (iii) neither party sha11 have ax�y further rights ar obligaiions hereunder. 5. EFFECT OF SALE OF PRENnSE5. Except ipz axi a�signment to KB Home Lane Star, L.P., KB Home Lone Star, L.P.'s affi�iates, KB Home Lone Star, L.P.'s fizst xz�.ortgagee or io a homeowner who -c�crill use the Required Tmprovements as its prixnary residence or the homeowner's martgagee which City CounciI hereby agzees to, the Abatement �ranied bereunder sha.11 vesfi anly in Owner and caru�ot be assigned to a new owner of all or aa�y p�rtion of the Premises andlor Required Tx�provements withont the prior vvritten consent of the City Council, which consent shall not be unreasonably wi�liheld pravided that (i) ihe City Council finds that the proposed assignee is financially capable of ineeting the terms and condrtions of this Agreement and (zi) the proposed purchaser agrees in v�ifing to assume all terms and conditians af Ovvner under this Agr�ement. Owner may nbt otherwise assign, lease oz convey any of its rights under ihis Agreement. Any attempted assignznent without the City Council's prior written consent shall consfitute grouz�,ds for termination of this Agraement aa�.d the Abaternent granted hereunder follawing ten (10) calendar days of receipt of written notice frorn the City Yo Owner. For the purposes o� tl�is Section, "affiliate" shall rnean (i) any entity in which at least 25% o� the owa�ership consists of individuals, parinerships, trust� {or their individual pari�►ers ox beneficiar�es} or ather entities included whether by legal title ar beneficia.Ily, in ihe present ownership af Qwner or KB Home Lone Star, L.P. or (ii) any enhty whiGh has at least a fifty-or�e percent {51 %) ownership interest in Owner ox any enti�y in which Ovcmer has at leasi a fifty-one percent (51 %) ownership interest. Uuon assi�nme�.� to K13 Home Lone Star, L.P., KB Horne Lone Star, L.P.'s afiiliates or its f�rst mortgagee, or to a homeowner who will use the Reauired Im�provements as �i#s primar�v residence ox the homevwiner's mort�a�ee� Ramev Avenue, L.P. shall have no further obli�ations or duties under this a�reement. In additian, unon a�si�nmeni to anv oiher ent�tv with the written consent oi Cxiv Conncil, Ramev Avenue, L.P. shall ha�ve �n fu�rther dutv or o�l��ation under this a�reement. �n no event shall the abaiement term be exteauded in the event of a subseqnen� sale or assignment. r� 6. City: NOTICE�. All written notices called for or raquired by this Agreemeni shall be addressec� to th� following, or such ather parfy or address as eithear party designates in writing, by certified �nail, posiage p�epaid, or by hand delivery: Owner: City of Fort Worth Attn: City l�ianager 1000 Throckmarton Fort Warth, TX .76102 and Hausing Departmerii Attn: 7erome Walker 1000 Throckmorton Fort Worth, TX 76102 7. NIISCELLANE0�75. 7.1. Sands. Ramey Avenue, L.P. 9507 Crranbury Highway Weatherford, TX 76087-5216 and KB Honr�.e Lone Star, L.P. 2711 LB7 Freeway, #600 Dallas, TX 75075 The Required �inprov�ments will not be fax�anced b� �ax increment bonds. This A$reement is subj�ct to rights of holders of outstanding bonds of the City. 7.2. Conflicts oi Interest, Neither the Premises nar any of the Required Tmprovernents covered by t1�is Agreement aare owned or Ieased �y any member of the City Counczl, az�.y rz�ember of the City Plazuung or Zoning Co�nmission or a�y rnember of fhe governing bot�y of any taxing units in the Zone. 7.3. Conflicts Between Documents. In the event of any conflict between the Ciiy's zoning ordinances, or other City ordinances or reg-�Iations, and this Agreeznent, such oxd'znances or regu]ations shall cantrol. Tn the event of any conflict beiween tlle body of ihis Agreement and Exhibit "D", ihe body of this Agreement shall cantrol. 7.4. Future Annlic��ion. A portion or alI of ihe Premises andlor Required Improvements may be eligible for complete ar partia� �xemption from ad va�orem taxes as a result of existing law or future legislation. This Agreezn.ent sl�al� noi be construed as evidence that such e�emptions da not apply �o the Premises and/or Required �tnprovements. 7.5. City Caunczl Authorization. This Agreament was authorized by the City Council through a�proval of Mayor and Council Comm�nication No. C-19490 on February 25, 2003, which, among other things, authoriz�d the Ci�r Manager ta execute this Agreezx�ez�t o� be�alf a.f the Czty. '�.6. Estapnel Gertificate. Any party hereto may request aa� estoppel certificate from another party hereto so long as f�he ceztifica#e is requested in connection with a bona fide busines� purpose. Thc; certificate, which if rec�uested will be addressed to the O�vner, sha1l include, but not necessarily be lirnited io, � sta,ternents �hat this Agreemenf is in fu]I farce and effect witbout default (ar if axt Eve�t a� Default exists, the 'nature of the Event of Default and curative achon taken andlor necessary to effect a cure), the remaining term of this Agreemeni, the levels and remaining term of th� Abatement in �ffect, and such other matter� reasonably requested by the party or parties to receive the certificates. 7.'�. Owner Standin�. Owner shall be deemed a propez and necessary party in any litigation questioning or challengivag ihe validity vf this Agreement or any of the underlying Iaws, ordinances, resoiutions or City Council actions authorizing tikis Agreement, and Owner shall be entitled to intErvene in any such litiga�ion. '�.8. Venue and Jurisdictxon. This Agreement shall be constnzed in accordanca with the laws of the Stat� af Texas ana ap�licable ardinances, rul�s, r�gulaiians or palicies offlle City. Venue �ax az�y action under this Agreement shall lie in tk�e ��ate Distz�ict Court of Tarrant County, Texas. This Ag�reement is perfarmable in Ta�rant County, Texas ry.9. Recordation. A certified co�y of this Agreement in racordable form shall be recorded in the Deed Records of Tarrant County, Texas. 7.10. Severabilitv. Tf any provision of thi.s Agree�nent is held to be invalid, illegal or unenforceable, the validity, legality and enfarceability of the remainitig provisions shall not in any ,c�vay be affected or impaired. 7.11. Headin�s Not ControlliEn�. Headings and titles used zxz this Agreement are for reference purpos�s only arad shall noi be deerned a pa�rt of this Agreement. '�.12. Entirety of A�xeemeni. This Agreezn.e�zt, including any exhibits attached hereto ax�d any documents incorporated herein by reference, contaYns ihe en�i.�re uxiderstanding and agreernent between tla.e City and Owner, their assigns axi.d succe�sors in interest, as to the matters canfained herein. Any prior or cantemporaneous oral or vvritten agreement is hereby declared null and vaid fo �he extent in co�flict with any pravisaion of this Agreement. This Agreement shall not be amend�d u�aless execufed in writing by both parties and approved by the City CottnciZ, This Agreemen� rnay be �xecuted in mui�zple counterparts, each af which sha11 be considere� an origival, la�at aIl of which shall constitute one i�.stru.ment. 10 EXECUTED this � �day of �_ Texas, EXECUTED this day of �� � CYTY OF FORT WORTH: • ; . By: �' � _ _ . i - � Reid Rector Assistant City Manager ATTES�Tj. . � '� f - B r,fl �� • l� y: . ! C'�ity Secreiar� , 2003, by the City of Fort Worth, , 2003, by Ramey Avenue, L.P. RAMEY AYENUE, L.P.: -_ . Gary S field � �.d�j G.rr�, R Avenu�, L.P. ,, _ ATTEST: : APPROVED AS T ORM AND LEGALITY: � By; _ ---_._... . - Cyn#hia Garcia Assistant City Attorney M&c: C':la�ic� �la�l�� � �� 11 � ����� � �� ��� 9 �TATE QF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undErsigned authoriiy, on this day personally appeared Reid Rector, Assistant City Managez of tihe C�TY OF FORT WORTH, a municipal corporat�on, known �a me ta be the persan and officer whase name is subscribed to the foregoing ixxstz-ume�t, and acknowledgec� to me that the same was �he act of th� said CYTY OF FORT WORTH, TE�AS, a mut�cipal corparaiion, that he was duly authozized to per�orm the same by appropriate Mayar and Couz�cil Conamunicatio�z of the City Council of the City of Fort Worth and that he �xecuted the same as �he act of the said City far the purposes and consideration tb.erein e�pzessed and in. the capacity therein sta�ed. GNEN LTNDER MY HAND AND SFAi, OF �FFICE ihis /�day o� �/�� , 2043. ����� ��� Notary Publxc iz� and �ox the Stat.e of Texa� � 1�a4s�'-d�'.� ,�iYi2�✓�S Notary's Printed Narne � o���Y.P�e�� ROSEL�A BARNES $3'���,�' EVO7ARY PUBI�IC � � � Stat9 of "{exas ��'p� �� Comm. Exp, 03-31-200� M�INM � ,� 1z STATE OF TEXAS § . COUNTY OF TARRANT § BEF4RE ME, �he undersigr�ed authority, an fhis day personaIly appealed e-�'.���t�� �C� 6�of Rame.y. Avenue, L.P., a Texas limifed partnership, known t me ta be the person whose narMe is subscribed to the �oregoing i�xzstx�uament, and acknowiedged fo me that he e�ecuted the same for the puxposes and consideration therein expressed, in the capacity therein staied and as the act and deed of the Ramey Avenue, L.P., a Texas lirnited parinership. GTVEN UNDER MY HAND AND SEAL OF OFFICE this _� day o�' ^ � �_� �.� - ,.. , 2003. � , ,1 '�' � � - .•L - , _..�•�:.�:�,w . I S ( � f f . . ... ,. . . .. __'�::. ._ rra;:._. Not��b`��n ana �� "� `�,.�,.,, `; �,��p � �...� �, � ,,���i�� �. , the 5tate of Texas ' � '� � �`��'�"'s�� �'�� � � �� � ".; � :'�"� �� T�S �l,r ��a��:: �� 1;�'�a '�/2a1�&S ��ue.� ,�. , m� .,,�.. .,,. � .Y�� � x.J Notary's Printed Name 13 Exhibit A: NEZ Tncentives Exhihit B: �'roperty Description E�hiibit C: Application: (NEZ) Inc�ntives and Tax Abat�ment Exhibit D: Project description including kind, number and �oca�ion of the proposed improvements. E�hibit E: Final �urvey I4 � � . �X�1�,�� f ,� � � cITY o� �oRT WORTH hIE�GHBORHOOD EMPDWERMENT ZONE (N�Z) B.�SIC INGE�ITIV�S Adopted by the Fort 1Norfh City CounciC on July 31, 200� (M&C G-93208 R) Arfaen.ded by�he Fort blforih City Gouncil an Apri12, 2002 (M&G G�3v80), July 23, 2D02 (M&G G-13682) . _ . C. .� GENERA[. PURP05E AN� OBJE�CTNES . -� Chapfer 378� ot ft�e Texas ��caf Go��rnmen� Code� allo�vs a�munic€palify to creat� a � NeighborF�ood EC�powermet�f Zorre (NEZ) when a".._municipaGty determines tha�E ��ie creation �af=fhe �one woufd promo��e: . - (1) if�e creafian of affordab�a Y�o�sing, Encl�ding manu�acfured hn�sing, in f�e zone; .. ,. (,�} an increase in econamic develop�rn�n� ip the zo�e; {3.) an �increase in the qual�iy of sacraf services, �ducatia�; d� �aCr�lic sa�e{y provid�d to r�esi�i�ents� of the zane; _a�� - (4) the rehabiEitai�or� of affordabl� housing in fhe zone.0 � , . . ..-. - . . The Ciiy; by aciop�ing tF�e foffbwing inc�n#ive�, wi1! promote aff�rdabfe housing and eeonomic aeveloprri�nt in #�e N��. N�Z incerrtives wiil nof 6e gran�ed after tf�e •NEZ expires as de.fned ir� the resolution designa�ing the NEZ. For e�ch NEZ, tne G'rty Co�ricil may approve add,i�ian.al ferms a�d in�ceriiives as p�rmif�ed by Ghapte� 378 �-� �he Texas Loca� Go�emment Cod� ar by City C�uncil resolufioi�w Howev��', any �tax abafiemeint �warded before �F�e e�cpirafiioh o# a NEZ si�all carty ifis ful! term accordir�g fo ifs iax abafemenf agreei�nenf approv'ed by fhe Cif�r , Cou�ci[, � . - As manda�ed by s�ate fawx f�e properhr �Ea�c abaf�me�� under �his policy a�plies td �he rswn�rs of r�al praperEy. Nofihrng 'rh �I�e �o[icy sFratl b� cons�ruecC-as an obligafiion by f�e Cif� q� Fbr� Wor�fi fo ap�rove at�y �ax aba�errient �pp(ic��ic�n: Il. IIEF�.N1T1aNS "Abaferner�f" m�ans the full or partial exerr�ptior� firom City af �orf Vl�fo�h ad Valorem taxe� ort �:[igible prdperties for aperiod of �p fo � 0�ear� and-an amouni af u� to 'f �0°/p of fhe increase in a�pr�is.ecl val�� �as re��ected o� tne certifred tax ro!] of the a�propriaf� co�tnty appraisal cfistricfi) resulting from irrrprovem�nts. Eligibl� propert'res mus� be loca#ed in fhe NEZ. �. "Base i�al[ie" is th� va��.e -�f fi�►� p�oper�y, excludirig land, as de�ermined by fhe Tarranf County Ap�raisa� Disfrict, during fhe year re�ab�(if�tian accurs. � � 'Buildirr� 5ta�d�rds Corrrmissiorr" is the- commission creafed urider� S�c. 7�77, Article fV iUf�riimur� Builc�ir�s Stand�rd� -Gode of fhe �ai� Worth Ciiy Code. . ' "C�pifal lnvesfinenf Fnc{ude5 on�y. re�l property im�rovernenfs such as new facilifiies and s,fri�cfures, site impro�er�-�ents, facili�(y expans�on, and faciiitjr m�d�rnization: Capi�al Irivesfime�t dae� NOT inciUde �fand acquisifion cosfs andlar any existin� improvements, or person.a! property (s�ch �as mac[��nery, equipmeni, and/or supplies and invenfory). _ ` y;. d �`Cityof Fort Wor�h TaxAbaiemer�f Policy �fatemeiatAme�ns fhe �oiicy a�apte� by Ci�[y Go�ncil an February 29, 20Dd. . ' �"Gommercialllndusirial Develapm�nf Project" is a cievelopmenf proj�ct which �ropas�s �o construcf or refiabifi�afe commetcialfndUsirial facilifies �n property tha� is (ar meets fhe reQuiremenfs �o f�e) zaned camm�rcia�, indUsfrial or mixeci use as defined by �F�e City of ForE Wor�h zaning C�rdinar�ce. � � � .�"Comrnunity Facilit.y Development Project"is a developm�nt proje�t wh`rcf� propases to consfiruct or rehabilitafe cammunify faci�iiies an prflperfy �t�at al�ows suc� use as defi�ed by t�e Ci#y of Fo� WorEh Zoning Orc�irrance. - . � "Eligrble Rehabilifa�ion" includes only physical � improvements �o r�al properiy. �, Eligible Rehabiiita#inn. do�es h10T inclucfe persorral proper#y (sucFr as fu�`nifure, appliar�c�s, �quigmen�, �an�Ior�s�rppliesj. . � . ` `�Gt�ss Floor.�re�"is meast�reti by taking fhe outsid� dirnensior�s of t3�� f�u�ldir�g at e�cF� floor Ievel, except ft�at porEiori of fhe ba��me�t usee� ot�ly for �fil'tties or s�orage,. and any areas within �he �uifding used for o�F street parl�ing. . - ' � "M�nimufn Building S`�andar�ls Code"is Arficle !V of th� �'or� Worth �i�y Code adopted pursuanf fo �exas Laca1 �ovemm�r�t Cade, Ch�.piers �4�and 2�4. � � � "/t�liRorrty Business Eni�r,nris� (MBE)'° and "Wamen Business Enterprfse �WB�j" is a rr�ino:rfty or v++oman owr�ed b��siness fhat has recei�ed• cer�i�cation as ei#her a cei�ified MBE or �er�ifi�ed WB�� by eiihe�r the I�otth Texas Regional � CerEifcafiiorr Agency (NTR�A) nr the .Texas Depar�metrt of Transpa�ation {TxDot), Nighv�ay Divisior�. � .�` - "IVfix�d-Use-Developmenf Projecf" is a developrrient pToject which proposas �a �an�str�ct or- reh�bilitafa mixed-use facififies in wC�ic� residenfial �ses constitufe 20 p�rcer�t or rri€�r� ti�F fhe tota� grpss �loor area, and offics, eatit�g and �:nte�ainrrient, ancf/ar refiaEl sa�es and service uses cons�if�#e Z p percent a�' rrtore of �he tofa! grc�ss ffoor area and is on prapet�y that is �or mee� fhe r�q�tirernents �o be) zot�ed rriixed�-tts� as ciesc�ibed by ff-,�e �Cify of �ort 1North Zonfng 4rdinarrce. � ' . `Jldulff farrtiJy� Developmerat Projecf" is a developmeni �roj�cf whicF� propos�s ta cotisfir�cf ar r�fia�i[itat� mulfi--family residen�a! l�ving �rRits on pra�erty ��taf i5 (or meets fhe requir�men�s to be) zoned m�li�-�amiiy or mized i�se as defined by t�ie Cify nf �arE Wort�. Zoning Orciinanc�_ ",4einvesfinenf �ane" �s an atea designa�ed as such by t�e .City a,f F`ar� Wor�h in ac�orc�ance wiii� �h� Property Redev�lopmen� and Tax Abatement �ct codi��d ir� Cha�fe� 3� 2 of t�i� Texas ' TaX Code, or a� area d��ignated as ar� ent�rprise zar�� pursUanf to fh�; T�xas �nfierprise.Zor7e Acf; cadifed ir� Ghapfer 23fl3 �f tf�e Texas Gove�nm.ent Code. � If[. MU�IVICIPAL pROP�RTY TAX ABATEME�I7S, A: �2�SIDENTI�1�. PfZ�PERTiES L.4CATED f[V A-t�EZ:� F`ULL ABAT�MENT FDR � - � • YEARS , � � � 2 � 1. For res�dan�ial pro��r[y pvrchas�d before NEZ desagnatian, a homeowner shal� b� eligible ta appiy fvr a fax•abatemenf by meetirrg t�e faffowing: � a. Propert� is owner-accupied and �he�prirnary residence ofi ti�e hameawner prior fo the r�na� � N�Z d�sig�ation, Homeov�ner shall provid� proQf of ownersf�ip by a warran�y d�ed, affdavif of hairs,hip, ar a probafed wifi, and shai� sF�ow proof of primary residerice by namestead e�emp�ion; an� 6. Hame�wner must perform Efi�fI7I� Rehabilit�#ion on �he property aft�r �IEZ •designation eq�a� to or in excess ot 30% a� tha Base Value of the �roperty; and c�. Properf�r is nc�t in � fax-de�inquent �tatus wF�en t�� a�aterr�erif a�pCication is � subrniffed. � - 2. For i-esidenffa( proparfy purchased after NEZ ciesign�tian, a�omeowneT sha11 be eligible fo a�ply fc�r a fax aba��msnt by meeting th� fnl�owing: � a. � Prop�rty is newiy constr�a�ied ar F�habiiitafed af�er iF�e daf� of fir�al NEZ cfesignation; and � . � . . b_ Praper#y is owner-occu{�iad �nc� is t%e prirnary residenee af ff�� homeovvner. � Harrieowr�er shaiI �rca�de proof 'of o�nersf�ip by a warranty deaci, affidavit at heirship, or a probafied will, and .shalf s�ow p:roaf of prim�ry resid�ri�e by hoinestead e�mptio�i; and � • - c. For rehabi�ita�ed pro�er�y, Efigible Re�abiiifia�ion cos�s ori the prr�{�er[y st�aH b� equal tfl or in exces�s ot 3C�� of �h� Bas� Val�e Qf i�� property. The seller or � avvner shall provfde fF�e Gify�inforri-ia�ion to s�pport r�habrlifafion cosfs; and . de Properf�r is riof in a ta�c-de[inqt�ent staius when tne aba�emsnt applica�€on is submi#ied; and _ e. Prop�r[y is in cor�farmance with the City of•For� 1North Zoriing Qrdinance. � .3. For inve�tor- owned single fa�riiiy �raperty, an investor sl�all be �itgible #o apply for a �aX aba�ement by meating �e fo(lawing: . ' .a, Prop�rty is � nev4rly cor►structed ar r�h��ili�a��d hy tt�e i�vesfar a�ter �fEZ designatian; and _ : . b. .�or•-rehabi�ita�ed praperty, El.igif�fe Re,habilifation �osts on tF�e �property shalf �e equal �o ar it� excess of 30% of fF�e Base Vafue af fif�e prflperfy; and c. P�roperf.y is rrbt in a tax-delir�quen� sfafus when fn� abatement app[icati�r� is � subt�itfed; and - � - d. Pmperty is in confflrmance with �he Ciiy af For� Wn�f� ��ar�in� ardir�aric�. B.. MU-�Ti-FANEfLY DEVE�C3PMENT PR�JEC75 l,aGAT�D EN A hIEZ 1. F�i�i Ahaf�menf fior 5 years. . � �!n order to be efigibfe 'for a pr�pe��r iax abafiement, u��on comple#ion, a newly �� canstructed or rehabilifate� muit�-�arnily dev�Iopnien� project ir� a N�Z musf satisfy fhe fol�owinr�`: • � • � � �: At least�fwe�{y percent (�0°�) o� �he total units cans#ructed or r�habilifated s�alf �� affordabie� (as d�f�n�d �y fhe U. S. Deparfiner�t of Housing a�d Ur�ar� Deveiopmer�f) ta pers�ns i7vizh ineames a# or befaw eigf�fy percer�f (8Q°�} of area median i�com� based o� famiiy s�ze and such units shafl be set aside for p�rso�zs �a# �r �be1�w 80°IQ of tne mediat� incoma as defrnad by �he U.S. 3 Depar�ment af Housing and Urban Developm�nt. Cify GouncEl may waive ar reduce ff�e 20% aifordabiliiy req�irement or� a case--by case basis; arid (a) Far a m�lii-�amif�-develc�pmenf pr�j�ct cansiivcfed a�ter NEZ �#e�igr�a�ian, th� project m�s� provide at feas�f f'rve {5} residential Iiving ur�ifs OR have a minfmum Ca�ital lnves�ment ot $200,�Q0; or (bj For a rahabilitation {�rajecf, tf�e praperty musf be rehabilifiateri af�er �lEZ desi�nafion. Elig�ble Rehabilifiatior� cosis on �(�e �raperf.y shall tre a� least ' 30% of f�e Base Va1u� �f t�e properiy. S�ch Efigible R�habif�Eation cosfs � m[�st come fram tne rehabilifation of at I�asf five (5) residentia! iiving unifs oT _ a minimum Capifiaf lnvestment of $20p,000. • 2. 1%o-10D% Abaf�merif af City Ad Vaforem taxes �� fio .� 0 years lf an ap�licanf appiies�for a tax abatem�ri# agreement wifih a term �f more than �`ve y�ars, fhis secfii�n shal(��pp�y, � � , Aba�em�r�ts for multi farriily deve�apmenf projects fnr .up fo 1 � years are subjecf fa �i�i�y Cc�unci`� ap�rovaf. The ap�plicat�t may apply with the Ho�s�ing I�epa�Ement for s�ch a6afement. � � • - Years ��hro�crh � 6�F �he Tax AC�atetnenf Aciree��t�# �u7ti-�amily prajecfis �shalf be' eligit�le for � DO°,�o abatement of Gify_ac� va�orem taxes far years on� thro��h #ive�of�f}��e Tax Ahatemenf Agreemen� upan ff�e sa�isfacfi�an of �he fallowirtg: At.fe�st tvtienty_percer�t {2�°l0) o�f the �ota) units cor�str�cted or r�habi�itated shai� b� a�fnrdab�e (as d�fined by�ft�a U. 5. D��artmer�f af No�asir�g and Urban Devefopmen�) to persans w�fh incarnes at ar below �ightjr perc�rit {80%) o# area madian income based on famiiy size and such uniis s�all he set asici� for persons at or below 80% of th� m�diari incorne� � as defin�d by. t�e ;U.S. D�parErrianf af Ho�sing and [�rban Dev�fopmenf. Cify Cat�r�ci� may uvaive or r�duce ff�e.2�% affordabifi�y �equirement oR a cas�-by-case �asis7 and ' � . a: F'or a multi-family deve�lopmenf pro�ecf cons�'�cfad affer N�Z d�;sig�a�iot�, the projact rr�usf provide�a� Ieast fve (�j r��sidenfia� fivi�g units OR have � rt�inii�n�m � Capit�l lnvesfirri�r�f p� $200,OOQ; or ' b. Far a ref�abili�a�ion p.rojacf, the �ropsriy mus� be rEhabi��tated af�er NEZ designation: .�figifale R�t�abilitarion cQsts on fhe prop�rty snall b� af feast 30°l0 of the g�ase,Valu� of ti�e pro�erty. SucF� Eligible Rehabilitafifon casfs m�st com�e from �h� r�habiiitation ofi at )east five ��5} resi��ntiai liviric� �i��ts or a minii�num _ Capi��.i� Investrr�en� of $200,000. - . Years 5 fihrauQfi '[ 0 0� �he Ta�c Abaf�rr�en� Aar��rnen� � M�rl�f=famil]r proj�cts s�al� b� efigii�ie fot a�1-� 00% a�afement of Ci�jr ad vafarem t�:�s f6r' years six fhrough te�i of the Ta�c Aba�ement Agreemerrt �pon� �the safisfaction of fhe fiol�owir�g: - ' - a. Af �easi twenfy percent (2p°lo) of the �afaf unirs construefe� or r�habi3i�afed shalz . be afForr�abie (as derined by fhe U. S. D�partment of Ho�si�g and Urban Deveiapmeri�) to persons with i�cam�es at or be�ow �ig��y per�en# (8�%� or" a��a 0 median it�come bas�d on fam�ly siz� and 5[�C�1 �nifs_ sf�ait be S@f aSfC�B �Qi persons at or below 8U°�o of the merl�a�� income as ciefined by the iJ.S. bepariment af H�using and Urban Developm�nt. City Council may waive or � reduca fhe 20% afFordabili�y Tequirement on a case-by-case basis; and 1. �or a muli#-family developmenf p�ojec� consfru�fed a��r NEz desig�a�ion, the projec� rnusf pravide afi Iea�t five (�) res�deniial iiving �t�ni�s OR E�ave a minim�m Capi�al Investm�;r�f of $20�,QOQ; or - � ; 2: �or a rehabilifation prajecf, fh� property' rn�st. be rehabilitated af�er NE� ' desigt�afion. E1i�ible Rehabi�ifaiio� cosfs on the �aroper�y sF�a.l�f �e at �east � 3a°! �f iF�e Base Va1ue of �h� property. S�c� Eligible R�nabilifafiion cosfs must come �rom ti�e rehabiIifatian of at �east frv� (�} residential living-units or � minimum Capifal tnvesfinent a� $20{},00.0. , � b. A�y other ferms as Cify Cor�ncil of the Ci�y of Fart• Wor�h d�ems appropria�e, ir�Gluding, bu� n�t Iirnited f�: . 1. uiiliza�ian of FarE W�r�h companies for arr agreed upon.��rcentag� cafthe fotal casfs for cortsfeuc�ian cor��racfs; . � 2: u'�ifiz��ion ot ce�#ifed 'minority ant! women owned busin�ss enfsTphses far an agreed upon per�entage af �t�� #ota( cosfis for consfiructic5n contracts; 3. 'propetty inspe�tion; . • 4. commit t� �rire an a�reet� �pon p�rc�n#ag� of Fo�# `iVort� residants �, comrr�it io• f�ire an agreed �pon percentag� of Ceriiral Cify residen�s 8. landscaping; - . � 7.� fenant sel�ctiori pfans; af�d � _ � . . 8; r-nanagem�erit plans. . � C. Co!'►IflUlER�GCA�., tNDUSTRIAL ANi7 c�i�MUNiTY F'Ac��tT'tES D�VLtt]PNi�NT; PROJECTS i�O�AT�❑ IN A N�Z � - ` '[. �uff Abatement �'�r 6 y�ars. !r� o.rd�r fa be eligible rfor a p�operfy fax abat�mer►t,. a r��w�y con�trucied or r�F�abiiitafed commercia�i�d�striaf and 'commu�niiy facififies cievelopm�nt proje�� in a NEZ �:nust sa�isfy ihe �Following, , � � . �, a. A commercial, mdusfrial or a commt�nify facrfitf�s • develop€-nent projecf � const�ucte�d after NE� desigrtaiiorr' m�s� f�a�c� a minimum Capital Ir��esimenf af � $75,00�; oT b. �or a re�abilitaiiori project, it mus� be r.ahabi)ita�ed afte� N�Z designation. Eligibl� _� ��. R�habiHtation co�#s on fh� property shall be at feasf 30°!0 of �he Base Valc�e of � the property, �oi- $75,0.0�, which�v�r i's gr�afi�r. � . 2 �°�_� OQ°lo Aba�emenf� o� City Ad Valorem ta��s up �to '( 0 years , ff ar� applicant a��plies for a faX abatemenf agre�ment w€fh a�Eerm of mo�e �han �'rve . ye�rs, this secfiQn s�al1 a�ply. ' �. Abatement agre�ments f.or a Commercial, fr�d�stria[ and Gommunify Facifi�ies D�vebpm�:nf proj�cis for i�p #o fi0 yea�s are subjec� fo Cify�Gouncif appro'va�. Tne � i - �pp�ican� may app�y wi�h �ne Ecar�Qmic and Communify Dev�Inpmenf Depar-�mer�# for such aEiatement. � � � Years 7 �Y�rouah � �f ��e 7�c Aba�emen� �lareement - Corr�rr�ercial, Indusfria� and Commuhiiy Facifities Dev�iopt�rient projects, shall �be eiigibfe for � 00°lo abatement o� Ci'[y ad vafaTem tax�s far #he firsf �v� yeat-s of ihe Tax Abafiement Agreeriment upa� the safis�acfian of the folfowing: , a. A comrnercial, ihdusirial or a comm�nity facifities � development project canstruct�d �iier NEZ designafion m�st �ave a mir�im�rri Capi�l Invesfinent of $75,000; 'or . . � b. For a rehabiiitatio� project, i� m�st be rehab�fitafed a�ter NEZ designafion. Eligible �' R�habilifa�iari costs on t�tre Rroperiy shall be at lea�t 30°fo of �he Basa V�1�� of the property, or $75,000, whichever is greater. `l'�ars 6�i�roucri� 'I D of fit�e Tax Abafemenf AQr-eerr�ent . � Comrnercial, -ir�dus�rial and Cflmmi�r�ijy Fa�ififies Developrnent proje�fs sha11 be c�Eigible for 1%--10D% a�a.�emeni of City ad valorem t�xes ��r years six ff�t'augi� fen ofi fhe Tax Abafement Agreeme�t u�on the sa�ista�fiori of fhe fotlowing: . � a. A co�nmercial, ind�stria[ Qr a�o�nmunity fa�iiities development projec� corasfruc�ed after NEZ designa�ion must f�ave a minim�m Capita! lnvestrnent of $75,�00 and mt�st meet ff�e requirerr�er��s af subs�cfiori (c� beiow ; or � - b, Fo� a rehabiliia�ioR project; it musf be re�abilifa�ed af�er NEZ desigrrafion. Etigibl� • Re�ab�lifation costs on the propet�[y shaN be af -least 3Q% of th� Base Va1ue af tiie prapei-{y; or $75,000, whic�ever is c�r�ater ar�d meef fhe requirements af st�bsecf�on (c) belo.w. • . c. Any other terms as Ci�y Co�tnc�] af tt�e C��y o� Fo�f 1�Vort� deems ap�rapriafe, inciuc�ing, buf naf limifed f�: . ' 1. u�ilizatian of �ort Worih comparties for a� agreed upon p�rce�tage of tf�� �ofa! casts fibr construc#ion c.�nt'racts; , � ' . 2. util�zation of c�rfi'rFietf minorify ar�.d women owried business �nterprises for an agreed upan perc�ntag� af tti� total costs fior consir�ciion con'Eracfs; 3. cammit to Frire an agre�c� �par� �ercentage of Fo�f War�h resid�ni�; �. cammit tfl hire ar� agreed uponf pe'rceniage of C�niral �iiy resiaent�; anc{ b. landscap�ng. D. MI�CED�US€ DEVE�.OpME�iT PR�JJECTS LOCAT�❑ IN �L N�Z 1. Ful1 Abaferrme�tt far 5 years, , In drder fo be efis�ble �or a propetfy tax aba�e�rrer�t, upan com�iefioni a newiy constructed or r�habi}itated m��c�d-�se c�evelopmenf proj�cf in a NEZ mUs� saf�sfy fihe folTowit�c�: _ � • " . a.. Rssidential uses in the project consfifute 20 p�rcen# or mora ofi�the fofal Gross . Floor Area o�F fF�e proj.�ct; and � . � . �. Ofiice, �ating arrci �en��rt�ir�r�-�e�t, anc�lor refaif sales and service t�ses ir� t�� •� praject constiiu�e � 0 perc�n� or more ofi t�e #o�af Gross Ffoor Area of fF�e project; � and � ' • . � C� � (�) A►�ixed-use developmen� proj�ct cartstruc��d -a�ter NE� da�ignafi�n musf �a�e a minimum Gapifa� Jnvestrnent of $20�,a00; or � (2) For'a r-e�rabilita�o�► proJect, i� rn�st be rehab�litafed. after NEZ desigrtatian_ El�g�ble Rel�abiii�a�ion cosfs an fhe proper�y �F,a11 b� .at least 30% of the Base Value of fh� praperty, ar $20Q,OOQ, which�v�r is graater. . 2. �%-100% Abatemenfi ofi City Ad Valorem �a�ces up t� � 0 y�ars lf an appficant applies far a fax afaafement agreemenf wi�h a t�rm af mnre �f��an frue years, this seciian sl�all appfy. � �lbafernenfs agreements for a M��ed Us� bevelopme�tf proj.ecfis for up �o 'I � years ' ar� subject �Eo City Gouncil appi-ovaL 7'he appficanf may appfy with, if�e Ecanomic and Comrriu�ify Developm�nf l�epar�ment� fnr s�ch� al�ate�-n�nt. 1'ear's''I t�ro�ql� �� af �ihe Ta�c Atia�ernen� �1c�reeme�t •- I�ii�e� Use •Developi�ent prajects sh�ll be e[igible_for 1UQ°I� abatemerit of City ad valorerim tax�s for the frst five years of tl�e Tax Ab�temen# Agreem�nt upon the safiisfactiar� of tne following: � , � - a. R.esidenti�! uses in �t�e projecfi�consti�te 20 perc�nfi ar mc�re a� �F�e to�af Gross � . F�oor Area of �he �rbject; and _ . ' b:-- Offic�, eafing and en#�riainmer�t, -andlor retail saies and service �ses irt tt�e .�� project �constif�fe 10 p�r�ent o�` more of fF�e tatal Gross �loor Ar�a af'Ehe �irojec�; and ' . . ., . , . � c: A new mixed-use de,veloprr��rtf projeet cdnsfr�c�ed after NE� desigr�ation rr�usf . � hav� a rr�ini�m�m Capital Investmer�t �� $2DO,QDO; Qr for a r�I�abifita#ion projecf, it • _ , �mu�sf �be rehabilifate�l a�E�r, NE�Z designation. -Elfgib�e ReF�abili.�ation cos#s on tne - . ��r.operty shai[ be at least� 30°/4 c�f fhe Bas� Value af fhe� property, or $2(}O,Q00, • _, u�f�ichev�r-is gre�fer. , • _ Y�ars 6�hrouc��.10. of tf�e Ta�c Ab��etnenf A�reemenf �- - . Mixec� U�e Developi-t�ent prajects shall b� eligibfe for 1-�DO°�4 aba�emen# "of Ci#y ad valorern�fiaxes tar years six through terr of i�e T�x Aba�emehf Agre�ment �rpan the. sa�sfaction o:F fh� fo�lowing: - - - � a. Resicf�ntial vses in tf�e pro�ect cons�it�ate 20 percenf or tnoTe af ihe ta��i Gross FloarArea of the prajec�; and . � �� �b. Off�ce; e�t�r�g and entertainmet�t, ar�dlor refiail s�les and serviGe uses in fhe, proJect cotistitufe � 0 percenf or more of fh.e iofas Gross �Flaor Are� of �I�e project; c. A ri�tir rriixed-[ase develapmenf pro�ect cons#'ructed aftet' I�EZ d�sighatfot� mus� have a,min.imum Gapi�al lnves�meni af $24D71�00; or for a reh�biNtatiort projecf, if ��nus� be r�habi�i#ated afEer N�Z desig�affon. �figible Ref�abif�tafiion Eosfs on the . properiy shall be �#�I�ast�3Q°�a af fhe Base Va�ue of•fhe pro�erty, or $200,000, wt�ichev�r is �T�a�er, arid � � . � . d: Any otl�er fe�ns as City �ouncil ofi tF�e Gify of �ar� Wortt� d��ms a�,propriat�, -including, but noi limi�ed io: . . 'f .=utiiization ofi� Fort Warth carnpanies for an agree� upan �ercent��e of the '� fa�al costs far eonstr�c�ian cantracts; � 2. ufilizafio�n o�f cerFified minorify an� .women owr��d bt�siness er�terprises for , ar� agr�ecl upon perc�niage of fhe total costs far constr�ction canfracts; 3. properiy ir�specrian; . 4. commif to hira an agreed upon percer�tage of For� Worth reside�ts 5. commit fo hire at� agreed u}�on p�rcer�fiage of Central Ci�y resident5 6. iar��sca�ing; . . 7. .fenanfi sefecfian plans, and � 8, management pfans. . � � E. ABAiFN[�NT CU1QEI.INES .. � �. if a NEZ is loca#ed in a Tax�Incremerit Financing Districf, Ci#y Co�ncif will d�termine on a case-by-case �basis �f the taic aba#ement iriceniives in �5ec��on Ifl wifl be afFered �� to eligible prc�jects. Eligible prbjects rr�ust meei a!1 eiigibility requirerrients speci#ied in 5ec�ior� 1f1. � � 2_ fn ord�r to be �ligibl� to apply far a fa�c aba��me�f, �h� praper[y owner/�ieV�lc�p€�r must'. . � a. Not be delinqt�en� in paying property faxes far any prop�r[y owned �y the own�r/developeT ; and : . �., I�ot hav� any C�iy of Fort'�/Vortf� fiens frIed aga�in'st any prop�rEy owt�ed by the applicant �roper(y ownertdev�loper: "Liens" inc(ude, ��t are rr�� lir-nifed to, weed . I.ieRs', demalitiat� Gens, board-�rp��pen sfrt�ct�r� Ii�ns� and pavirig liens. - 3. Praperties under a cantracf �or c1e�d ara not eligib�e for' �EaX abaf�in�r�t. 4.�. Or�ce a NfZ propet#y ov�ne'r ofi a reside.r�fial prape�€jr (incl�ding mulfi-family). in i�ie .�EZ�saiisfies the cri�eria set farth in S�cfioris 111.A, E,�. and E.�. and appli�s �c�r an . a�a��et�'teni, a prop�riy ofinrner �t`��sf enfer infci a fia�t abafiemenf agreement. with th� Gifi� ot Fort'�lorEh. 7he tax aba�emen� agreerrj�nf shail aufornafically ferminate if fhe pro��t-fy subj�cf to �he #ax aba#emer�f agreement i� ir� viofa�ia� of �t�E Gity of Fort Worfih�5 Mi�nim�m• Buildin� �fandards �ode and th� owner �s c�at�vicfei� of such viofatiot�. � . . . � - � �. A taX abatemenf granfed r�r�der fhe criferia saf for�h fn Secfior� ]fi, `can onfy be ' grar�fed once for a proper�.y Ir� a��Z for a maxim�m terrn of as specified i�i fl�e agreemen�_ If a property an w�ich tax is bein� abafed is solcl, the Ci�y wi-�I assfgn f�ta �ax abatement agreem��rf far fhe remainir�g term o�rce fh� riew owr�e�. submifs an applica�i�n. � � - . . . - . 6: A properf� dwrierld�velapar of a mu[f�family devefoprrient, �omri��rcia(, itidusfria(, -ca.mmunit� facil�i�c�s and r-riixed--�s� delieloprrienf project in ��e NEZ w[�ri�desires�a . fax aba�emenf under S�c#i�ns �if.B, G or D mus�E: -�. � � a. 5atisfy the•criferia sef fiar�h in Secf�ons 11I.B, � or D, as appf�cable, a.nd�Secfiiar�s Il1.E.1 E�2x and F3: and � � ' ' b. Fi�e an appfEca#ion wi�i� fl�e Housing Depar�menfi or �f�e Economic ar�d- _ Gomm�ni�y D�velopmerrf Depa�men�, as ap�[icable; artr� � � � � . 8 .. c. The praperfy owner mu�t enfier info a f� abaternenf agreemenf Wi��r fhe City of �c�r� Wortn. In addition ta the other ferms of a�ree�n�rit, fhe fa�c ahatement agreement s�a�I provide fF�af the agreement sha�l automatically �errr�inafe `rf the owner r�ceives one cor�viction ofi a violaiion of �he Ciiy ofi F�rt Worihrs N3ir►imum Build�t�g Standards Code regard�ng fhe property subj�cf to the abafemeni agreem�nt during ft�e ferm af the fax abatemer�f agreement; and d. lf a praperty in t�e NE� an wt�ict7 �ax is being abate.d is safd, the new owner may enter into a fax abafement agreemenf an fhe properiy far �i�� remainfng term. F. APFt�ICAT1dN FE� 1. The a{�piicatiori fee for residen�iaf iax abafemenfs �averned r�nder Section 11[.A is $25. . � - . • �. The applica�ion fee for m�}ti-famii�, c�rim.rrtercial, ind�[s�riai, commtt�iiiy faciiities and t.rii�c�:d-use dev�Iapment proj�cts �overned �rnder S�cfiorrs f1i.B, C:1 and D.�, 'rs on�- haif ot ane p�cent �Q.��/4) af th� prt�posed pro�acf's Capi#a! lnvestme��, nat to exceed $1,OQ0; T�e appficaiion fee Wil� he ref�nded upon iss�ance of certificate a� •�inal occ�pancy and o��ce fhe properiy awner �nters into a fax abaterrment agreement wifh f#�e Cify. Ofh�t�visej �he Appiication �ee shalf nat b� credited or tef.un���! to any parjy tor any reason. Il/. �'EE WAIV�RS A. �L[GIBi.� RECIP�ENT5/PROP�'RTIES '�; f n order to be efigibf� to ap�fy ��r f�e waive�-s, the properEy owr�erldevefo�er musf a, No� �be c#erinqt�enf in ��y[ng praperiy� �axes fior any prape�iy oVvneri kay the ov�rnerl�ev�loper or applicant; and : ` b. �lo't F�ave ar�y Cify fier�s filed against at�y praperty owned by the app[icar�f� properfy ownertdevelo�er, ir�cfudi�g bu� not limited to, we�d Gens, d�ino�i�iflri fiens, baa�d- uplopen str�cfure fi�ns ar�d• paving �iens. " 2. Proper�ie5 �n�er a con�ract for deed are nof edigible for de�elo�iment fee waivers. 3. In ard�r for Developme�f Fees andlor Impact Fees io be �aived for new co�sfruction or rehabilitafion projec�s fo�afed in fhe NEZ, a prop�rfy owner m�st su6mit an aRpf�ca�ior� to the Cify. � . A�qr.o�ra1 0� �i�e apaficai4on anc� waiv�:r c�f �h� fees ;s�tatl°�nof b� c�ee�ned �o �i� a���tav�l of anv ast�ecf o� iFie �rc�ieri. B��Fore cons�rzicfiori. fif�e ant�ticant rrius� ensure �E�►at fF��e. praiecf is ioc�a�Eec� in ih� correc� zoriir�a clis�Eric�, -- � g, p�llELOPMENT FEES Once �he Ap�pf�cation for 1�lEZ �ncenfives has f�e�t� approved �y fF�e Cify, ��ie foflaw�r�g �`ees �ar ser�iices peRormed by �he C�fy o�F For€ Worfh iar prQjecfis �n fhe i�E�� are vifaived for new 'canstr�c#ion projec�s or rehabiliia��o� projects �i�af expend at l��sfi 30°!0 of �F�e Base�Vafue of �he praper[y an Efigible Ra�abilitatior� casfs: �7 1. Al1 buifding permit relate� fiees {ir�cluding Plans Rav�ew an�d lr�spections} . 2. Plat applicatian fep {i�cf�d�n� cancepf plan, preliminary plat, finaf pfat, s�or� form repfaf) ' . . 3. Board o�FAdjustmenf application fen . , 4. Demoli�ior� f�e � . 5. S�r�t��Ur�� mavi�g fee , 6. Cotrimunity Fac[�ities Agreetrment {C�A) applicafion fee � 7.� Zoning app�icati�n fee . S. 5fre�#�and utflity easemenf vacatior� applicafian fe�e � Ot�r�r deveJopmenf relat�d fess r�o� s�eci�ied a��ve will be cons�dered for ap�roval by Cify Co�ncil on a case-by-case b�s�s. � - G. � IiVlPACT �EE �. Single family and �nul#i-famiiy resialenfiaf de'velopment proj�cfs �n #h� NEZ. Autorrmafic fi 00% wai�ier of water and was�ewater ir'rEpacf f��:s. wiil be appZied 2. Commercial, industrial, rr�ix�d-t�se, or comrr�unity faciEif� developmen# �arojecfs in fhe NEZ. � • a. A�aiamatic 100% waiver c�f wafer and wastewater impacf feEs up to .$��x000 or �quivalent fo f'v�+o 6--inch m�iers for �ach �coi`nrrrercial; irrdustrial, mixec���se or communiiy facilify d�velopm�nt proJect. � � � b. f�#h� �roject requests an impa��f fee v�raiver eXceedirtg $�5,Oa0 or �'ec�iresting a waiver tor larger andlor mare thari fwo �-inch me�er, then Cit� Councif app�o�a! is req�ir.�d.. Applican� may reques# the .additional amo�r�f of impac� fee waiver ' �hro� jh fhe Hot�sir�g Depar(menf. . � J • � ° V. .. RELF�4�E OF C1T.Y L.[ENS ThE folfQwing City fi�ns may b� released for eligibfe properEies or projec�s in a NEZ: A, 1lVE�D L1ENS Ti�e �oflowing at� �figible to apply for re�eas�: of we�d liens: 1. � Single t�nit awners perfiorming rehabilit�iio� on tFieir prQp��Eies. , - . 2: Build�rs or developers consfruc�in j new hc�mes flrt vacanf f�fs: - � .3_ Owner.� perF�rmfig re�a�i(i��fion on mulfi-farriiiy, commerciaf, indu5frial, mix�d-�se> � or community faeiiifjr prop�rEies, � - _ � �4_ Dsve�opers, consfr�cfi�g new mu�tE-family, cammercial, ind�tsfrial, mixed-use or communi-(yfacifi�y developm�nt prajecfs.- •. � �. DE[�lOLfT10N LIENS T Builders ar developers develo�ir�g or rehabilifafing a properFy are eli�ible �o appfy for �efe�se of �d�m�lii�on liens for up to $30,OOQ. R�i�ase of demoii�ion Ii�r�s in �xcess of $3�,000 �s st�bject fo City Got�nciP approVal. C. gOARQ-UPIOPEN STR,UCTURE LiENS The following are eligible to apply for ralease of baard-t�ptopen sfr�c#ure fiens: 1. Stngle unif awners perfar�ning ref�abilitaiion an their p€op�rties, 2. F B�ild�rs or d�velop�rs consfrucfing new single family F�orrres on vacar�t lots, 3. Owne�s _pe�forming r�habili�atiorr on muifi-tamily, comm�rcial, in�usfriaf; mixed�use, or communify faciiify pro�erfies_ .. � 4. Developers� can5�ruc�ing multi-fami[y, . comrrtercial, indusfrial; � mix�d-t�se, �r community facitify �ra�ecfs. � _ D. PAViNG �tENS Th� following are e]igibEe fo �pply for �-�I�ase of pavPng liens: � - ,• �. Single u�it o.wners per�ormir�g rehabifit��ior� on #�eir �roperties. � 2. Bu�lders ar deveio�iers �on�trucfing new t�omes on vacahfi lofs. �. � Owners .per�nrrimit�g rehabififia�ion on mulfi fam�ly, comm�rcial, indusfria�, mixed-us�, . . or commu'rtifjr faci{ity pro�aer�ies. � - � . 4. ' Develop�:rs cbnsfructing ir��lfi�-famil�, commercial, , �r�dusfrial, mi�ced-u�e, or community faciiify praj�cts. � � , E. E�fGIBL� RECipiENTSIPR�PERTIES 1: In order io be eligible �fl appfy �or re{ease of �iiy lien�, i�,� �ropet-�y owrier/d�velo{�er: . a. must n�f be delihquent in paying prop�ri� faxes for any property owned by J f�e ownEr/de�eloper - - �. � , b. mt�st nof have �been subYecfi tfl. a Building Sfan�ards Garrmmission's Order Qf D�m�fitian wliere fhe pro�erty was �emofish�ed �nrifhin �he Iast fve. (5) years; and � c. mu�f not f�ave any Ci�ty af For� Vl�orih Iiens �iled agairtst any aff�er pro}�erfy a�med - by �he ap�lica�t properiy awr�e�/c�evefoper. "Liens" includes, bu� is not limifed ta, weed �ier,s, demolifion liens, board�-�p/open strucfure Iiens and paving lie�s. �. Praper�ies under a cor��rac# for deed are nat eiigib[e for release of City liens_ VI. � " PROGEDURAL STEPS - , � A. APPLIGATFON SUBiVIfS�ION �. Tha applican# for NEZ ir►cenfiv�s under S�c�io�s II1.A, B, C.' D., 1V, and V must complete ar�a submif a Gity of Fort 1Nor�h "Appfica�for� for NEZ 1�centives" and pay fha ap�rapriate. applrcafi�ori fee to ifi� Housirig Dc�partmen'� or the . Ec�nomic a�d Gomrn�nify beweloprimer�f Depar�ri��nf, as appli�ab(e. . - �� 2. The applfcanf r'or incentives und�r Sections Ifl.C.2 ar►d D.2 musf also compfefe and submtt a G�fy of Fort Worih "Applica#ion for Tax Abafement" and pay tf�e appropriafe applicatian fee to fhe Econor�ic _and Comm�niiy Development Deparimenf. The applicafion fee, review, �valuation and approval will- be governed by Gity of Far� WflrEh Tax Abaf�ment �'oIicy Sta#emenf �o� Qua�i�yir�g Davelopment Projects. B. CERT[FICATlONS FOR APPLlCATIO�NS UNbER SECTI�ONS tI1.A, B, C.'i, D.'i, N, � Al�� V � � . 9. -The Housing �epartment�ni�l1 review the application f�r acctaraey ancl . compieferress. � �nce comple�e, Housir�g Department will cerEify eligibi[ify of the application based or� ff�e cri��rEa se� forth in Sec#icin Ifl, A, H, G.�, D,9, IV, and V of this �oticy, as app�r`�a�)e. Or�ce an application is cerfifed, ihe Hot�si�g De.pai-Em�nfi wilf in�orm appropriate d�par#rYier�ts adminisferi�g fhe incerrtives about t�e ce�fi�ed applicafian. An orienfafian rrreefin.g wifh Gity departme�fs ancf fhe applicant may be �chedufed. T�e departriments ir�c�tad�: r � - _ � �. Housing Department: p.rop�rty tax abatement fo� r�side�tial �rop�rties and mu[t�- ,. fam�ly �evefopmenf projec#s, release �f Ci�y lier►s. b. Economic ar�d Gommunffy Developm��it Depar�rr�ent: property tax af�atement for � comm�rcialf � ' - ' - ' �� incl�rsirial, c�mmuni�fiacilitEes �r mixed=use devefnptnei�t pro�ects. � c_ � Devefo�me�# Qepartmar�t: deve�opmen# fee waivers. d: Wa�er Departmen�: irrtpact fee �raivers. � . e. Ofher apprc�priat� deparFments; if a}�pIica�le: 2. Or�ce Developmenfi Department, Wa�er Depar�menf, Econarrtfc a�d Caf�r�muni�[�r Development De�arim�r�t; and/�r o�Fier a�propriaf� departme�f racaive a Get�ified ap�licafion from �h� Housing Depar�merif,_ each depar�men�loffice si��l� fi1l auf a �"1F��ifcation of N�Z lnc�t�fives far Gerti�ied N�Z incen#ives Applicatia�" and return it to �he Housing �epartrnent for r�corr� keeping and tracking. C. APPLICA'il0[V REVI�f At�iD EVALUATiOPI �OR APPLtGAT�ONS 1. Propefi� Ta� abatem�r�t �'or Resir�ential ProperEies a�r� Nli�ffii-family De�velopment Projec�s � . - � a. �or a cam�l�ted and certified a�plication for na more thar� �We yea�s of iax abatemenf, wifh Council approval, the City Manager � shall ex�c�te a fax abaterrmer�t agre�rr��nt wifh #�ie �pplican�. � . b.. For a complef�d and c�rftTi�d mU�f'r-fiarpi�y develop�menf projecf a�piicafion for. mar�� fhar+ fve years ot �ax abatem�t�t_ - . (1) The Housing Depar�ment will eval�at� a compieted anc� ce�iTaer� applic�fian 'based nn- . (a} The projecf's iriereas� in fhe vai�� of fhe t�c base. - - . -(b} Cos�s to �he Ci#y �st�e�i as �nfrastrucfure parEicipat€c�ri, ��e.). - -{e} Percen# of constr-�cf�s�n contracfi� corr�rnif�ed fo: � �[) Forfi Wot�h basecT ftrms; ancf " . (ii) Ntinority ancf l�om�n Owned Business Enferprisas (MMIB-�s). (d} Ott�er i�ems which may bc t�egotiat�d by tF�e City and ti�� a�p[icanfi. �2 ' (2) Consid�ration by C�t�nci� Commit�ea. � Based upon #�te ouicom� of fhe evaluafio�, Housir�g Depar�meni may present ff�e app�ica�ion to �he Cify Co�r�cil's Ecbnomic bev�lopm��rf Commi�Yee. ShouDd fhe H�i�sing Departmenf present ihe applicafio� �fo �he �cor�omic Davelapmenf Gommii�ee, the Cpmmif�ee wii! co�sider �he ap�ficaiion a� an open meeting. Tn� Committee may: . , (a) Approve the appficafion. SfafF wi�� fhen �nco'rporafe the app[ication info � iax aba�emet�t agreemeni whic� vuil[ be se�f fo fhe City �oitnci! wif�� the Commi�t�e's recomm�ndafion to approve the agreerner�fi or (b) R�quesf t�ioditica�'rons to fhe applicafion•. Nov�in� Deparfrr��nf sfaff will discuss the suggested madifica�ians with f}�e applicaht ancf ff�er�, if the Tequ�sted modi�cations are made, resubm�t fh� mod�fied applicafior� #o t�� Corrim�ee for consid�t-afion; ar � - (c) Dany the appfica�Eior�. Tl�e applicant may app�al the Commi�tee's ftnd'tr�g h.y req�te�tir�g fh� Ci{� Cour�cii to: (a} disTegard. t�ie Camr�iftee's fnding arid (b): instrt�cf city staff fo incorpora#� fhe a�plieatian into a fax abatern�rit agreem�nt for fitt�re consideration b� the Cfty Cot�nci�: (3) Consicfera#ion byfhe CityG�unc'rl - � Th� Cify Co�Urtcil retains �ole au�horify to approve or deny any tax abaierrienf' a�reemerif a7id is under no aE�iigafi.an ta approa�e a�iy fax aba�em�r�t a��licatior� or �ax abafement agreerrEer�t. Th�; ��ty of �ar� Worf� is under no obligafion to provide t� abafi�ment in ai�y_amoun� ar value ta an� ap�Iiaant_ ' c. Effective Date ftar Approvec� Agreemerits Af� ta>c abafements approved by fhe C�ify Gounci! wi1[ be�ome efi�c�cfive on .Jan.ua� � c�f tF�e y�ar �plfowing the year in which a Certifi�aie of Occ�pancy (CO) is iss.u�d tor tF�e quafify�rtg dev�loprnent pro�ect (�nfess ofh�rwise speci�ed in the faX abatement� agreement�. Ut�less ofherwise specifii�d in ft�e agreer7ient, faxes levi�d c�urin� tF�e construction of the projecf sha[I be d�e and payabfe. , 2. Prope.riy . Tax Aba#emerrt �or Comm�rcial, ]ndustrial, Corr�rnu�ify Facilities, and Mixed-iJse Develapmenf �'rojec�s - a: �or a compl�ted and certifie;d applicafion far no mare than �five y.ears af fax r abafernetit, wifh Councii approvat, the Ci�iy Nia�ager shail ex€�cut� a tax abat�ment agreement wTth the a�plicanf. b_ F��: a compl�fi�d and cerEified applica�ion for more. tfian frve years of fax abat�menf: . � ' (`i} The Economic and Community Develo�rr�ent Departrrient �wiff eval�ate a compfefed•and ce�t�fi�d applica�ion base��f on: • , .�a) The project's increase in the va�ue of the•�ax base. (b) Costs fio fihe City (such as infrastrucfure pa�#icipafion, efc,). (c) Percen# af construciior� corit�-acts .commiited fo: .(i) Fort Wor�� bas�d r�rms, at�d {iij Minorify artd Wor-r�en owned B�siness Enfer-�rises �M/VI�BEs). (d} Qtf�er ifem5 wt�ic�r may be negar[aie� by f€�e Ciiy and fF�e appficant. `i 3 (2) Gonsiderat�on by Councit Gammittee - Base� u�on t�re ouficome of ��e e�aluatian, i�e Economic and Communtty Development Departmenf may pres�:nt �he appf�catio� ta �he Ci�y G�uncil's Ecot�omic bevelopimenf Gommi�iee. Shauld th� Ecanomic and Commzanity Devefo�men� Departmen� � present th� application i� the Econamic Developmer�t Cammiffee, t�e Commiffee �iilf consi�er fi�e applica#ion af an apen me�fing. The Corr�mittee may` {a) Approve the applica�ifln. StafF will t�en incor.p�rafe �f�e appficafion int� a t�x abatement .agreement which wi(I be se�t to fl�e Gi�y GoUncif wi#h the Cammitt��'s recommendation to a�prove fhe agreem�nt; or {b� R�quesf• modificaticans to the a�{�fica�ian, � Economic and �ammunif'y � bev�la�ment D�parEment sfaff wifl discuss fhe �sug�esfed modi�icatiorts wifi�h.the app�icanf and #her�, if �he re�uested modifcatiorts are rnade, resubmi'� �h� modifi�c� -appficafiion fo t�e Cammittee for considera#ian; or (c) Deny �he applica�ion, The applic�nt may app�al fhe Cammif�ee's �nding by-rec�uesfir�g the Cfiy Go��cil to: (a) disi'egard if�� Commif�ee's fnding an� (h) insfruct city sfa�f to incor�r�rate the appficafi�n in#o a fax abat�rrierrt a�reem�n� for future considerafiia� by tF�e Cify Co�r�cii. (3) Consid�ra�iori by #f�e Gsfy CounciC � i The �iiy �oun�! re�ains sc�le author�fy �a appr�v� ar �eny_ar�y f� abatemen�_ • agreement� a�d is under � r�o } abfigation t� appro�e- at�y fax abatemenf applicatio� or tax abaterr�enf agreemen�. The Cify of Fo�t Worih is �nder na ob[�gat�on ta provide tax abaterr��nt iri ariy amount or vaiue ta any applicant. c. ; ��Fecti�e Date for �Ippra��d Agreem�n'�� . AII ta� abaiemen'ts approv�d by� the City Couri�il wilf become �ffecti�e on . Jat�ua•ry 1 ot fh� year follovtiring the year in whi�h a Gertifrcate �f Occupancy (C�) � is issu�d for #he quai�fyin� '�evelapmer�t proje�t (ui�less otherwise specified ir� the tax abat�ment ag'reement). U�tless afh�twise spe.cfi�d �in the agreement; fia�es feviecf dt�rin.g the cons�'tilctioh o� #he project shall 6e d�e and payable. : �. Develo�mer�� Fee Waiv�w`s a: For certified applica�ions af devel�pmen� fea waivers thaf do no� zequire Co�ncE} ap�roval, the Developrnent D'epartmer�f wiii review the c�r�ifiec� ap�p�i�anf's appiicatior� and gr�nf ap�aropriafe incentives. � b. Far cer�ified applicaf�arts of .devefopm�nf fea waivers iF�at t'equir� G�t�nci� , approval, Gify sfaf€ wi« re�iew the certifed applicani's applicatian and rr�aKe � appropria�e recomme�rlaiiarrs fo fhe Gity Gauncil. �. �rnpacf �ee Vlfaiver a. Far �certir"�ed a�aplication� Qf irr��acf fi�;e waivers #�ia� do nflt r�c�t�ire Cot�nci� approVai, the Wat�r Depa�irn�nf will re'vievir the cer�i�i�d appficant's applfcatian and grant �appra�r�a�� incet�t'tves. . 14 b. For certified app�icafions of �mpact Tes waivers fhat require Go�ncil approvar, f�e Wa�er I��partment will revisw fhe eerti�ied applican�'s app�ication and make appr�priate recommendatians �o �Y�e Ciiy Cn�ncil. �. R�leas� of Ci{y Liens . For certifec� appiications ofi t-el�asa of Cify li��s, �he Ho�sing Depar�menf will reEease tF�e �ppropriate li�ns, _ - ' , Vll, �TH�R RUL.ES PERTAfIrI�NG TD PROPERTY TAX AgATEM�NT A. R�CApi'i�RE �# ��e terms of the �ax ab�te�-nent agreemenf ar� nof ine�, the Gi�y Gouncil has �he right to cance( or arnend ff�e abatement agreement. !n �he ev�r�t c�f cancei�a�inn, th� r�capf�re of a�ated- fiaxes sF�all be fitpited t�. fl�e year(s) i� which tF�e de��a�1� accurr�d ar cbnti�ued. B, 1N5P�CTION AND FINANC�AL VER�F[CAT�ON �'OR MULTI-FAM1�.Y, COIU[MERCIAL/ fNDUSTRI.zIL, CON[Mt1NITY FAGlL[T�ES AND 11�fIXED�US.E DEVE�.OE�MENT PROJEGTS . . The fietms of fhe agreem�nt sha�l include f�h� Cify of For� Wor��'s rig�fi to: (�� revievir and ir�:rify th� applican�'s financia! sfatemer��s in eaeh jrear during the li�e of the agreerimenf prior to gran�ing a tax abetem�rit En any given year, (2) cnriducf�an an si�e insp�c#ior� of• t�ie pr�jec� in= �ach year during the life of fhe abai�mei�� to veri�jr co��liance with the terms ofi the fax abateme�t agreeme�nt. C. EVALtJ�ATI�ON FOR IItIL1LT1-F,4MILY, GDMMERCtALI INDUSTRNAL, COMMUNITY - FACiLfT(E5 Ah�� MIXED-USE ❑EVE�O•PNfEl�T PR�JECTS � Upor�. completiari of cortsfrucfiori of fF�e faci�i�i�s, fi�e City sf�ail t�a Iess than ar�nual(y �evaluaf� each proj�cf receiv'rng a�a£�m�nf �a it�sui'e cot-ripliance wit� fhe �erms af i�re agreeinent. An.y inc�d�nts of rtor�-compliaRc� wifl be re�or�ed fo fhe Giiy GaunciL . O�r or before Feb'r�rary '[s� of every year durir�g �l�e Iif� of �he agreemen�, any �ndividual or �n�ifjr r�ce[ving a fiaz af�afi�men� from �he Ci�y of Forf Worih shalf provide informafion and d�acumen�afio�i rrvhich defiaifs ��ie pt-oper-�y owner�s �omptiar�ce wiih �he terms of �Ehe respective agreeri�rera�E and sf�a[I ceriiPy fha�E f�e own�� is in comp�iance wr�� each app�[ca�i� tertri of fhe agr��men�� Faiirare �Eo repar� fi�is _information anri ia pravide �he �required c��ifica�ian by fhe above �d�ad[i�e s3�ai1 res�f� in cancella�ion� af agr�nmenfi ancf any i�es ab��ed 'in ��e �rror year b�Er���clu� an�3 payab�e� _ D. EFFECT OF SAL�, ASSfGt��MEt�T OR L.EAS� OF PROPEI�TI' [f a prop�rfy [n the NEZ on whicF� taX is being abated is sold, the new owner may enf'er info a�ax aba#em�nt" a�reement on fhe pr-opet�E� �for the rernaining ferm. Any sa�e, assignme�rf nr leas� _af ��e prope�'fy which �is not parm�ffied in fhe iax abaterrien� agreem�nf resUlts ir� ca�cellaz'ron of fhe agr�emant and recapfiure of any taxes abat�d after ifi� da�� on whFch an ur�specified assignrr�enf occurr�ed. , , 'f 5 VIEI. DTH�R li��ENTNES - � A. Plan reviews of praposed deveiapmer�t p�oj�ct5 �n tf�e NEZ wiil b� expedited by t�e � Deu�fopm�rrt departrne�t. �: , � ��. The City,�Co�ncil r�r�ay add f�e fo[iowin� incenfives to a NEZ in fhe Resol�fian a'dopting the NEZ: , - � �. Munici�al sal�s fa�c refund • . 2. Homeb��ers a�sistanc� . 3. �Gap f�riancing � 4. �ar�d assernbly � � - �. Conveyance of fax toreclosure pro�er�ies • � - . • . fi. lnfras�-ucture irrip�rov�ments � . . �.� Support for Low Ir�cnm� Housing Tax Gredi# �L1HTC) applfca�ions $. �ar�d use ir�certfivss and zoning/b�ifdir�g code exerr�pfiidn�, e.g., mixe�-usa, densi�jr . . �onus, parking e��mpfion � 9. Ta�c Increment Financing (T1F} _ • ' �0, P�abfic lmprovemen# bistrict (PfD} 1'E. Ta7c eXempf bond f�nancing � 72. New Madel BfacKs � � � .- T3. �oai� guarante�s � � . . � 14. �qui°iy�invesfinents . . . - ��.�Ufi.�er incenfives tF�atwill eff�cfuafe fhe in�ent and ��rposes ofi N�Z. I - I ' � 1 � � 16 � �xhibit B � �'roperfy pescription Address Lecaal Description 2616 Di��r Court Lot 5, �lack 3, Ram�y Place Additian i � •�Ug� �� ���� 9:�dQ� 1�`�l.y K i q Y�C�` i� 1 I'I ��������fi � ��o.$4�z �.2 App�iastiori N�. , .�s � G � �� �� . . , .' . �rxY a� �o�.� �o�.�� � � : � � � N���T��.���� ��{7i����htT �C1N� �'��� P�Q��M . � . .� • _ _ �_�� - � � �- - „_ ,-.- _ � _ '��t�'��C�` C��TrRi�ti'�I�,� Ap�L�CAfi��N ' � ... __ �'�� C � -�`0� DE'V���P11��NT P�O�'ECT� , � _.—. .—.,_, _ _ _ _,._..—_ . — ._.-- . .` I.' AP�S.��CA�O1�T CI�C� �IS� � � -- � `"' � .. - - � r . � : a Y�. s,= ... ,� � :,, ¢.�,� ' Plsa�e �uL�mit the folfow�ng doaumenzati�n: . � � ' �� • � � . � :f . f�" _ . �. :. �i. � s � . � . � � .�I!•: l i '. [� �4 c�mplet�t� apglicatio�n f�rm . , _ - - � . , ' _ - , ' � . . IZ'A � A list ofa�l praptrtae� a'+�med by th� appli��nt�I�, �b�t Worth '� ;�,.� R��� �, -_ [] ��',t�,pplicatronllfee of 0.5% of tha total C�pltax ��Yestman� af the praj��#, n�t #o exceea c ;` • �1,0�O:OOr(�'ar fa� ����$mer��-applicstiang o�Iy, �nnf apgt�c�b�e to single 'famiI� ��. . • d�velopmeBf proj ec�s} - - . - _ . '. . • . �,� Praof �f o�yi�$x8�iip, ���h a's �a warran�y"c�eed, ��i�avit of heirsk�ip, az a pro��t�d vvi�1.,OR. „. .`'� eviden�e of site cnz��xbl, s�ch as ap�ian-tn buy " . =:� ...��� [� Ti�I� ��s�'a��t �f`�fi� pmperiy (aptfo�l�.�Ij . ' . , .�. ,� .` �.. � ,�=_ ,Y � .:...r , .. r.� �4 � • � • � . Far Tte� � a t� �raiecfs.dniv�. . . [j , Fo�"a -proj�et �in tl��� p���i�g st�.��, pie�.se �ubmit a. corrin�e�ad set �f Re�al�iiitstion •'- CRemod�ll Plan ana a Iist o� eli�ib�� r�habi�,ian cnsts�°. �far ��pliastSons a� �sx . ; �. . � ' a�ba�erici�kt�s��.�nd �evalopment €ee �'a�w��r�s fop �ehab.projec�� on�y)� _ � � • ,' �� � Ot�ce a pro��ct is compl��ed, �leas� �ubrnit proo�` a�` tl�.e eligzb�� rahabilifaf�vz� costs� s'�ck� �.� z�i�vai�es, �o�.f�ac�s, rcaeiFts. (fo�° �p��Icsfions oft�� ab�t8�kl�nts on�y} . , f - . � � �`- Eligib�a z��a�ilitat�o� i�,clud�a only physi�al itnprovem���s to ro�l prbperfy, . It do�s 1V'C3�' inaiudc pa'rsanal • propar�y s�ch as �furnz'tute, �p�iza�.ccs, oquir�ma��, and/4z #up�5�ios, Total�e�igi6la re1��i3iC�tioz� �Csts �ha31 e.�ua1.. , � #o r�r bxb��d 30%a of #h� Tssrant Con�ty Ap}sx�i3al ��1is#rict (�`Ab) appr�ise� .vatuc of t�.o �triz�tur� d�riag the ' p�a� r�ha�ilxtsdon aa�iir�. . : � . ��. '�PPLICANT / �,GFN'� �N�'��ATIQN � � .��.._ T � - — .�. Ap�l�cant: � I gamey A�enue T,..P. � �� Con��a#Perso�; Gar�r �h�f�ie�.d 3. ���ir��s� , � 95Q7 Cz��.n�ury Hwv, .�Pea�lz�r�ord � TX 7$b8'� . . , ��ree� , . �f�y �tat� ��p �F rlli��� �+Vsi � ; �� 1 TB�c7�.L�L9 ' .3. � L'�� [��ri C711 �a?�.1.� ( A1� r • • . , . �► �nn�#I, . F �ar�. �b���E��e1dc�l��od'���. net � . '7. .Ag�nt (ff an.y7 ., � . - . . , . . _ , . _. _ . . . . . � 8. Adcires�� � •( ' . . ' ' . ' Stree� . f ' f' -g' i 9; � ��one.�d.. , � - . € � ; � IT; Ni�i�ai�: • - � . , � � • Ci�y Sfate �ip , . ��, �'�X MO., � � : : � �_ !' . ' � . . . ' ' � F � . - , . 's . • . . } . _. ; . • . • - - . -. �=- - . __ . __ ,., . .. _. _ . — _ .. . . -- ---•-•— . . -- - _ - -' . � �f �a� ueecf fur�her [n�'orm�t�an, or ciar��cat��n, �Ie�Se �ed�t#��c� 'C��zn�Z Lu �f {&Yi} 871-73b�. or : - .��� C��r�t r�.� �Si�} S'11-��3s� . ' � _ � , . . , , . .. , . � . �- . _� ,. ._ �_-.- , , , , ' f : r Y , _ _ . . � Aug� �, 20��2 9;31Ah�. � �"U�l'� �'����� Ko.8452� �. 3 � � . . � _ ., � . � _�_ � _,,. , . ._ . � �r�. �Roar��x��z�����z�r�r� . _ - . . . ��� P�gase Iist down ti�a �ddre�ses �t�� i�gal descrfptioz�s of fhe �ro,�scf �.rld other pr4pe'r�ies �our c�rggni��tlon owns.in �`ot'� `V4�arth, 4,t#$eh nie�ea ��xd bn�xnt�� d�scrfpEinn if r�a adcir�s� or I�gsI des�xipt3a�n'�s �va{l�ble� �4ttach a� exhfhlt shv�in.� �5������tion o;f tiae �ra,ja�t, • � . Table 1: . ., �raper_ E3yS��nerehip � . . . . � . Addires� - � � �ip: ' . • Legal be�eription , � { � � �oc�e �u%d1v1�1an �,o� No. � '�Iock Na, j _� � � --- . - -- -- 1 �� �P�aje�t i,ocation) � ` � ' � - - _— ...� _ � , .._ . . __._ �,,,,, ' . -- - ' � •, ��— � �........ � � ' � .� �C3 � , "76��,�' �'1�rx.�aw���K �ilPe��_. _ . — — �- �. , � � . . � � . ��� � � 1 � � -_ � � � - . ��, . ._ " _. � , � .�� I - � � ,� . _� . � . . � - - � _ _ _.. C . � -_ �-�-�-----�. ' -- - �' � � � "(�']eas� aki&oh ad�!#ioi�al si�eets of p�per ��s r�ead�d.) . 4 . . 2. �`az� �ac� �rope #�iee Tistet� fri'1�`abI� �,, �rl�asa ckeck Eh� bo�es beiaw fo indlea�e �fc . . , . , � �' � the'ro ar� taxes due; or � . . $- there axe Cit� Iiensi ar � , . ' � ' � � � ybu Y�at�e�bcen subje�# to a Buildi�g St�.nd�gda��otnmission's Ordsr ofl�e�o�iEion wher� th� ' �rogerty was-dernolish�d within th� la�t fv� y��rg. ,• �� . ' _T�hle Z .� Prn��rty �`��ces and �itY Lf��s � � , . - . � , Address � `� �raperty � . . ' ' City �Lf��� an �ra�r�r�y � , � � , � _ ; , . T�txe�5t . �Wee�: ��'�Yd�ltpl4pen ' Detrlolltinn' PaYi�tg Order af ' ! _ ,.1. ` , � Dtie � L4ens� Stt��itt���.i��s • � �.tea�; Lfeeq :•D,einbiition • , - � . ,-- . � _ � � .—: _ --__� . • . �• � � . � , � � � � , � � � � � �� r—� ' �" �--. ' . � -- E, � � �I11J ' ,,.:., -. � ' , � , I L.l U E�E f � l�..� � . i, 4 - ' ,.. , � � . � � ' � .. L�l � - -- �' ❑ � �.I- . . . F ' .l� . �, . ❑ .L1- . � ❑ l (�'lease stfstlh B�SItE�t[On�,l she2tS Of j�p�Bt' Be n99ded.} � � � . � �, Do.yQu Qw��o€��x �roperfie� t��.der of�i�r� n�3r�es7 Cg� Yes � �a ' � � , • . ,��'�'es, glaa�e spealfly Hex���a�e Phase� ;�C(West. �Fo"r�=�;c�r�b• F�. S�ar�t3i � . :4� �7Q�� i�e propv�ec� ��ojec� conf�rm �itii Ctty a�F�rt"4�'ort� �onfng7 [g�, Yes [� No Tf`tia, v�h�f steps are bein� taken to i�asura corrlpX��r�c�7 , � '. �`. �'rvjea��"y-p�: � � ' � � , �❑ ��] . ❑ . � . � , • ' � . . �#t�gl� . It�1ul�i- C�mmercia� I:aduStriAI � �Commun#ty Mi�Ced�Use . �, � � � �arni�y � ,�ar��i�y , . : ' ' - Fac�i�itie� • , . lf . . � f �� : � , �': f. f ! � I F i , � , � A��' 2�.20D2 9.31AM � • ,�'U�,i �13�'►Iii � No.8452 P, 4 � . . � . , . - � �.�, �as th� prnj�ct'�e�n compie�ed ar is it in �he plannfng st,age? �'Yiat type �f eanstruc�lvr�7 ' ❑ Constructiani�orrit�let�d ❑ CJnder �a u� ' ' � In Plannin S� ia�e ' [� Nc'w Construaiion � Rehab �❑ I`�ew Congtruet�v�t [] Rehab ��ew ConshlfotEos� [] Reha� �, Tf the p�r�ject h�s ba�n cat�piexed, Wh��'�Y�s tt a��rapieted7 T -- , , — . , �. llaes (o� �'tII) tl�e reh�bi�iEation w�rk* e���l �o �t �ea�t 30% nf the'Z'a�'t`&�t Caur�ty A,p�ra�sal ��s�rtct (TA'�) aa��ssed va��� v� the �frt�ct�re �.ur�g ��e y�ar r��zabllltatlo� , occ�rr��Y ' [� "�es � I�to � �'Only �h�sxaa] ii�provemer�t� �� r�al propariy is e�ig�ble�� DD N�T includ� perso�al pr�pet�#y s�soh as fi�.rniCure, a�pfiances, e��9pment, �nd/bz� �upp�ies, ' 9. �'o�' �. siri�I�..f�p���,Y��,���,�����x��: n�ixe�3; �sP, or mul�i�f�m�Iv rsevelonny�nt.�ro�ecf, pie$se `• : fill out th� num�b�r af�residenti�l unf�$ ba$�d on inc�me ra��e v�' oiwn�rs or rar�Eers fz� �h�e � ; �'atl�wf�tg �j�i�,, ' , ' • , �'t'�bie 3,� I�u.rnber ofl�.�slci�ntla� �J'n3�s and ���omg l�s��e �f 4wt��t�s or Renger� _:,�.. �._ � � � I� ' � � At.O� b�lovY 80% ... ♦.. �w_ es�im�.�ed _ - - -- . _.. __ _._ . ...._. ... _ . _ _...... .. _ ��'AM�'Yt Arts M�dian�amily Tnaoma, �i�Ieas� see attac�ant fQi income az7� hauatng pz.yme�t gu3dc3i�,as� IO..Fa.r � mu�fif�nn��v ior�i�ct �a be qt��fi�e�i fo� fax a��temen�, �f Ieast Z4Q/o af totaY utzits siz�.YY -. bQ �.ffnra�a6le � f`smftles at or be�flw Sb°%a o#'AI4��`I. �heck �he bo� t�pot� �r� xEq�est�ng a � w�fver of ih#g requirement, � . � • � , , 1i� �`c�r ��ommeYc�al. Ind�strfal or aa��m�Yr9�v f�cilitie9'nrnieett indlcat� squ�Ye toot�ge c�f. , r�on�resld�n�f�l�s���e. � - . . . , � Cor�m�raia� • ' Ir�dugtri�l - Communi� �acil�ties � . �. . . F sq�t�r� feet ' � squ�,re �`eet . ' � squar� feet �LR���''A:�S'�i'l�� ��l'��TiO�� l�i[i,i0 �'l7 NtQ. �1� OT�L�.' ��r X�U A�E ��'�''L'��'�1G � �a� �. '�`�,� �t�;��`�I���i"�', . - ; ,.., .i IZ. �dw �iu�h S� ��ur C��i�t�i �n�8sfl�t���tt*** on.t�� �z'pJ��t�' �I��sa use f�re �'olZawing t�bl� ta i�rov�t�� ��e r�et�f�s.�n�d az�iouat a�•yaur Capiiai Fnve�tznent. , .' T��I� � � , _C�pl�a� Xnyest3cn�txt af �he I'ro.�ecf . � . • . : , �. . � . � ' S • j � D�VeZ{�C�ril�ilt G�r���� � B�i'��.T�l�.ied $,9..�Q�O,�aa „--..__,._.__ . .,. . ' _.. ' � , . f � • .. _......_ .. ' � . � ' -..., .. I � : . . . . � { _ ' . _� ' � I , , � , .. , --... -- ' � � � ' � ' � � � _ ' _... . � _. � „ m�_ ._ - t, �� . � . , - - � . . . �. ,i �—_ _ . _ _ , . � ..,. - - ��_r��1 j°��y '{�' �� ��%��'4'��t�h:u�y; ���,g���,�r, �;+.� fl:� �s�lrlr� i, =��� - �', �s.�,,'-_��,��,-,q� ��:: �,� .;�,�iH.�� i.; '�^J.�1.��1`,'�,,;�';",�j'�Yfi�l;ie3 7,��d,N�i�l� }H`� �s �.�..��,,�"u^rMe:a'�f' ���' i•�C �• 7 �n.,�4`=iK���',��'�'�^o'��j�h'�, � . , ��r•�m:eErxY.�b>i{'.l�c • :��an��a . S'�s...���.-�-:ta4'n�rr{hv ��U.a . �r•. �wli :'�i:!Mr.ir ' ui :Y:�-��.....•ti,s'ii/.:lii 15- :i ?�-••w: �.���� - ,'�`!d�`�apit�� Investin�nt t��tuH�s art�y ren! pro��r�y irimpra��m�nts euef� as n.evw facilities attd str�ct�res, � s��e ir�p�ov�moz��s,� ���i�if� cxp�zl�ibn, �d,f�ciiity �ia�er�f�atian, C�pir�l Ir�vesfi�ent �o�S �Q�' inatud� �and acq�ti�siti�n costs andlar any e�clsting ir�prove�nents, or �$rson�l prapsriy (s�aoh a� � ma�hi�aexy, ea�.ipr�er�t, �.n�/or st�ppliea ox inventary), � . . , . , . � . 3 . , i � . x i .. ' � � � � � � !=. �. Aug� 2.� 2D02�L9�32AM � � , . No�84�2 P� 5 .,�...� , .. ; , � • , . ; �3; Fn� � co�n.m�r�ia1. ue�rfe�� comrraz���`��`���ll. v ok�rtb�x�d��se nrofect,.how maay � : . , ' ez�lploye�� w�� f�i� pt;o�ect �e��era��Y � ' � X�, Fa a mi� ed-us�.�r�D��@C�, p��ase ��d�aate i�te pe�cer�tag� of aII �se� f�n tha prnf eet �n tk�e � f�Ilowing table. � � � � . . ` ' � � � . � Tahle S .Peresn��ge nf�i`eas in a�lx�d�t3se Pz�a ci � I fd��s'r'.,':s�hV�i3ft�r?;::lii'r:4►}±:__t'�?5;,��i�A►�iti;ESlFs'�Y?v�,t�t�l+�t,'v_+'���iK ��34KbLi�Ai'§{9�fcui't�Oht��BY,�'f."�2�''�."'.tiN�'a�i`�i'h� , i� f . ! _ ...,. ., _, _. .. __ - -- � f R�+S1i�C]ifI&.� � — — . ' - . ,I • � D�oe � . ---- ' _ � ' _ . ,,,.__.. . . � . - � $siin ' ' , . _ ' , . - I Lrite�i�rr�enC - � � `---. - -- - , �....... : - i R�tail sales . . . � , � � Serr�ic� � - - — � � I------ - - ._ . _ ... : . , ' .� �. • . , . ,---�, �. �� - -— - � , � � �� .'� , . „ � } ti l 1� I�' �� ��i5j��� �I .w� v { ,5 ']���"� tLivT'��, _ _ �ry� . I � . _ _ ... � , , , .�r � ��Y I - a��` Ir` :1i" � li ' '_ . _' � . �.' ' ' �'_ ' � . -. .,_. ,_ . . ' _"_ —' "'_T,_' '_ �� 1 � • � �Ir�VMR,'����11! I I n � � �� . . ' 1 - f . ' 3 , I ( ` I� i�t�� ��cen�iv�s �re �n� appl�it��.for� • , � � . , _ ., . ,, , ' ' �1�iuhlai�r�l ProDerlv �'.�c�.Ai��t� w 1Es ' � ; � • �.- ' . , � , _ . � .S year� ' � (� I�i�ra tttan 5 �ears ' � . , , .. . . ' Y}ev��ontiaenf �ee� Wsi�v��s ' � ' ' , . . , _ �, • � Ail �uild�g�ern��if x�late� faes (inoludit�g �Iaris Steview an� Irispact�ar�s) . � . , . - ' i��� rr��ah is your tQta1 de�e�opment cos�s? $�. , c] p0 , 000 � �,v � , �Iow �tuch is tha' total•, ��t�a�'� �ootagG �� yvur proj �at7 � 1 �i��`ami:l.y �o � s � ;.{� Plat �.pplio��iv� Fea (includin� cana�pt pl��, pre�minary'plat, fir�ai pt�.t, �hart forn� replat) . � r ,. � � Boaxd o,�l�,djustmant applicatio�,fea . . i , . [] ?�erim�liCi�t� �`e� � ' . . • . � '- � ❑ ' 3lru��ix� movi�ng g�e , , . ' � , � � � F . [� . - CbxnrxztY��ty �aoilitzcs A.greem�t�t (G�A) &ppfice�tion fee , � . � • �oni��.appT'iaa#zon f�a • . . z� � � �ti`��t �rid ��iii� easement � , ' • , It��act F`se'i�'�tt�ers ' ' , ' . - ' �^ �rnpa�t fee waivBr ' . ° ' ` . , � 1 , . Iv��rer S�ze . �r� � . � ' How many met�z�s? E�� • . .: � � i� i I I2�Iesse af` G��' I�iens � � . � ; � � W�ed lfans - � - . � � �oasd e��lo � en ��ructur� Ii�ns ' , . � . � Demv�i�o� Ix�s�s � � . . ' . ' • . �. � . � � • . ' , . . , �] �a�sng Iien� , , - . - ---- ,,. - — -.. .� _ ._.. ___. .. � _. _ _,. _ . .� � 'i , . . . I � I ` i � ' , . i � . , 4 m E.i �; �,, �. , I y 'AU$� 2�2�02�f�9 32AM� � m No.8452 �. 6 , � V,� - -• ACKNo�4'�,�D�Nt�NT� ��"� .�� . _e ,.._ , _ _ - � _ T�tereb� c�rt��y fhaC fh� in�orttiat�ara� prov�de� rs true ard accu�t� to the be�t o�my �noWladga. i hereb� �.okno�''l�ti$s t�-i�t I h�ve �'eoeiveci � oopy oi�iEZ �asic Iricentive's, �whioh �overn� tha gran#irig'af �ax ! A6ateme�ts, fee �v2zv�Y6 �rid xeleag� �i �l�j' �iett�, azid that sny ViO�..A��ON of t�e ker�ns of the N�� ` Sasic �ri�cntives �r MZ��i.�pRESgNTAxI4r!` shatl constiCute gz�bunds. fbr re,�octi�tt of an app4ie�tion or k�rntia�tia� of ittcerttivea a� th� dis�t��ion of t�c,City, � . ' Z undersi�nd th$t the apprav�I af:h�a waiw���s and o#her,inccnffves skail �of be�c��erned to be appro�val p#' � ' ' anyaspea� of t�e pro�oat. 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'.i�� �.. � �' . - i.<,'�_ �4�± .s� ww .�� �. _ ;i'`' '..1_:'!"��:�: '�,;.:.,'' _ _ .. .:_. � ' -.w Y_ �.EE- " � � . .�..�� ."': r _ ' _ .�.: � . ._ _ , ;�; ,.. �: .�,�:.:'. �= . .. i.. .:�. ._....v _..�}��.'S' S� 1C�.:�....... . � . .. �_�' .�. ...� . . .. '" . _ .. . � . .. � ��' ' . .� .. .. . �.�' �'� ��i� J1� �it;��z•- � ;� � . . ,� .'�j�� .5'�} -'I'� �'il. .�i �; � ��';y. `�i�_ ;:i ,}�;r?�:�;}. �'_"_ i� ,��a "�'." ��ty of'1�'o�t �o�ihy T'ex�� A1��� t�11� ����1��� ���1�'1��1��t1�t1 DA-fE REFERENCE NUMBER LOG NAME PAGE 2/25103 �_� ��$g� 05RAMEY '[ of 2 SUBJECT APPROVA�.� �F TAX ABATEMENT AGREEMENT WITH RAMEY AVENUE, L.P,, A TEXAS LIMITED PARTNERSHIP, AND KB HOME LONE STAR, L.P., A TEXAS I 1MITED PARTNERSHIP, FOR THE RAMEY PLACE ADDITION IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE RECOMMENDATfON: It is recommended thaf the City Council: 1. Approve the application of Ramey A►►enue, L..P. and KB Hom� Lon� Star, L.P. for a fi�e-year Municipal Property Tax Abatement for the Ramey Place Additio� in the Stop 5ix Neighborhoad Empowerment Zone (NEZ); and 2. Find ihat the statemenis set forth in the recitals of the attached Tax Abatement Agreement with Ramey Avenue, L.P., a Texas Limited Par#nership, and KB Hams Lane 5tar, L�.P., aTe tru� and correct; an� � 3. Authorize the City Manager to enter into a Tax Abatement Agreement wiih Ramey Avenue, L.P., and KB Hame Lone Star, L.P., in accordance with the NEZ Basic Incer�tives. DISCUS510N: Ramey Avenue, L.P., a Texas Limited Partnership, and KB Home Lone Star, L.P., a Texas Limite� Partnership, are the owr�erldeveloper of the Ramey Place Additian facated off the �90Q block of Ramey A�enue and Cass Stree# in the Stop 5ix NEZ and Neighborhood Empawerment Reinvestment Zone (NERZ No. 1). Ramey A�enue, L.P. and KB Home Lone Star, L.P. applied for a fi�e-y�ar municipal property tax abatement under the NEZ Basic Incen�ives (M&C G-13208R dated June 5, 2001, M&C G- 1358D dated April 2, 2402, ar�d M&C G13662 dated July 23, 2002, as amended). The Housing Department has re►iiewed the app{ication and certified that the praperty meets the eligibility criteria #a receive NEZ municipa! property tax abatemenf. The NEZ Basic Incentives offers a five-year municipal property tax abatement of t�e increased value af improvements ta the owrter af any new home constructed withir� a NEZ. KB Home Lone 5tar, L.P. will in�est $6,20Q,000 to construct sixty (60) single-family homes, na# including the model home, in the Ramey Plaee Addifion. TF�e add�ess�s, types and site p[an of fhe proposed deveiopment are attached fo this report. Upon execution of the tax abatement agreement, the tota[ assessed values of each home in the Ramey Place Additian used for calculating municipal praperty tax will be frozen for a five-year period, s#arting an the date the home is so�d to a homebuyer fo b� used as a primary residence, at th� pre- imprQvement �alue as de#ined by the Tarrant Appraisal District {TAD} on January 'I , 2003, as follows: � Pre-improvement TAD Value of Impravements -0- � Pre-impro�ement Estimated Vafue of Land $2,082 Per lat • Totaf Pre-impro�ement Estimated Vaiue $2,082 per lot �'ity of �ort �o�th, T'exas ���� ��d �,���tc�l ����c�n���t��r� DATE REFERENCE NUMBER LOG NAM� PAGE 2/25I03 �-19490 05RAMEY 2 of � suB��cT APPROVAL. OF TAX ABATEMENT AGREEMENT WITH RAMEY AVENUE, L.P., A TEXAS LlM1TED PARTNERSHIP, AND KB HDME L�NE STAR, L.P., A TEXAS LIMITED PARTNERSHIP, F�R THE RAMEY PLACE ADDITION IN THE STOP SIX NEIGHBORH�OD EMPOWERMENT ZONE The municipal property tax on the improved value is estimated at $649 per house, per ye�ar, or a tofial of $194,625 aver the five-year period, KB Home Lane Star, L.P. expec#s to complete construction on or befiore September 3a, 2Q03, and sell sixty (60) homes to new owners. Upon the sale of each home by KB Home Lone Star, L.P., the new owner may assume relevant terms and conditions under this tax abatement agreement by ent�ring into a n�w tax abatement agreement with the City, if the new owner meets all eligible critetia as stated in the NEZ Basic Incentives. The tax abatemenf agreement shall provide that the agreem�nt may be assigned ta KB Home Lone Star, L.P., KB Hame Lone Star, L.P_'s affiliates or its firsi mortgagee, or to a homeawner who will us� fh� requir�d impravements as its primary residence or the homeowner's mortgag�e, and any ather � assignment must be appro�ed by the City CounciL � The Ramey Place Addition is located in C�IJNCIL DISTRlCT 5. FISCAL INFORMATIONICERTIFICATION: The Finance Director certifi�s tha# the abo�e action will ha�►e no material effect on City funds_ :I�;�i! Submitted for City Mstnager's Off�cc by: FU1�D I ACCOUNT I (to) CENTER I A1Vi0UNT CITY SECR�TARY Reid Rector Originatiag Aep�rcroent Head: Jerome Walker Additianal Information Contact: ]erome Walker 6140 7537 {from) 7537 i APPROVED 2/25103