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Contract 28687
����� ��������� �.c:)����� � f� � ,���� �TATE OF TEXAS � � ; , , , -.. � . � �, , , COIIN'TY OF TARRANT � � TAX ASATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMP�WERMENT ZONE This TAX ABATEMENT AGREEMENT {"Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home nzle municipal corporaiion organized under the laws of the State of Texas and acting by and �hrough Reid Rector, its duJy aut�orized Assistant City Manager, and Ramey Avenue, L.P. ("Owner"), a Texas limited partnership, acting by and through Gary �heffield, its du�y authorized Manager, The Ci�y Council of the City af Fort Worth ("City Couacil") hereby finds and the City and Owner hereby agree that the following siatements are true and correc� and constitute the basis upon which the City and Qwa�er have entered into this Agreeznent: A. Chapter 378 of ihe TExas Local Government Cade allows a municipality to create a Neighborhood Empowerment Zone {NEZ} if the municipality deterxrzines that th� creafion of the zone would promote: l. Tl�e creation of affordable hou,sing, including manufactured housing in the zone; 2. An increase in economic developrnent in the zone; 3, An increase in the quality of social seraices, ec�ucation, or public sa#'ety provided to residents af tI�e zone; or 4. The xehabilitation of affordabl� housing in the �one. B. Chapter 37S o:f the Texas I.ocal Governmez�t Code provides that a municzpality that cr�ates a N�Z, may enter into agreeznents abating xnunicipal properiy taxes on property in �he zone. C. On ruly 31, 2001, the City adopted basic incentives for property awn�rs who own praperty located in a NEZ, stating that the City elects to be eligible to participate in tax abatement and including guidelines and criteria goverx�ing tax abatement agreaments entered into between the City and various third parties, titled "NEZ Basic Zn.centives" ("NEZ Yneentives"), which is attached hereto as Ex�ubit "A" and hereby mac�e a part of this Agreement for all puxpases. D. The NEZ Ince�tives contains appropriaie guidelines and critez�a governing tax abatement agreennents to be enfered ixito by �he City as contez�a.plated by Chapter 312 ofth� Texas Tax Coae, as amended (the °�Code"). ' � L! V4�J , �����]iby� d�:b11 ,,,��� t�������� , �����, ���, E. On September 11, 2001., ihe Fart Worth City Council adopted Ordinance No. 14767 {the ��Ordinance") esfa.blishing "Neighbarhaod Empovverment Reinvestrnent Zone No. 1," City of Fort Worth, Texas {ih� "Zone"). F. Owner o�vns certain real properiy Iocated entirely within the Zone and that is mora particularly describer� in Exl�.ibit "B", attached hereto and hereby mada a part of this Agre�ment for all purposes (the ��Premise�"), G. Qwne�r or its assigns plan to construc� the Requ�red Impxovements, as defi.ned in Section 1.1 of this Agreement, on the Prem%ses ta be used for as a single-fa�ni.ly residence to be that will be o�ner occupied. (the "Project"}. H. On July 24, 2Q02, Owner submi�ed an application for NEZ incentives and an application on 7anuary I7, 2�03 for t� abatement io the City concex�in.g the contemplated use of the Premi�es (the "Application"), attached hereto as E�ibit "C" and hereby made a part of this Agre�ment �oz a�l purposes. L The City Council �inds tk�.at the contemplated use of �ie Premises, �he Required Improvements, as defined in Section 1.I, and the terms of this Agareement are consistent with e�coura.ging development o�' the Zone in. accorda.nce wiih the puzpases for its creahon and are in compliance with �he NEZ Incentives, the Resolutian and o�her applicable laws, oxdi.nances, rules and r�guXations. J. The City Council finds that the terms of ihis Agreemeni, and fii�.e Premises and Rec�uirec� Tmprovements, sa�isfy tl�e eligibility criteria of ihe NEZ Tnceniives. K. �'sTrittan nohce that the City intends to enter into this Agreement, along vc+ith a copq o�this Agreement, has been furnished in �he manner presc�ibed by �he Code to the presiding o�ficers of tbe governing bodies of each af the t�ing units in which the Prerrii�es is locat�d. NOW, THEREFORE, fhe City and Owner, for ar�d in consideration of the terms and condit�ons set forth hereir�, do hereby eontract, covenaa�t and agree as follaws: l. �WNER'5 COVENANTS. 1.1. Real.Prouertv Improvezia�n�. Own�r shall construct, or cause to be constructed, on and within the Preinises certain iinpravernenis consisting af a sir�gle family resid�nce, (i) of at least 1,200 squaxe fEet in size, and (ii} having an appraised value of $8S,QQ0.00, as determined by an independent appraiser (collectively, the "Required Imp�ovem�nts"). Ownez shall provzde a survey af the campleted home showing Requzred Tmprovements be�ore the . hoa�x�e is sald. The parties agzee that the final surv�y s�all be a part of this Agreez�r�ent and shall be labeIed E�hibit E. Minor variatians, and xxiore substan�ia.I variat�o�s if approved in writing by both of the parties to this Agzee�ent, in the Required Inaprovements from 2 the descriptian provided in the Applicaiion fox Tax Abatement sha11 not cons�itute an Eve�t of Defa�7t, as defined in Section 4.1, provided that ihe conditions in the first sentence af this Section l.l are met and the Requu'ed I�provezx�ents are used �or the purposes and in the maxuier described in Exhibzt "D". I.�. Completion Date of Required Imnrovements. Ovtmer covenants to substantially complete construction of all of ih� Required Improvements vvithin two years fram �e issuance and receipt of the building permit, unless delayed because of force znaJeure, in which case the �lwo years shall be extended by the ntamber of days comprising the specific fprce majeuxe. For purposes of ihis Agreement, force zxaajeure sh�ll mean an evenfi beyond Owner's reasonable confxol, including, without limitation, delays caused by adverse weatl�er, delays in receipt of any xequzzed permits or appravals from any gavernrnental autho�ty, or acts of God, fires, strikes, nat�onal disasters, wars, riots and material ar labor restricrions and shortages as determined by the City of Fort Warth in zts sole discretion, which shall not be unreasonably withheld, but �ha11 not iz�ciude construction delays caused due to purely �mancial anriatters, such as, without limitation, delays in the obtair�ing of adequate finazzciun.g. 1.3. Use of Premises. Owner covenants that the Required Irnprovements shall be consinacted and the Premises sha11 be sold so that it is continuously usea as ihe prirnaiy residence of the Horrxe Buyer in accordance wi.th the description of the Praject set forth iri the Exhibit "D". In addition, Owner covenants that �raughout the Term, tlaa Required Improvemenfs shall be operated and m.a�tained for the purposes set fox-tk� i.n this Agr�ement axzd in a manner that is consistent wiih the general purposes of encauraging developmeni or redevelopme�t of the Zone. 2. ABATEMENT AMQUNTS, TERMS AND CQND�TIONS. �ubj ect to a�d 'zn accordance wtth this Agree�nent, the City hereby grants �o Qwner a real prop�rty tax abatement on the Premises, the Required Tmpravem�nts, as speczfically provided in tYais Section 2(`�Ab�tement"}. "Abatement" of real property taaces only includes City of Fart Warth-imposed iaxes and not taxes from oiher taxing entities. 2.1. Amount of Abatement. The actual amaun� of the Abatement granted under this Agreemen� shall be based upon the increase in value of the Prernis�s and the Required Tmprovemants over their �values on January 1, 2003 ($2082.00} the year in which this AgrEement was entered into: One Hundred percent (100%} af the increase i.n value from the construction of the Required Irnprovements. If the square footage requirement and the appraised value of �e Required Improvements are Iess thaxi as provided in �ac�ion 1.1 0�' thzs Agreeznent, except that such rninimum constxuction costs shalI.b� reduced by construction cost savings, Own�r �vill not be eligible to receiv� any Abatezx�ent under this Agraement. 3�.2,. �ncrease in Value The abatement shall apply az�.ly to taxes on the increase in value �� tl�.e Prem.ise� due to construction of tl�.e Required Trnprovements and sha.Il not apply to taxes on the land. 2.3 Term of Abatement. Th� term af the Abatemeni {the "Term") shall begzn on January 1 of the y�ar followiag the calendar year in vc�hich fhe Required Tmprovement is sald tp a Home Buyer to be used as its prima.ry residence (`Bc,g�ning Date") and, uzxless sooner terminated as herei�t� provided, shall end on Decernbez 3l. im�nediately preceding the �ifth (S�') a�nniversary of the Beginning Date. Upon the sale ta a Horn� Buy�r, City shall certify that the Required Improvements have been completed i.z� satisfaction of the terms of this Ag�reement 2.4. Protesfs Over AnAraisals or Assessments. Owner shall hav� the right to protest and contest any ar all appraisals or assessments ofthe Frerx�ises andlor improvements therean. 2.�. Abatement Ap�plicahon Fee. The City acknowledges receipt frorn Ownex of the required Abatemeni applicataon fee of iwenty-five dollars ($25.0�). 3. R�CORDS, CERTLFICAT�ON A.ND EVALUATTON OF PROJECT, 3.1. Inspection of Premises. Between �he execution date of thi� Agr�ernent and the last day of the Term, at any tirne during construction of t11e Required Improvements and �ollowing reasonable natice to O�ner, the Cifiy shall have and Owner sha11 provide access to the Premises in order for the City to inspect the Premises and evaluate the Required Itnprov�ments to ez�ure compliance with the terms a�d condztions of this Agreement. Owner shall coaperate fully wiih the City duz�zng any such inspectian and/or �valuation. 4 3.�. Certi�£ication Owner shall certify annually to the City that it is in compliance �rith each applica�le term of this agreement. The City sha11 have the right tn audit at ihe City's expense the financial and busiziess records of Owner that relate to the square footage and appraised value of the Required Improvements and once the city property taxes are abated, Qwx�ex r.nust provide documenfation that Owner is using the Required Impzo�rements as its primary residence (caIlectiv�ly, the "Records") at any tame duxi.ng the Compliance Auditing Term in order to deiermine compliance with this Agreement and to calculate tl�e correct �ercentage of Abatement available to Owner. Owner shall make al1. applicable Recards ava.ilable to Yhe City on �he Premises or at another Iocation iz�. the Ciiy following reasonable advance notice by the City a:nd shall athezwise cooperate fully with the City during any audit, 3.3. Provision of Iniarmation. On or be�are February 1 follawing the end af every year during the Compliance Auditing Term and if request�d by �he City, Owner shall provide information and docuzx�.entation for the pz�evious year thai addresses Owner's compliauce with each of the terms and conditions of this Agreement for that cal�ndar year. Failure to �rovide all fnfo�ynatinn withir� the �control of Owner required by t�iis Section 3.3 shall constitute ara Event of Default, as de�ned in Section 4.1. 3.4. Determination of Compliance. On or before August � o� each year during the Compliance Audzting Term, the City shall make a deci�sian and rule on the actual annua� percentage of Abatement available to Owner for the following year af the Terxn and shall �notify Ovvner of such decision and ruling. The actual pe�rcentage of the Abatemen� granted for a gi�ven yeaa of the Term is th�refore based upo� Owner's compliance with the tezzxis and conditians of this Agreement during the previous year o� th� Compliaz��e Auditing Term. 4. EVENTS OF DEFAULT. 4.1. De�ned. Unless oil�ez-wise specified herein, Owner shall be �n defaul# af this A�reement if (i) Qwner fails to construct the Required Improvements as defined in Section 1.1; (ii) ad va.lorem real property taxes t�vith respec� to the Pzemises or �he Project, or its ad va�prexz�. taxes rvith respeet to the tangib�e personal pxaperty located on ihe Prerr�ises, becdrx�e delinc�uent and Owner does no� timely and praperly follow the legal procedures for protest and/or contest of any such ad valazez�a z�eal property or tangibl� personal property taxes ar(iix} HOME BUYER DOES NOT USE THE PREMISES AS PRIMARY RESIDENCE ONCE THE ABATEMENT BEGINS (coiZectively, each an `�Event of Defaul,t"}. :� 4.�. Notice to Cure. Subject to Sectian. S, if the City determines that an Event of Defau�t has occurred, the City shall provi.de a written notice to Or�vner tha� de�cnibes the nature of the Event of Default. Qwnez sha11 have ninety {90) calendar days from the date of receipt of this written notice to �'ully cure or have cured the Event of Default. Tf Ownar reasonably be�ieves ihat Owner wi�l req�ire additional time to cure the Event ofDefault, Owner shall promptly noirfy the City izi v�riting, in which case (i) after advising the City Council in an opan meeting af �wner's efforts and intent fo cure, Owner slzall have one I�undred eight� (l 8Q} calendar days from tbe original dat� of receipt af the w�tten nati�e, or {ii) xf Owzier reasonably believes that Owa.�er will reqiaire more than one hundred e�ghfiy (180} days to cure the Ev�nt af Default, after advising the �ity Council i�. an open meeting of Owner's efforts and intent to cure, such additional tirne, if any, as may be offered by the City Council in its sole c�iscretion. 4.3. Terminatia� for Even# of Default and Pavment of Liauidated Da.ma�es. �.f an Event of Default which is defined in Section 4.1 has not bee�. cuxed witluii the time frame sp�cifically allowed under Section �4.2, the City shall have the right to tarminate this Ag�-eement immediat�ly. Owner acknowledges and agrees that ati uticured Event of Default �vi11 (i) harm the City's economic developrnent and redevelopment efforts on the Premis�s and in �.he vicinity of the Preinises; (ai) xequixe unplanned an�i expensive additional adm�iiustrative ov�rsight and involvement by the City; and {iii} otherwise harm the C�ty, and Owner agrees fha� the arnounis of actual damages therefrom are speculative in nature and wiil be difficult or impossible to ascertain. Therefore, npon tenz�i�ation of ihis Agreement for any Even� of Default, Owner sha11 not be eligible for the Abatement for the zexnaining Term and Qwner shall pay �he City, as liquidated damages, a.11 taxes that were abat�d in accozdaaice with fi.his Agreement �oz- each yea� when an Event af Dafault existed and which otherwise would have been paid to th� City in the absence of this Agreement. The City and Qwner agiree that this amount is a reasonable appr�xizn.ation of actual damages that ihe City will incur as a result a� an uncured Event of Default and thai this Section 4.3 is intended to provide the City with cozx�pensation for actual damages and is not a penalty. This amou�.t may be recovered by the Ciiy through adjuslmen.ts made to Owner's ad valorem property tax appraisal by the appraisal district that has jurisdietion over the Premises. Otherwise, this amount shall be due, pw�ing and paid to the City witivn saixty (60) days following the effective date of tennination of this Agreement. In the event that all or any partion of tl�is amount is not paid ta the City w�ithin sixty (60) days following �he ef.iEecfiive date of tertnination o�this Agreement, Owner shall also be liable for all penal�ies and interast on any outstanding amou�zt at the statuiary rate for d�linquent taxes, as determined by the Code at the time of the payment of such penalti�s and intez-esfi (curren�ly, Section �3.01 of the Code). 4.�4. Termination at WiII. If the City and Owner mutually determine that the development or use of i�e Premzses or the aniicipatEd Required unprovements axe no longer apprap�ri�ate or feasible, ox that a higher or bei#ex use is preferable, the City and Owner may ternvnate this Agreement in a wriiten format that is sigr��d by l�oth parties. In this event, (i) if the Term has commenced, the Term sha11 expire as af the effectiv'e date of the termina�ion af tliis Agreemeni; (ii) there sha11 be no recapt-ure of any taxes previously abated; and (iii} neither party shall have any further rights or obligations hereunder. �. EFFECT OF SALE OF PREM�SES. Except f'or an assigx�ument to KB Home Lone Stax, L.P., KB Home Lon� Siar, L.P.'s affiliates, KB Home Lone Star, L.P.'s fu-st znoxtgagee or to a horneowner who will use the Requzzed Ixnprovements as its primazy residence or the homeown.er's xnortgagee which Citq Council hereby agrees ta, ihe Abatement granted hereu.nder shall vest onZy in Owner and cannoi ba assigned to a new ownar of all or aa�y partion of the Premises andJor Required Improvem.ents without th� prior wz�itten consent of the City Cou�aczl, which consent shall not be unreasonably withheld provided thai (i} th� City Council finds thai the proposed. assignee is financially capable of ineeting �he terms and canditions of this Agreement and (iz) the paro�osed �urchaser agrees in wx�ifing to assume all tertns a�.d conditions af Owner under this Agreement. Owner may not otherwise assign, lease ar convey any of its rights under this Agreeme�i. Any aite:mpted assignment w'rthout the City Council's prior written consent shall cons�itute grounds far �ermination of tbis Agreement and the Abaiement granted hereunder following ten (1Q) calez�dax days of receipt o� wri.tten notice frorn the City to Owner. Far the purposes of this Section, "affiliate" shall mean (i) any e�tity in which at Ieas� 25% of the ownership consists a�f individuals, partnerships, trusts (or their individual partners or beneficiaries) or ather entities includ�d whether by legal title or be�eficially, in ihe present ownershzp of Owner or KB Home Lone Star, L.P. or (ii) any entity which has at least a fifty-one percent (51%) owz�ership interest in Ovvner or any entity in wh�ch Owner has at least a fifty-one percent (51 %) ownership xnterest. Upon ass��nment to KS Home Lane Star, L.P., KB Home Lone Star, L.P.'s affiliates or its �st morf�age�, or to a homeowner who will use the Repuired ImArovements a� its p�rxmar� residence or the hpmeow�er's mort�a�ee, Ramev Avenue, L.P. shall have no further obli�ations or duties under this ��reement. In addition, upan assignment ta anv othe�r e�titv with the yvritten caase�t of Citv Council, Ramev Avenue, L.P. shall have na fu�rther duiy or obli�af�an und�r this a�reement. In no event shaII the abaiement term be extended in the evenf oi a subseq�tent sale ar assignmen�. 7 6. Ciiy: NOTYCES. All written x�otices called far o�- required by this Agreement shall be addressed to the following, or such other party or address as either party designafes in writing, by certzfied mail, pastage prepa�d, or by hand delivery: Owner: City oiFort Worth Afitn : City Manager 1000 Throckmorton Fort �North, TX 76102 and Housing Departa�ent Atin: Jeroxne Walker 1000 Throckmorton Fort Worth, TX 76102 �. MISCELL.AN�OU�. q.1. Bonds. Ramey Avenue, L.�. 9507 Granbuxy Highway Wea�terford, TX 76087-5216 and KB Home Lone Star, L.P. 2711 LBJ Freeway, #�6Q0 Dallas, TX 75�75 The Required Tmprovements will nofi be financed by tax increment bands. This Agreement is subject to rights a�holders of outsta�ding bonds o��e City. 7.2. Conflicts of Interest. Neither the Premises nar any of the Required Improvezx�ents covered by this Agreement are owned or leased by any member of �e City Cauncil, any member of the City Plaunix�.g ox Zoning Commissian ar any mez�n.ber af the governing body of any taxing un�its in the Zone. 7.3. Conflicts Eetween Documents. In the event of any conflict between tha City's zoning ordinances, or ofhe:r City arcii�iances or regulatiar�, and this Agreement, such ordiriances or regulatio�as shall control. Tx� tkie event of any conflict betvsreen the body of this Agr�ement and Exhibit "D", the body of this Agreern�nt shall control. 8 i.4. �ture Ann�ication. A port�on ox ail of ihe Premises and/or Required Tmprovements rnay be eligible for c�mplete or partial exemption from ad valarem taxes as a result of existing law or fiiture legislation. This Agreement sha11 not be construed as e�cridence that such exemptions do not apply to the PremXses ancllor Required Improvezr�ents. 7.5. City Council Authorization. This Agre�ment vvas authorized by the City Council through approval of Mayor and Council Communication No. C-19490 on February 25, 2003, which, among other things, autk�orized the City Manager to execute this Agreement on bebalf o� the City. �.6. EstopueI Cert'zf'tcate. Axay party hereto may request an estoppel certificate frnm ano�her party hereto so long as the certificate is requested in conneci:ion wrth a bona f de business purpose. The certificate, which if requested will be addressed to the Owner, shall include, but not necessarily be �irnited to; sta�ements that this Agreement is in fu11 force and effect without default (or if an Event of Default exists, th� "nature af the Event of Defaul� and curative aciion taken and/or n�cessaty tn effect a cwre), the remaining term of this Agreement, �,he levels �.nd remaanzng term of the Abatement in effect, and such other matt�rs reasonab�y zequested by the party or parties to receive the certificates. i.'�. Owner Standin�. Owner shall be deemed a proper and necessary party in any litigaiion que�tioanin.g or challenging the va�idity of ihis Agre�ment or any o£ #he underlying laws, ordinances, resolutions or City Council actaons authorizing this Agreement, and Owrier shali be entitled ta inte�rvene in any such litigation. 7.8. Venue and Jurisdiciian. This Agreemcnt sha.Il be constru�d in accardaxice with the laws of the State of Texas and applicable ardxnances, zules, regulations or policies of the City. Vanus for any actian under tl�is Agreement sha111ie in the State Disirict Couri of Tarrant Gounty, Texas. This Agreement is performable in Tarrant Co�nty, Texas 79. Recardation. A c�rtified copy af this Agreemez�t in z�ecordable form shall be recor�ed in the D�ed Records af Tarrant Caunty, Te�a�. 7.10. Severabiliiv. Ii a�ay provision af thi� Agreement zs h�ld ta be invaIad, illegal or unenfarceable, the validity, legality and en.£oxcea�iliiy of the remai�aing �rovisions sha11 not in any way be af£ecte�l or impaixed. "�.I1. Headin�s Not Go�trolliu�. Headings and ti�les used in this Agreemen� a�re for referenee purposes only and shall not be deemed a p�rt of ihis Agreement. 7,12. Entiretv of A��'eement. This Agreeaxient, including any ��I�ItS attach�d hereto and any docu�nents ineorporated b.erein by reference, canta.ins t�ie entire uuderstanding and agreenzent between the City and Ovvner, �eix assigns a�d successars in interest, as to the matters contained herein. Any priox or contemporan�aus oxal or written agreement zs hereby declared null and void to the extent in conflict with any provis�a� of this Agreement. This Agreement shall not be amended unless executed in wxiting by both parties and approved by the City CDL111C11. TY115 Agreement may be exec�.ted in mul�iple counterparts, eaeh q� W�]1Ci1 shall be considered an original, but all of which shall cflnstituta one inst�i u�nent. io � EXECUTED thzs _ day of ,� � Texas. ' �� EXECUTED thi.s day of ��.�- CITY OF FORT �'URTH: By: � � ' ` Reid Rector Assistant City Manager ATTEST: . � By: �� � .� - � ,� . � . -�. , �. �ity Secretar}� � � APPROVED AS TO FORM AND LEGALITY: ��/ By: 4 � Cyn�hia Garcia Assistant City Attorney Nr&c: l�: ��i�°i� a��.5� b3 , 2003, �y the City of Fort Worth, , 2003, by Ramey Avenue, L.P. RAMEY AVENUE, L.P.: B • Gaty She ield� � � �i��l� Ramey venuE, L.P. ATTEST: : � �� a . , . , ,,. :.' . : r1J .� ��ti� �������� �"r "�,��1R;� ����: �-, , Il STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the �dersigned authoxity, an this day �ersonally appeared Reid Rector, Assistant Ciiy Manager of the CZTY OF FORT WORTH, a murucipal carppra�zon, knowz� to me to be the persan ax�.d afficer whose nam� is subscribed to t�.e foregoing instrument, and acicnowledged to me that the same was the act a� the said CITY OF FORT WORTH, TEXAS, a munzcipal corporation, that he was duly authorized to perform the same by appropriate Mayar aaid Council Cornmunicatia� of the City Council of the City a�' Fort Worth aa�d that he executed ihe sam� as the act o� t.�.e said City for the purposes aud co�.szderation therein expressed and in the capacity therein sta#ed. GNEN UNDER MY HAND �, 2003. ( /��.e� /�-��-.� Notary Public in and for the Staie of Texas �5��/� .l�f31�'/V�?� Notary's P�n�ed Name AND SEAL OF QFFICE t�ais ���day af O��Y p� �`�, �..��� RDSE�LABA�NES � NOTAF}Y PUBLIC �,� �� State of Texas �°�'o�'����amm. Exp. 03-31-2005 �,.�,.,.�. I2 STATE OF TEXAS CQUNTY OF TARRANT BEFORE ME, the undersigned authority, on this day p�rsonally appeared e r,'���5�� ,�J,Lc�j ��of Ramey Aveilue, L.P., a Texas limited partnership, knawza t me to be the person whose �.axne is subscribed to the faregoing iz�.stzuinent, anc� acknowledged to me fhat he executed the same for the purposes azitl consit�era#ion therein expressed, in the capacity therein stated and as the act and deed of the Ramey Avenue, L.P,, a Texas �iznited partnership. GIVE7�T UNDFR MY HAND AND SEAL OF OFFTCE this �, day of ' ' - , 2003. � .. : � � � ~ � � � � ' - ' ! `J . ,,- .v:YiP��':iiT:".3.1.: .. , i � �:. _.:.E.'::: ..:. ]i_'., , - l+C�s n/t ..v4��%/�i' " � �jYpty,_ I�,`�. '_.' IJ��.����� 'i Notaay Pu�l� and for , � - a� �o?�a��a�� �r�� the State of Texas � * � '' � � .'b`� �� ��� - ����Q� � !'�y �a;���}, C:��,�. '��3I�1�_ . .,:�:r,.,_,. ,., s��.:u�•.,�.,�. Notaxy's Prinied Name 13 Exhibit A: NEZ Incentives E�hibit B: Properiy Descniption Exhibit C: Application: (NEZ} Tncentives and Tax Abaiement E�ibz� D: Project description zxicluding kind, number and location of the proposed improvements. Exhibit E: Final Survey 14 m .�i��FI�{ f %� c1TY o� �oRT WORTH N�IGHBORH��� ��t11pOWER11�'[ENT Z�NE (NEZ) BAS1G ING�NTIVES Adopted by the Fort Vl�'orl'h Cify Coun�il on Jufy 3�, 200i (M&C G-�3208 R) Amen�'ed bythe Forf l�l�orth City Council an April2, 20D2 �`M&C G-9358D), July23, 2002 (M&C G-�3662) . � _ I. .� G�NEFRA�. PLIRPOSE AND UBJEGTNL�S •• Chapfer 378� of f�e Texas Lr�cal Government Code� alfouvs a i-n�nicipaiify fo cre�fe a � Nei jh�o�-hoad Empowerrr�anf Zone (NEZ) when a"...municipalify a�e�ermines �F�af the creafFon o�,t�� �ane vvould pramot�: . �'(� t�e creafion of a�fordabis t�ausir�g, incli.rding manufacfu�r�:d housing, in �e zone; ., ._ (�} an incre�se �it� ecanomic dev�fop�ment i�7 t�re zone; {3.� an �increase iri tF�e qUality bf sacrai servEc�s, �ducation; Q� publtc safefy provid�d to resi�l��nts• af the zon�; .o�r (4) the rsha�ilifiaiion of affardable ho�sing in the zone." ' . . The Ciiy; by adoptEng t�e foffowing incen�ive�, wiEl promote affordabEe I�ousing and ec�nomic_ c�evei�oprri�nt in the N�Z. NEZ iticerrfives will nof b� granied afEer tF�e ��IEZ expires as d��ined in tF�e resoi�tian designa�ing f�e N�Z. For each � NEZ, th� Gii.y Couricil may approv� additicsn.af terrns a�n,d �n�ceriti�es as pet-mitted by Ghapte� 378 �a� the Texas Loc��ri Goirernrr�ent Cod� or by �iiy GnuncE! resoiu�io"rt,. Howev�'r, any �Eax abafEmein� �warc�ed befiore if�e exp�ration o# a NEZ sf�all carry its fu�I term �ccarding fo ifs tax �bafemenf ��reeir�er�t approVed by the C�fy Council. � � . As m�ndafed by sfate la�r} the prape�ijr tax abaEetnet�� under �Ehis �a�licy a�pfi�s to �fhe owners of r�a� prop�rt}r. No�hr'ng tn ihe policy shai! be cot�s�rued �as an obIF�a��ion by i�� Cifi�r- a� �ort Wvrtii �Eo a�prove any �ax abafierrien� app{icafion: �[. aE�I•NITfONS "Abai�rnent" means tfi�; fu[� or pa�ia� exemption frorn � Ciiy of �'or� Vi�orEh ad valorem taxe� on e[igibfe prap�rties �Fo��- aperiod of up to � 0 pear� and-an amotant of up �o '(00% of #he incre�se in apprais_ed val�ae (as r�fl�cf�d oi� ��e carEified tax roil af the appropriafie county �ppra�sa! distric�) res[�[ftng fram im�provemenfs. E�i�ib1� prnperfies must b� locafied irt �he N�Z. �. `Ba�e i/altie" is t�-i� va�ue �f ff�e ptoperty, �xcfudirig land, as de�ermirted by tha Ta�rant Caunty A{��.raisa! Disi�icf, during the year re�ab�fifa�ion occurs, � � 'Buildin� Sta�d�rds Commission" is fhe � commiss[on creafed under� 5ec. 7�77, Articl� IV. Mintmurn Bui�ciing �S#andard� �Cc�de of tF►e �orf 1Nnr�h Gi{j"r Cb�e. . ` "C�pital lnvesfinent" fnc�ude� on(y. real praperty �m�rovemer�fs such as neW facilities ar�d st�tacfiures, sife impra���ents, faci�i�ty expans�on, an� facilify moc�erniza�ian: Capitaf lr�vesfinent does �fOT include •land acquis'rtion cosfs andlar any �xistir�� �mprovemen#s, or personal. prQperty {s�ch �as mac�iinery, equipment� er�d�or supp�ies and invanfo�ry), , -- �;_ � "Cifyof Farf 11Vorth Tax Abatemer�f Policy ��atemenf" means fhe }�olicy adopfed 6y Gity Council on February 29, 2000. - "Cornmerci�l/Industria! CJevelQpmertt Proj�ct" is a deve[opment proje�t which proposes fo consfruct or re�abili�a�� corr�merciallindustria] faciii�ies �n praperfy tha# is (or meets tha requirements fo bej zor�ed commercia�, ind�striaf or mixed use as defned i�y f�� City af Fart Wor�h Zoning Ordinance. � � � �"Comrnunity Facilif.y Developmeraf Project"is a developmet�f prpjeGt which prapases to cor,struct or rehabilifiafe communify facilifies an prr�pe�ty that allows sucki use as defi�e� by the Cify af For� Wort� Zanir�g Or�inance. � . • "Eligrble Reh�abilifa#�on" incf�des onfy pk�y�ical � improvements to real proper[y. �,��igii�le Re�abilifafian• r�oes NOT include ��rsor�ai pro��rty �s�ch as furnifiure, ap�[iat�ces, e�u�pmeni, andl�r �supplies). � ' "�ross Floor 14rea" is rt�easured by tafcing ihe o�fiside dimensio�s of ti�e buifcfing at eacf� floar level, excepi fhafi portiori Qf th� basement used ot�fy for �fif ifies or s�orage,. anci ar�y areas witl�in the bui�dit�g used far off-stre�ef park��c�. . . � "M�rrimutrt Building Sfandards Gode'" is Article 1V of the Forf Warth Gi�y Cade a�lo�#ed p�rsuan# #o Texas Loca1 �avernment Gode, Chap�ers 54-and 2��. - � "rcilin�r'iiy Business Enter,r�rise �MBE�"and "Women Business Enterprise (lh�B.E')" �s a mino.riiy or woman owned �i'�s�r�a5s f�at has received� cerEifica�ion a5 ei�her a ce'r[ifi�d MgE or ce�i�red WB•E by eit.her fhe t�or�h Texas R�giohal � C�rti��afian �gency (NTRC�1) or tt�� , Texas DeparEmeht of Transpa�a�ion (TxDotj, Highv,�ay D�vssion. ' � . rt � "Ililixed-Use�Develojarrrcnt Projecf' is a deV�Inprr�ent prnJeci w�iich �ropos�� �a consfnr.ct or r�habili�afe mixed-use faciiities in whfc�i residentiai uses cr�nsf�i�te 2D percenf or mar� ofi tne iotaI grQss fioor area, and offic�, eafing and enter�ainrri�nf, and/or retaii sales ar�c( serv�ce uses cQns�ituf� � 0 percenf or mare Of fhe fofa� gross �loor area and is on pro�erty tf�at is �or m�ets the r�q.�iremen#s to be) zoned mixe�-us� as desc�ibed by fF�e �City of Far� Wo�fh Zoning Drdirrance. � ' � "Mrilt� �anilly Development Praject" is a developrr��nt project which propases io construct or re.habi[itat� m�rffi�family r�sidentia! Ziving units on properfy that is (or meets t�:e re�uir�men�s �o be} zoned rnulti-farniiy c�r rniz�d t�se as defned by fhe Ciiy of �ort Wortn, Zonir�� C)rdinance. . "Reinvastm�ni ,�ane" i� an area d�sign��ed as such by fF�e Cify of Far� Wc�rth i� accardance �iih �he Property Red�velapmenf and Tax Ahatemen� Act codi�ied in Chapter 312 af t�i� Texas Tax Code, or an area des.[g�afed as an er�terprise zon� p�rsuan� fo t�re Texas Enterpris�-Zc�r��e Acf; codifiied in Ct�apfar 23a3 of the Texas �overnm,ent Cade. � ltl. MU'NICIPAL PR[7PERTl'7',4XAgATEIiHENTS A� RE5lti�NT1AL PROPER7'[ES LOCATED [t�I A�i�EZ:- FULL A�B.4TEMFNT F�R� 5 - � YEARS , � � 2 1. F'or residen�iaf p�ope�yr �t�rc�as�d before NEZ des.igna�ion, a homeown�r shall be eligibfe fo appfy for a fax�a�a�ement by meeting the fa�lowing: R a. Propert.y is�owner�occ�apied anc� fhe�prir�ary resid�nce o�f ft�e homeowner prior �a �he final-NEZ d�sig�ta�ian, Homeowner st�all �rovide praof of o�+n�rshi}a by a warranfy deed, affdavif o# heirship, or a probated wil�, and shal� show proot of primary r�siclence by homes�ead exemption; and b. Homeowher must pe�form Eligible Rehabilitafion or� fhe praperfy afEer �lEZ �designafion e�UaP to �r in exc�ss of 30% a� fhe Base Valu� of fhe property; a�� c. Pr�perhy �s not in a tax-delinqu�n# stai�:rs when t�e abater»ent a�pfieat�on is submi#�ed. . � 2. Far residenfia� propet-fy p�rchase� after NEZ d�signafian, � i-iomeownet' shall be eligibl� �o a�ply tar a#ax aba�emen# by m�efirig ih� foflawing; � a. � Prap�t�.y is newfy con5trt��fed ar i`ehat�i(itated afEer fhe dafe of finaf hIEZ ciesigr�afion; anci ' • - � . . b, F`roper{y is owner�--occu�ied �nd is the primary resid�r�ce of tFte. hameorrtiner. Homeowt�er shal� provicie praof of Qv�nersl�ip by a warranty deed, affid�vit of he.irs�ip, ar a p�r�t��fed wifl, anc# s�a�l show �roof of pr[mary residsrice by homestead �xemp�iori; ar�d �� . � c. �ar r�habilitaied pr-operiy, Efigible Rei�abifita�ion cosfis ori fihe prop�rfy shaf� be eq�al to or in excess of 30°�0 of fh� Bas� Va�ue of fhe proFet�[y. The saller or " awner shal! �'rov�tie th� Ci� •informa�ion to support rehabiliiafion cosfs; and d.. P'roperty is riot i� a i�-de�'ir�qt�en� status wher� the abaterr�ent appfication is submi#fec�.; and e. Propc��fy is' in con�armahc� wifh fh� City of ��o�f Wor�h Zoning Qrdinanc�. � 3. Foi- ir�v��far o�vned singl� faf�ily p�rbpet-Ey�, an it�vestor sha�! �e efigi�le �o apply �ar a taX aba#ement by ms�ting tha faflc�wing: . ' .a, Prop�rty is � newfy cnnst�rucfed or r�habiIifiated by the invesfor a�ter I�IEZ d�sigr�aiic�n; ancf . • J . b. ��or•- rei�ahilitafed properiy, El.igtble R�habifitation �osts on tf�e �properfy shatl �e eq�a1 to ar in exc�ss of 3Q°lo of tha Basa Va(ue of fhe pt-aperfy; and c. Propet�j is nbt in a tax--de�nq�ent s€atus when fh� abaferi'�en� applicafiian is • stibr�iiifed; and • � - d. ProperLy is in conformance wifh fhe� Cify of F'6rf Wor�h �flni�g ardinarice. MU-LTr�FANfILY DEVELf7PMEl�IT PROJEGTS L4CATE� [N A N�Z �. �u11 Abatemet�t for 5 years ln order fo be eiigibfe 'far cansirr�cted ar rehabifiiaied �he �allowing: • � a properfy fax abatement, upot� aor�rple�ion, a new�y rnUltP��a�nily c�eve�opmen� praject in a N�Z must safisfy A� leasf�ii+venfy p�t�c�nt (�0%) o� t�� total units cc�nsfr�cted� or rehabilifafe� �s�a�1 6e aifardable� (as defned by ihe [J. S. D��ar�menf of Haus[rrg at�d Urban ❑eve6opm�nt} fio parsa�s with incomes at or befo�w eigh�y pnrcan� {80°!0} o� ar�a madian incame bas��f on farr3ify size and such uniis shal� be sefi aside for per�ot�s -at �r �bel�w 8Q%o of �he m�dian income a� �efrned �y- �he U.S. 3 � D�parfinenf of F#ousing ar�d Urban Dev�Iopmer�t. C'r�y Cat�ncif may waive ar reduce t�� 20% afFordabifity raquir��m�n� on a case-by-case basis; arid (a) For a mulfi famify dev�Ioprrienf praject cc�ns�ructed after NEZ ciesi�na�ion, the �roject must �rovide ai least fiive (�} residanfial !iv[ng unifs OF� have a minimum Capital fnves�manf of $2a0,C�Q�; or (b} F�r a re.habilitatian projecf, the� pt-operLy musf be re[�abifitat�d ar"f�r NEZ desi�nation. F1ig�ble Rehabilzta�iar� G�SfS O�] {YIE: praperfy s�all be at leasf �0°lo nf th� Base V�fue af t�e proper[y. Such Eligibie R�habififation costs ��ust come from the, rehabil�fafion of at leasf fve (5) residenfiaf iiving u�i�s or _ a minimum Capital ]r�vesfinent af $20�,Op0. � 2. �%o--� 00% Abaiemeri� of City Ad Vaiarem taxes u� fo .� 0 years !t an applicant appii�s �for a tax abat�me�# agr�ement vtirit� a term ofi more than frve years, fhis secfion shali appty. � , Abat�ments for mi�ifi-famiiy cievelopmerrf pro�e�ts fior .�� ta 1U years are subject to �City Couri�il approva(. TFie applicanf may appfy witF� tf�� Haus�ing Qeparfrr�ent for suc� abatement. � � . Years 1�hrouQ�h 5 of fi�e Tax At�afeine��E Acrreern�r�� t�f��ti-�am�iy �roJects�sl�a11 be' e�igi6le for �00% abatement of Gify_ad valarern �ces f�r yaar5 on� t�rough f�e-of�t}�e 7a�c Af�ateme�� �gr�emertt u�an fF�e s�tisfacfio� oF tF�e fallowing: . Af,least �v+r�nfy.perc��t (20°!a} of fhe tata� �nifs con�fructed ar r�habifitat�d sha11 be afforda6l� (as d�:fned by f2�e U. S, D��a�iment of Housing and Ur6ar� Deveicspment) to persans v�iffi incames at or k�elov+r eighfy percenf (8D%} a� area m�dian income bas�d on family size and such uni�s shall be set aside for persons at ar belaw 80% af th� r�edian income as defn�d by tti� ,U.S. Departm�nf of Housing and E�r�an D�v�.IQpment. Cify Co�ncil may waive or r�d�ce fhe.20% affordabifity requiremenf ar� a cas�-by-case �asis; •and � • a: For a m�1ti-family cievela�ame�nt projec# consfruct�� after �JEZ d�signaiion, #�re project must pravide�at Ieas# fNe (Sj residen�ial f�vir�g unifs 4R t�av� a mEniin�rn ' �apEt�1 Inv�sfirri�t�f ofi $2DQ,QQD; or ` b. For a rehabilifiation proj�ct, �f�e property rn�sfi ba re�abill�af�� afEer NEZ designatron: . Eligi�le Ref�abili�atiort costs on fihe pr-op�tiy shaZ� b� ai Eeast 3�°/fl of fhe B-ase .Vai�e of �he prop�rty. Sucl� ��igibla Rehabilitatior� cos�s must com� from fFte rehab�[i�atifln ot at �east five �5j resi�fentiaf livirig units or a minimt�m . Capital�Invesfirt�ent of $20U,000. - Years 6 thrauqfi 'f0 of �he Ta� Aba�eirien� Actre�men� � Mr�1#i-�ami�� proj�c�s �ha11 be efig.ib�e fa1- a 1-�DO°!o abafieme�t af Cify ad valorern taices for' j!ears six ti�ro�gk� fen of the Ta� Abafem�nt Agreemet�f t�pr��- �fh� �� satisfaction o� fhe fo�lawing. � - � � • - a, Af leas# twertty pe�ce�t (20°1} of t�e f�atal �r�ifs consfrucfed or rehabififat�d sha�] be afi€ardabie (as de��ed by ft�e U. 5. Depar�menf of Hor�sit�g and Llrba� � Developmerrt) to perso�s with inco.mes ai o� below eigt�fiy perceR� (80°/a} of ar�� � m�dian it�come bas�d on '�arnily size and st�ch un��s. sha�� be se# aside for p�rsons af or below 80% of �he media�n income as d�firied by fh'e U.S. Depar-imenf of Housing ar�d Ur�an Develapm�n�f. Gify Council may waive or reciuce fhe 20% affardabifi�fy requireme�f on a case--by-ca�e basis; and �. F�r a mutti-family cieve�opmer�t praject cor��fru�#ed after NEZ designaric�rt, �he projecf musf pravide at ieasf �i�re {�j residen�ial fiving �units OR have a minim�mGapi#allnvestmentot�2q�,00�;or . - ' 2: For a re�abi(itation pr�oject, �h� property m�st be r��abilitated after N�Z designafion. El�gible Rehabifi{atian costs o� f�e praperfy sFtal�l be af least � 30% of fhs Base Value of fhe �rop�r[y. �uc� Ei�gil�le R�habPlita�ion costs must come �ram the rei�abili#at�on ��f af l�a�f �ve (5) residenfiaf �iving-units ar a minimum Capita! lnvestment o�F $200,D00. .� b. At�ty a�her terms a� Cf� CQLIi1CfI D� t�l�? Ci�ty of For�� War�h deems appropriate, i���uding, bu� r�ci� 1imi�ec! �o: '� . �fi(izatiar.i of Fort WarEh cam�anies tor an agre�d upan .p�rcenfiage ofi �he total cosfis for consir•�cf1Qn �nnt�acfs; . � 2: utiiiz�tion of cei�.i�ed minority and vsramet� owr��� busin�ss enterprises for an �agreed �pon ��r�enfage of ii�� tataf costs for consfnlction cor�iracfs; 3_ pr�perty inspecfion; . 4. commit to hire an agreed upan percentage af Fot� 1�Jo�h residenfs �. commit io� hire an agreed upon percentage of Cer�tra[ Gify resicfen�s 6. landscaping; • . 7.� tenant sel�cfiian pians; a"rr�d � . ' . . . 8; riianag�mErit plans. . � C. C�M�MER�CtAL, INDUSTR]k�. AND CO1VINfUNiTY FACiLiTIES D�VELpPMENT PR�JECTS LQGAiE� fN A K�Z � - " '1. Fu[t Abatement for 5 years. fn �rder to be e{igible : for a proper�y ta�c abatem�nt,_ a rtewty consfructed or re�a�i�itafed commercial�ind�strial and communify faeifities developmeni proj��t in a NEZ �rusf sa�isfy fh� �oflowit�g� , ' � � . �, a. A cammercial, ir�dusfirial or a commtinity facilities - devel�pment projecf� � cans�t�tacte�d afiier N�� designatior�� musfi I�ave a minimum Capifal Iriv�estment of � ���, aoo; o� , . : b. For a rehab�fiia�iari pro}act, it mtasf be r.�habi)itated af�er hIEZ designafian. Ef�gibl� � •. Re�abifitafian casfis an �f�e properiy shall be af l�ast 3Q°lri o� fF�� 8ase VaCwe o`f � the properiy, �ar $75,00�, w�icheWer �s great�r. � , 2. �°l-9OQ% Aba�errr��f o� Ci�yAd Valorem fiaxes up fio 'f � years ff an appIicanf appfies fnr a iaX abafemenfi agreement wit� a term af mo�e �Ehan �ve years, this secfian shall app(y. ' . � �batement agraemenfs f.�r a Corr�mercial, [ndustria� and Communi'ty �aci�i�'res Dev�lopmenf ptoj�cfis tor �up fo � 0 y�ar� are subj�ct fo Cify � Councii ap�rovaL Tt�e 5 applicarrf may ap�fy wifih #1�e Economic and Com�nt�nify Development Depar�rnen� for su�h al�af�menf. � Years 'I fihrouc�t� � af ��e Tax Aba�t�meht �qreement � Corrtrt�ercia[, lnd�s#zial and Cnmm�nify Facilities Development prajects, shalf �be eliglbfe fc�r �DO°lQ� abatement of Ci�(y ad valor�m taxes fa�' fhe f�'st �ve years of #F�e Tax Abatemenf Agre�mar�t upon f�e safisfacfior� of the fo�lowing: , a. A commercial, indtasfrial or a community facififi�s ' develapment pro�ecf coristrucf�d affer N�Z desig�afion musf have a minimurri Cagital ]nvesfinent of $75,ODQ; 'or . . b, For a rehabi�itation projeci, i� musf be re�abi�ifaied after NEZ desigr�a�ian. EGgEble Ref�abilita�iori costs on t�he praperty shall be af lea�# 30% of the Base Valu� ot the prc�p�rfy, or�$75,D00, whiche�rer is gr�afer. Y�ars 6 throuqf� '�b r�f tiie 7ax Aba�emen� Aqreem�rr# � � Comrnercial, -[ndust�ial and Community Fa�iliti�s Dev�loprnent. praj�e€� shal� be �ligible for 7%-� 00% aba.t�mer�� af City ad va�orem fax�s �or years six fhroug�h �et� of fi�e Tax Abafem�nt Ag�-eemenf upon tf�e safiisfacfio�i af fh� foilowing: . � a. ,4 commercial, industrial or a cammuniiy fac�lifies devefopmenf project corastrucfed afte�' NEZ desigr�a�ioi� must have a minirr►t�rn Gapital Investrnent of $7�,�0� and mUst meef the r�qt�irements of subsecfiari (�} befow ; ar - b. Far a reh�bilifa�ia� p�'oject, it must be reh�bifiiafsd afiter NEZ desigrtatiot�. Efigibl� • Rehabili�at�on cosfs or� fhe propetiy sh�al( be at f�ast 3a°/a of fhe Ba�e Value of tFie propet{y; or $7�,00�, whichever i5 graater �nd meet t1�e r�quit'ements of subse�ctiQn �c) belaw. . . �. Any other terms as Gify Cauncii a� fhe City of �art Wor�h de�ms approp�-iafi�, inciucl�t�g, but nat limited to: � � � 1, uf�lizafiot� of �'or� Wottf� companies far att a�reed upan percer�tage of the fotal casts far cortstrt.�c#ion cantracts; . ' ' . 2. util.izafior� af cer�ified minbri�y an.d womer� owned business enterprises for �� ag�eed Lipan pereentag� of th� totaf costs for cortstri�c�ion contracts; 3. commit ta hir� an agr�ed �por� p�;rce�tag� af Forf Worth residen�ts; 4, camrnif to hire a� agreed uporY pe�cerrfage o-F Ce�tral �ity residents; and 5. larrciscapir�g. b, M[XED-�USE DEVELOPIUfENT PROJECT5 LaCATED iN A NEZ ' S �. �ulf Abatemenf for � years. ln drr�er ta �e �fi�if�ie for a prap�rt}r tax abafement, upon compiefior�� a.newfy c�nsi�u�ted or r�f�abiliiated mixed-Use development p'rojecf in a NEZ mt�st sa�isfy the- followir��: � � • . ' � �.. Residen�iai uses in fhe projec� consfif�,�e 20 percenf or rt�ore af��he fofia! Grass . �Ioor Area o�F the �roj.�et; and . b, O�frrce, �afiing and �e�r�er�-ainmet�f, a7�d%or r�tail safes anc� service us�s i� fhe • projec� caRsfitufz '( D p�rcant or more of rhe fa#af Gross �loor Area of f�e �rolecf; ' and � � - _ � 0 ('1) A mix�d-use cieve�opmer�� proJecf construcfed �arter �l�Z d�signa�ion trius�E have a minimum Capi�a� lnvesfinenf af $20Q,Q00; or � (2) �or�a rehabilifafion protec#, i� must be re�abi�i�afed.affer NEZ desigr�aiior�. Efigible Re�rab€fitation costs on fF�� properfy st�a�l be .af iea.�� 3�% of the 8ase Value af �he property, or $2QO,OOa, w�ichever �s gT�afer. , 2: '(%��00°/a Abafement of CityAd Valorerrl ta�ces up ta 10 years lf an applican� appl�es for a ta�c abafemenf agreement with a term of mnre tF�en frve y�ars, ti�is secfior� shatl apply. . A�atements agreements for � Mi��d Use D�veiapmen� pro}ects for up io 1 D years ar� su#�ject �a C�ty Cc�uncil approvaf. The appiicanf may apply wi�h, i�e Ecoriomic and Communify Develapm�nt D��aar�rimenf-for such� a�afeir�er�t. Years �1 fihraciah �� ot �he T� AF.iaietr��nt Ac�reemen�E� . l�lize� U�se �Develop�enfi prof�cts sF��l[ be eligibfe_ f�r � 00°� abatam�rif a�F Giiy ad valQrerrm taxes far the frsi five years af th� Tax Abatement Agreement �pon the sa�istacfion of the �ollowing; � � .a. Resi'dential uses in the projecf�cnns�iiute 20 percen� ar mc�r� afi the total Gross �. Floar Area of the project; and . . ' b: �- �Office, eafing and errf�rtainme�f, � andl�r refail saies and service �ses in �tie project �onsfi�tufe �� percent or more of t�� ta�al �rass Floor Area of ff�e projeci; ar�d ' . . . . ` . . c: A r�ew m[xec!-use de,velo�m�nt prflject c�nsfruct�d aftef N�Z desig�afion must • have a miniinum Capital ln'ves�m�nt �f $2(}0,000; or for a r�nabiii#afiian praject, it -, �must �be rehabilita�e�f atf�r. NE� designation. .Efigil��a R�ha�ilita�ion costs on ff�e . •{ar-nperty shal( be at least� 3E}% af ��re Bas� Value of fhe� �roper[y, ar $20�,�OD, -- whichever is greater. , . . Years 6 fh'rouuh. 7 D. of �he 7"ax Abafern�ni Awre�menf �- - ' . tvfixed Use ❑evelaprrrent projects sha11 be �figibfe for 1-100% abatement of C�ty ad valorem� �axes for years s'r-x through .ten of th� i�x Abatement Agreement �pon fh�. sa�isfacfion a.f fhe follov��ng: - � � � a. Residential usas in fhe project consfirftl�e 20 percenf or ri-►ore of fh� to�al Gross FioorArea af�t�e praject; and � � �� b. Offrce; �atin� and ente�iainment, and/or �-e#aif sales and service uses in t�ie, proj�ct copstitufe � 0��rc�nf or more of th� fofa! Gross �Fl�or Area of t�e pr�j�ct; e. A riew rriixs�-�se devel.opment project constructed after �IEZ d�sig�at�art tr�t�sf have a.mi�r�imi�m �apital Ir�vesfinent of $200r�700; or fQr a rehabili�afion praject, it � m�st be rehabi(itated after NEZ d�signat�an. Etigib��� R�f�abiiifa�iat� costs on the . �roperty shald be �t `l��st °3D% of ff�e Basa Vafu� o�-fhe proper(y, or $20Q,O�Q, whfc�ever is great�r, an� . � � d: Any other terms as C�f� Counci� of the Cify of Farfi Wortt� c{eems appropriate, �inciudirrg, b�t nat limFted fo: . �. �u�ifizafion o���orfi Worth compa�ies for an agreed upon perc�nta�e nfi the � ' �ofal c�sts for con5�rucfion con�racfs; . � � 2. ufiiiz�fio�n of certifi�ed rninori�y an� .womer� awned b�siness enterpris�s for . ari agree� upon percenT�ge ofi the f��al costs far construct�on confracfs; 3. prope�iy inspec�ion; �. commit fo hire an agreed vpon percenfage of Fort Wt�r�h r�sicien�5 � �. cammc� to hire an agreed upor� p�rc�n�age o� Centfal C3{y residents 6. lar�dscaping; . , 7: tenant seE�ctian plans; and ' 8. rr�anagemer�t pfans. � �. ABATEMENT GU�DE�INES ,, � `1, !f a NE.� is lacated in a Tax�increrrmerif Financing Districf, City Cc�[�ncif will defermine o� a cas�=by c�se �basis if tf�� fiaX abaiem���i�iricentives in �Sectinn �11 wi�l be ofF�red fo eiigible pFQjects. Eligibls proje:cts m�sf ineet alf eligibiiity req�irerrie�ts spec�ied in 5e�#ion III. � . 2. In order ta be �figible fia apply fQr a iax abate�men�, �ne properiy ori,merldeVeloper m�st: . • a. Nof be dei�nquen� in paying pro�ei-ty taxes �Far ar�y praperfy owned by fl�� ow�er/deveiopeT ; and � f�., �lof have any Cify of �ort l�orfh f'rens fled aga'in'st any prap�e�ty ownad by �Fi� applican� �rop�t�ty owrierldevelo{���.� "Liens" incfude, �ut are nt�f lir-nifec� to, v,�eed .�iensf d�177DIif1Df! IfERS, baard-r��lopan structur� [�ens- and paving Iierrs. - 3. �'roperties ur�der a ca�tracf for dead ar'e not eligibfe for �az aba�ei�er�f. . , . ,� 4.�_ Or�ce �a NEZ propet�y ov,fne'r flf a reside�fial property (including rn�l#i-famiiy). in tf�e •. f�E� safisfies fhe cri#�ria s�t forfh in Sectioris !Il.A, E.1. and E.2, and applies for ar� . aba�eri��ni, a pro�erty awhet� r��sf e�ter infa a ta� abafeme�t agre�ment_wifh the Ci�[�r of Fort Waiih. 1"t�e �a>: aba�eman� agr�arrient shalf aufomafiical�y �erminat� if th� properfy subjecf fio fhe ta�c abafiemerrf agreemeitt i� in �olation afi �he Cifiy af For� Worth's Minimum. B�uildin� �tandards Gode- and the own�r is car�victed of sUch • viofafior�,- � � � • � �. A tax abatement granted under t�� cr�eria set forth in Secfion 1C[. 'can ar�ly be ' gran�ed once for a properi.y in a NEZ for a maxfm[�m term of as sp�cified iri the agreemen�_ Jf a property on whi�h ta�c i� bein� abafed �s s�lci, fhe Citjr wi�ff assign t�e fax abatemen# a�reemenf �or fhe remaining tern-� once f�� t�ew ovvne'r. submits an app(ica�iort. - � . . . - 6 6: A�properf� ov�rrier/d'eve�oper af a muffifaml�y developrrient, comrime�ciai, md�tstriai, -�ommunit� fa�iliiies and ��xed--us� develapm�:r�fi p�Qjecf ir� ��e NEZ v,rho �desires a , tax abafemenf Under S�cf�ons lli.B, C or D rnus�: - . � .�� - a. Sa�isfy fh�� criteria set forfh in Ssefi�ns 11f.B, C or D, as appficable, anci �Sections lfl.E.'� E..2;. and E3: and � � • ' b. Fife an application wifh ft�e Housing Departiz-m�r�� ar ff�e Ecor�omic anc�� Communify Develapmenf Ds�arfmar�t, as appf�cable; ancf � � 8 c, The properfy awner must e�ter into a tax abatemer�� agr�ement wi�h the Ci�iy ofi �'or� Wor�h. In addi�ot� to �he o�Ener terms af agreement, t�� ta�: abafernent agreem�n� s�ail pravicie fihaf f�e agreement shali au�oma�ic�lly ferminafe i� �he owner �eceives one canvicfian of a uiolafi�n af fhe Cify of Fort Wo�#i�rs Minimum Buildrng Standards Code r�garding fhe prapa�y subjecf �� fl�e abafemenf ag�eem�r�f d�ring fhe term of fha f�: ak�atem�nt agreemenf; and � �� d. )f a pro�erty in �F�e NE� or� whicf� fax is b�ing abafed is sofc�, tf�e new owner may enfier ir�fio a tax abatem�nt agree��nf ori fhe pro�eriy far the remair�ing ferm. F, APF'L��A71QlV �EE 'f. The applicatiori fe� for resid�ntial tax abatern�nts governerf un�er 5ection fI1.A is $25. . • . . 2. Th� ap�(ica�ion �ee for mulfii-fam��y, com.mercial, indus't-rial, eommunity �acilfties and ra��xed-use d��elopment praj�cfs governec� under Sectians II1.B, �,� and D.�, is one- half at on� percer�t (O.�a�a) of fhe propQset� projecf's Capifal Inve�ttrter�f, nof fo ex�e�d $7,400: The app�ication tee will �e refuncied upon issuance of c�r�ificat� of •�i�al occupa�cy arid an�e the �ropet�y own�r en#�rs into a t� abaiemen� ag�eemenfi wit� the Gify. Ofh�rwi�se, �he App(ication Fee shalf riot be credi#�:d or ref.un�i-eci tn any par�y for any reason. �1i. �EE WAiVERS A. ELfGIBZE REC�P�EhlTSIPROPER'i[E5 "1: In arder to be �ligible �o a�ply tor fe� waivers; �he property ownerldevelo�er musfi a, �lot �be de�inquenf in pay�n� properEy fa�ces �or any pro�erty o'wl�eci by ti�� awnartdeveloper or applicant; and ; b. 1�ot have any City �iens fiied agains� any praperty owned by fi�e appiicant� properEy owr��r/develo�er, inc�udi�ng f�uf nat limtted fo, weed fietis, demofitio�i fiens, boatd- �p/apen sfrucfure ff�ns and paving fiens. � 2. Proper�ies u�der a co►�fra�ct fo.r deed are nof el�g�hle for da�e[opment fee w�aivers. 3. ln order �or D�velopme�f �ees and/or Impact Fe�s to be l+'vaived for new cot�sfntction or r�habiliiation pro�ects lbcated in �he NEZ, a proper(y owne� must s�ubrriif ar� �a�pfica�i�t� fo fhe Cify: . . Aapr.oiraf�a� �he ap�ifcailan aryd w�iver a� fhe �ees siial(`�nat b� deemed fo fie approVal o�F anV asta�ci of fhe nrorecf. Befor� can�strsic�iori, t�]� aai�ElCait� ri7l1S'� ensura fhat �iie. proie�fi is Iocaied in ��e corr�c� za.riinct distric�, � - B. � �E',lEL�PM�I�T FEES Once the Ap�plicafian €ar N�Z lnceni�ves has ben� approv�d 1�y �ihe Cifjr, tiie tolfowit�g fees for s�rvices peRormed �y f1�e Ci�ty ofi Forf Wor�h ior pro�ects iri f{�� 1�E��are �vaived �or new constructfo�t prajecfs or rehabilita�ion projecis tha� expertd at feasf 30°� of tf�e Base-Value o� the proper-ty on �figible Re�rabiiita�ion costs: � � � �. AII bUilding permit refaf�d fees (includin� Plans RevFew and Inspecfions) . 2. Plaf appiiea�ion tea (induding concept pfan, preliminary plaf, final plaf, shor� form rep�at) � . . 3. Board af At[jt�stmenf applicafion fee .. � 4. Damalifton fee • 5. 5tr-��#ur�� moving �ee � . 6. Corrimu�ity Facili�ies Agr�em�nt (CFA) applieafion �Fee t 7.� �oning appficatian fee . 8. 5freefi�ar�d utili�y easemen� vaca�ian app(ica�ior� fe� � �fher develo�menf re�iated fees r�of spec4fed a6ave wif! t�e cor�sidar�d for �pproval by Gity Cotanci! on a case-by�case basis. _ C. � [MPACT FEE 1. Single fa�ily and mu�ti�famify residenfial de'v�lopment projecfs m tf�� I�lE�, Aufioimafic � 00% wa�ver 'of water a:�rd wast�water iinp�c�' fe�:s. wiil be applied. 2. Comme�-�ialr indus�rial, mi5ced-t�se, or c�mmuniiy facility d��elapme�f projecfs in fl�e � NEZ. � ' . a. Aufomatic � 00°Ia waiwer of water and was�ewater impact t��s up fo .$5�,.000 ar equivalent to ii+vo fi-inch m�t�rs for each �coi�nmercia�; indu�triaf, mixed-use or cbmmur�ify faci�ify d�velo�amer�t projecf. � ' b. �f �F�e projecf reqUesfs an impa�� �ee waiver exceeding $55,0�0 or reques#ing a waiver for Iarger aridta�r more �hari fwo S-inch m�ter, tf�ert Cif� Council approval is requir.�d.. App�icani may request tf�.e �aciciiiional ari�aunt af impac� fee waiver � thro�agt� ttie Housing Depar�ment. • � - , � � ' • � V. . . RE�.E�.�.� �F CfTY �.IENS - The foliawing Gif� fi�ens may b� relsas�:d #or �ligible prapefies or projects in a NEZ: A. W�ED LIENS T�ie following a.re� ei�gible tQ apply ior r�fease of weed liens: 1.� Sing�e unif awr�e�s per�armi�g reha�ilit�tion on t�ieir pro�erti�s. , , 2: Builciers or developers constrtrcfing. n�w ho�es o� vac�nt Ints: � . 3. Owner.� per�orm�ng r�hai��liiation on mul#i-tarrii]y, commercial, industrial, m�xe�[-us�, �' ar commur�ify faci�i�jr praper�ies. - � - � � 4. Devefopers. cflnstn�cfir�g new multi-farri�ly, e�mmerciat, ind�strial, mixed-i�se or communify fiaciliiy deveJopmenf praj�cts.- •. . . � B, QEMOLrT�ON L[ENS , iI�] Builders or dev�Iopers developing or rehabifitafiing a proper�y are eligible fo apply tor re�e�se af'demolition li�ns for �p �a $30,ODQ. Ra�ease of demaii�ion fier�s 'rn excas� of $30,�00 is subject to Gi"ry Cauncil approvai. C. BOARD-UPJOpEN STRiIGTURE LtENS The following are eligibfe to ap{�ly �or rel�ase of �aa�d�uplop�n sfructure lier�s: �. Sirigle unit owners perfarFning rehabififation on their properfiies. �. � Br��Iders or develo�aers consfi'ructing new single tamily hames on vacant lots, 3. Owners _pe�-Forming r�habilifai�o�i on multi--famify, cammercial, in��stria�; mixed-use, or community facilify prop�rfies. ., � � 4. Devefopers eon.structing multf-family, . commerciaf, indusfrial; � m�xed-use, or cQmm�nity faciliijr pToj�:cts. . �. �'AVI�[G LIENS The follat�ir�g are efigible to appiy tar rel�ase af pavir�g iiens: � 1. Single unif awners performir�g rehabil�tation on fi�eir prope�ies. Z. Br�ilders or developers �onstrucfing new homes on vacanfi Iats. 3. = Ov4mers .perforrning rehabilifat�on on mul�i-fam�ly, camm�rciaf, indvstrial, mixed-us�, or community �aciIify proper�ies. � - . � 4. � Develapers cbnstr�ct�ng multi-famil�r, commercia�, . iridustrial, mixed-uset or commut�i�rfacilify praj�cfs. - � � , E. ELlGIBLE I�EGlF']ENTSIPROP�RTi�S 1: In order fo be eligihie �a app�y far rel�ase af City liens, f�r� properiy owri�rtd�v�iaper: . a. m�st not be deliriquent ir� paying proper#y f�xes for any properfy ov�rned by � fi�e ownerld�;v�fo�er � . �. � ,�. must riaf �ave �been subjecf to_ a Building Standa-rds Gommissian's Order Qf Demofitian wtiere fhe praperfy was ��mofisf��ed vvithin tFt�e �asfi �ive. {�) ye�rs; and � c, m��f not have ahy Ciiy af �'�r� WarEh Iie�s �iled agair�sf any other prop�rty o�rned � hy ft�e applical�� prop�rfy awn.erlde�elaper. "�iens°' incf�d�s, bcrt is nofi [fmEf�ct �o, weed liens, derr��ii�iot� liens, board��ap/open strvc�ur� fiens and pavir�g liens. 2, Properties ur�d�r a con�r�acf far deed are nof �fi�ible for release of City liens. V!. � ' RROGEDURAL �TEPS • , � A. APi'LICATION SUBMISS�ON 1. T�te applicaiit for NEZ ii�cenf�ves �r�de� 5ectiot7s I11.A, B, C.' D., 1V, and V musf comp�efe ar�d su6mif a City afi �'or� 1Nor�h "Appiicatian for NEZ Incentives" ar�ti pay the a��ropriaf� a�plrcat�ori f�e to fhe Housi�ig Depai�men'� or �t�e Ec�na�riic a�d Gorrtrt��ni�y Dev�ioprim��� DeparErr►et�t, as applicable. . � 1� . 2. The app�icani for incer�iiv�s �rnder Secfions lf1.C2 and D.2 musf afso comp[efie and s�bmit a Ci�y afi For� Wor�F� "Applfcafian for Tax Abatement" and pay t�e appropriafe app�icatit�t� fee fo fhe Econat-�ric _and ComTnun�iy beve�opmen� Departmenf. The app�ica�iar� f�e, rev9ew, �valuation and approval will� be governed by Cify of �or� Worth Ta>c �,ba�emenfi Policy 5iat�menf for Qualifying D�velopment Projec�s. B. CERTtFiGATI{3NS FOI� APP�1CATlO�riS UNDER SEGTI�C3NS lII.A, B, G.1, �.'1, N, Ah1 � V � � - . 1. � Th� F-lousing Depar�rnen� wifl raview the application ft�r accuracy and . completeri�ss. Once cample�e, Housin� Depar�mertf wi�l cerfify eligibitify of tt�e appficafian based on fhe cr�eria set forfih in 5�cficin l�1. A, B, C.1, D.'I, iV, and V of �his po(icy, as appi'rc�ble. Once an a�pplica�ion is certi�ied, tl�� Hausi�g De.partrr►ent wil! inform appropria�e d�par#rrrents administeri�g the i�c�ntives abauf the ce�fifed application. An o�ient�fion rrteefing wifh City deparEments anci tf�e applicar�t may be sc�ed�led. The depar�menfs incfude: � � a_ Housing �epartment: �roperty tax at�atem�i�t foT residen�ia! properfies and multi- family development �arojEcis, r�lease o�F Gii}i fiens. - b. Ecor�omic and Carnmunify Deve�opme�it �epart"rrrenf: praperty tax abatement for cc�mmercial, � � � � - � � i�ci�sfrial, commun��y facifities or mixed-t�se devefopm�;i�t projects. c. � Development Depar�menf: dev�lapmet�t fee +rvaiv�rs. , d: Waf�;r Da�at�m�n�: impact fee waivers. � � _ e. O���r appropriaf� depar�ments; �f applicab�e: 2. Or�ce Deve�opment Depar�m�nf, Water Departmeht, E�ona�ic an� Communit�r DeV�lopmertt Depa�ment; and/or a�Fier a�pro�riate depat#me�tt receive a cer�ifi�;d applicafi�ori firam the H�ausing �epartment,, �acF� department/offce s�ali �ill otat a �"1f��ificafion af �iEZ lr�ce�iives for Certi`F�d N�Z lrrcent�ves Applicafion" anc� return it fo fhe Hb�sing Departrr�ent for record k�eping and tracking. C. APPLCCATIQN REVIE'W� Af�D �VALU�4T10H �flR APPLiCATIONS 1. Proper[y Tax� Abatem�nt for Resi��nfial ProperEies �and Mulfi-fam��y Davefopmenfi prajecfis . � , _ � a. Far a compl�fied ar�d c�rtified appIication for no m�re tf�an �ve years of ta;c abateme�f, u�ifh Caunci� approval, the City Manager shal[ exec�te a�Ea�c ab'atemer�f agre�m�nf with ff�e applican�. � f�.. For a compleied and cerfiTied mt�lfr-�arnily d�velopmer�t project appficafion �or. more fhari frve �ears of t�x abafiement: - . ' (1} The Ho�sing bepartmen� wifl evaluate a completed and cert�rfed applic�fian 'basec� on_ ' (a) Tf�� proje�trs iricreas� in f�e value o� tha fa�t bas�. � . -{b) Gosfs fia th�: Ci#y �such as infrastrucfi�re par�icipafiori, �fc.). - -(c) Percent of consfruc�iQn canttact� camini�fed fa: (i) Forf Wor�F� basec� frm�s, and � , (ii) Minorify ��d 1TWomen Owned Business Enterprises (M/W8•Es). (d} Qth�r i�ams which tnay be negofiated by f�e Cify and tf�e app�icar�fi. T� , �2) Consideratiot� by Gout�ci] Cammitiee. . � Based upon tf�e o�tcoma af �he evaluafior�, Housing Depai�me�f may presenf �he appiication �o t�� Ci{y Gaunci}'s Ee�namic Deve�c�pmen� Commi�ee. Sf�ouid f�e Housing Deparimen� present fhe applica#ion •fo the �canomic Developrr�ent Commi�ee, the Com�niftee vai]! cflr�sid�r fh� appfication at an o�er� meet�ng. The Commitfee may: � . , (a) Ap�rov� #he application. 5taff wilf then �ncorporate fhe appfication info a t�x ab�t�m�t�f agreement whicF� wiil be s�nt fo ihe City �o�tncil wit�i� f�e Commiff�e's recommendafion t� approve tl�e agreemenf; ar (b) Request rmpdifca�ions fa �fie applica�ian: Ho��fng Depar�ment sfa� v+Rlf diseuss fhe suggestea modificatians wffh ifie appficant �nd fhen, if th� requested modificatior�s are made, r�s�bmi� fhe modified applicatian �Yo the Gorrimi�tee for cortsideratio�n; or � �c) Deny �Ehe ap�lication. The applicanf may appeal �i�e Comm�tee's finding �.y reQ��sfing the Cify C�uncif �o�: (aj dis�egard, �he Commiftee's fnding a�id (b): insfiru�t ciiy s#afF fo incorpor•afe fhe applicat�on info a tax abatem�rit agre�ment �or fufure cansiderafion by the C�fy Ca�ancil: (3} Consid�ratiar� by �h� Gity Council - � The Giiy C��uncil reiair�s sole au#Y�orify io a�prove ar der�y any tax abafemenf� � a�reement and is under no of�iigafio� ta approve any �ax a�af�m�ht app-Iication or �ax �abafem�nt agreement. The �iiy of �or� Warth is under na obligafion to provide tax abatemer�f in any.amounf or vafu� ta any appliaanf- ' c. E�f�cfive bate for A�praver� Agreeme�its A!I tax abafiemer�ts approv�d by the CifY GOUiIGI� wilL be�com� e�fecfive on -.lar�uary. � of ihe year finllt�wing �he y�ar in which a CerEificate af ��ccupancy (G�} is issu�d for the quafifying de�eloptner�t prc���cf �unless oth�rwisa sp�ci�ed in the fax a�atemenf• agre�meni). Unf�;ss o�herwise specif�d in t�e agTeerrien�, faxes le'vied during �f�� cartsfrucfion of fhe praj�ct shall be dt�e and payaf�Ie. , 2. Praperfy . Tax A�at�menf for Commercial, lnd�sfrial, Gommvr�tf� �acilit��s, and Mrxed-llse Development Projects - a: For a campleted and eer�i�ied appIicafio�t for na rno�e tf�an �five years of fax ab�teme�it, with Counci! appraval, �e City 1vlanager sF�all exec�te a iax Labat�mer�t agreementwitY� �he appficant. , b. Fc�r a compf��ed and certified applFcat�on for mor�. tf�an fve years of tax abafemen�: - � • �. ('f ) Th� �canomic and Gammunity Dev�iapmen� I}epartrri�n� � wii� evaluaf� a com�Iete�-and eertFfed ap�licatiot� base�� on: � , ,(a} T�e proJecf's it�crease [t� tF�e val�e ofi t�e� �a�c bas�. �_ . (b) Costs fio tf�e City �suc� as in�rastrucf�re parEicfp�tion, e�c.). , (c) Percent at const.rucfion coritrac#s commrifed to; _. -(i) Fort War�n based rirm�, an� . (iij Nfmority an.d Women owned Business �n�erprises (M/WBEs). - . �d} Ottier items wh�ch may be neg�tiaf�d by tlie Gity and tne a�plicant. 'f.3 �. �ar ceriif�ed ap�iicafians of impac� fe� wai�ers fh�t require Counci� a�provai, fhe Wafer Depa�finent wi�! review tl�� cert��d applicanf's applicafic�n a�d mak� approp�-iate recammet�dations �o fhe Giiy Gounc�f. 5. Refeas� a�f C�ty �.iens For cet�ified applications of release of Cify lie�rs, fhe Housing De�nartment will release the apprQpriat� liens. . . ' VIl. OTHER hUL�S PERTAINWG TD PRDP�RTY TAX AgATEIUfENT A. RECAP7'URE Ef the'tgrrr�s af th� fax ab�f�me�t agre�ment are not rr�ef, fhe Giiy Cot�ncif has tY�e right io cancel or ame�d the abafe�r+�nt agreemen�. �n the even� of cancella�iot�, fhe recapt�re of afaaf�d� faxes �ha�1 be limiter� fa fhe y�ar(s) in which tF�e default occurrsci or confinued. B. INSFECTION AND �INANCIA� VERfFICATION FOR Ml1LTi�FAMII.Y, GOMMERG[ALl INDUSTRIAL, GOIUI'MUNiTY FACIL[T[ES AND !�l�XED-US.E DEVELaP1i1tENT PRUJEGTS � The f��rns of the agr�:emeni shal[ include th� Cify a� Fori Wot�h's righf to. (1� revievif and v�rifj� �h� appficant's �ir���cial siatements 'rn each year during fF�e fEfe af fhe agre�n-rent prior to granfing a tax aE�aieme�it in any given year, (2) coridt�ct�an on sit� irisp�cfion of• ��i� pr�jecf in�each y�ar ci�ring tl�e life of ft�� abafemen# to verify compliar�ce witfi tf�e terms of the tax abafiemenf agr�ement. C. EVALUA7rON FQR MLTLTi��AN(ILY, GOMIV[ERCtAL! (NDUSTRiAl�, COINMIlNiiY FAClLIT1ES AND MUCED-US.E DEVEL�•PN(EN7' PR��EGTS � Upon. coinpletia�i of consfruci�on of tf�e faciEif�es, ��te City s�iall no less than annualCy ��valuate each proje�t receivir►g �ba�ement fo msr�re cornpliance wifih the fierms of tF�e ag��e.i-nei�t. An.y inc�denfis ot non-complianc� wi1� be reported to fhe City Councif. , �n or before February 'f st o�f �v�ry year ciuring �ihe fif� af �h� agre�me��, a�ry rndividual tir en�i�y receiving a�a�c aEiaterr�en�f fram �ihe Cf�y of �ort W�rEh shalf pi-o�ide iniarma�Eion and ciocumen�afion vcrhich d�tails �h� pt-o�etiy o'wrter's cQrnp[i�ce wi�i� �he ��rms a�f �%e respac�Eve agreemen# a�nc� shaii cer�i�Fy t�a�f fhe own�i- is in �amptiance wr�� each appii.cat�le i�rrri of �he agr�emen�. ��ilt�re �o r��io�rt fi�is .inforrna#ion ar�cI ia provide �he -reqtsired cer�ifcat�ion by �i�e a�nve deadline sha�l resul� in cancel[afion- af agreAmc�nf and any �axes ab�fed E� fi�e prior yea� being�due and payabfe. � _ D_ EF�'EGT OF SALE, ASS�Gf�M�NT OR �EASE OF PF20P,�RTY if a prop�rty in the N�Z on w}�icf� taX is b�ing abate� �s safd, fFie new awner rr�ay e�fer infQ� a fa� abaf�ment agreemen� or� th� proper� �far t�� remaln�ng term. An� sale, assignmeni or lease .�� �f�e properYy whicn �is not permrtfed in fhe tax abaferrier�t agreem�nfi rest�lts in canceffafii�n of ff�e agreemeni and recap�ure ofi any iaxes abafed aft�r �tie da�e an wF�ic� an unspecifiieci assignm��t occurr�ci. . 'i 5 VIfI. aTNER fNCEHTIVEs � A. Plan rev�ews of proposed developm�nf projec�s in f�e �IEZ wil� be ex�edited by tf�e Develdprnen# Depar%met�f. : - , B. Tne Cify.�Cauncii may add th� fol�avving ir�ceni�ves fo a N�Z iR �he Resoautior� a�c�aptir�g the NEZ: - �. Muni�ipal sa)es fa�c refund • , 2. Homebu�ers assis�ance . 3: �Gap friancing • 4. Lanc� assembly � � 5. Cor�weyar�c� of ta�c forec{os�re properties . � - � • 6. lnfras�r�c�ure impravements • . _ �.� Supppr� for Low Iricarn� Housing Tax Gredit �LfHTC) applicatians 8. L�and use ineeritives ar�d zoningJbuiiding co�e ex�m��ions, �.g., mixed-use, densify � � bon�rs, parking e�c�m�fian � � 9. Ta�c Ir�crement Financi�g (T1F} _ . � ��. public Improvert�er�t District {PID) 91, Tax-exempt boncf financing - �2. New Mode! Blacks � ' • ' ,- � 3. Lo�i� guatan�ees - � - . . =1�. Equit��ir�vestrrments . . . . • '15.' Ofher ir�cenfives thafi will e�f�ctuate the inter�t and p�rpos�s afi �IEZ. � . . a a � ' f - 16 �xhibif � � Properfy Description Address Leaal Description 2620 Di�er Court Lot 5, Block 3, Rarriey Place Addition � � . � Au�� 2� 2002 9�,30AM s���c� y�r��.�n ��� � ���fi � '�o,s4�a2 P� 2 App�ication N�. . �.S --� — �C� �� . � � � �rxY o� �o�� �o��r� = - � � � N��+C���Q ��00�7 �IY1�O��RTVX�I'�T ZOI� �'��) P�Q�RAM � . . - - _ ., ---� 'P�b'�r�CT C��i�IFI��L'i'IQN Al'�L�iCATT�N ' � - ^ T _ - - � . � Fa� C �`o�t 7]�'V�LOPN,��NT �k�0�'EC'T� , , - � � -� •—• —� -._ .,_ _. �. �� .� . - . .' I.� APPL�CA'�iQN C�C� �;�8� - � � ; .��"' ,-� • .. � .. s . . � . „ �,__ -� -��,b.->>��._ , i` �Iease s�+bznii �he foll�vrrng daaumentati�n: . R '{ . - . ' _. ,.. .. _ ,. _�, , , , ,. .: � ---- [� ,A c�mpiet�d a�pIicat�o�n farrn . - � � '� ' . ._ - . � -"` _ _ -- . NA 0 A �-xsi o€a3I properti�,� ol�med �y the appFic�nt'iii �bt't Worth • ,� 1 - � � _ , � - � ;- , ❑. -�.��plication,'�'ee of 0,5% �f thg totaI Gapit�I Z�Y�shn�nE af tl�e px��ecf, na� to exceea ' �].,d�0.00���'¢�r fa� �F����m�n� -ap�]icatlonq orisy, �nnt ap�plfcable t� �i�.gie 'fa�tiIy ��. . , • d�Yelo�meat pra�ect�} . ' , . �,� �'roof �f oryi��rg�iip, such as �a warrar�ty�dead, e�davit of hairship, ar a probat�d wifl.,C}R. �� . ..• e'vid�ncs of site cn��x�I, e�tch as optian�to bu� � . � � � � fii�I� �bs�'a�# qft.�a pmperty �o��i�tt��I} . � - � .. . ., r� ; , __ ' r=- '.�_--.:'_„ , �.:,-`y ;� . i�`ar° �teha�iri�ai��1� �r�{ec�s.Onlv:_ ' - • �. . . ❑. �or' a�proj�ci iz� th�� p��i,ni3sg st��e, p�ease �ubmrt a carrivle�ad set of it�hab�li�st�.on ' •'- � fRemndell Fla� and a list o�` e]i��bkE r��ab�ia� cns�s'�. �fQar a�pIicatfan� Qi' ta�c . -; ; ; . , � ' .a6aterrien�s;�nd t�eveFo�men# €e�'��af�e�� �o� �'eha,b.pro,�e��s ou��)'_ � , � �' ' []�� Dr�ce a pra,�eat is oomple�ed,�pleas� S�hzirut proo;� of the el�g�b�� r�1��bi�itaf�on co'sts'� su¢Y� -: as iziVoice�, �o�.tr��, recaipts.. [fo� �p��ica�ians of t�� ab�telr�.�.ts on£y) � . . � - , � . • � *- Eligi�[e rehabilifafiar� i�clt�de,� or�y pi�yeioel iznprnvcm��ts to rael proporiy. . It �a�8 i'��T' inafude persan$f � , P�P��3' s��� $� ���, ���1fat�ces, cqtsipmc�.f, �nd/br �it�p�ios, Tatsl�e�igiiil� rel�abi�it�tiori 44�t8 �1�all aqual„ , • #a ax exC�ed 30°%n o�' �he �'arran# Couz�fy �pgxaisal �li�tYict (TAn) apprg�se� .valuc pf tho �#riz�ture durir�g tf�e ' year r�h�bilitation oo�ars, - ; � � -r ' ' ��i. ��Pi'i.iC�,,NT I 'AGEN� 1N�a�A'�`iaN'- - � -� - —..r _ � _ . . 1. Ap�a�Icant: �� gaaney Av�z�ue L,�,P . � �• Con��et Pet�sd�; Gary S�.�f � ie Xd . 3► ,�drlr�'ss; , � 950� C�ranbury Hw�, .�Pea��x�r�ord ' TX 7��87� . . i �tr��� . . �i�y �taie �(� . ��F �h�ri� �or� � i V��`8�r��.L��g �.. �Ll��. l��ri DJ,.1 ��i�1Y f J1.� fi. �zn$iIy , ; �ar;�.s�����e��t�prad�i,g,v.n�i - , '7. .A�en� (if �.rty} „ � . . . . . -: . � s. A�a�-���: . ,f ... . , . . . . . . .. , . . , � . ' Str�e� ' • . �it� „ S�ate �zp� � - , . � ;. :�. • � 9� ��az��.�o.* , � � � � 10, Z+'a.x No.: , . � I�� Eiriai�; ? � , � . ' • . �. . .__. . '_ . ' _ ; . • ' . ; . .- , � _> , � - - — -.. . _.. . . .. .. ; . . . - �: . _ _.. .. , , — -- ` -. - T _ _ � ----.. .., ,. _. . . _, , ._ _ _ � _ . �f ��u ue�rl fiirther -fn�'axrrzttttan or clar�c�.t��z�, gi��r&� �c��l���� �C`t�un�X L� �� (BI�. 87I-73�� ar : ���a �urt� �� ($1'� �'�i-�03�t . ' . _ . , : . � � s � ` ' � � � ._ � . - .... �.� . . . � . ! ` r I . � _ � ;. i' � Au�� 2, 200�. 9�3iA�, � No,8�52� P, 3 . ��1��: v�'��� , _, , ., . _ � � �- � . - _ _ . � ,. . _ _. � _ _ � �r�� pRo�cx ����r�aiUr�cx . � � . � � � - 1� P�ea$e Iist ciow�t #l�e c�ddressas �i�� ��gai des�rfp#ioz�s a� ihe �roj�c# �r�d ofher propert�es �attr or�an3�et�o�n �wns.�n �ot`t '4�4'arth� A,f�Ch rtie#es �t�c� b�unds d�9ct*�ptiv� �f izo &ddreas o1� I$gsI deso�ipt�o-n'fs Avafl�.ble� !�ttach an, exk�iblti shv�l�g fS�� 1b�r�tfon of ih� pra�act, � ' Tabl� � Praper_, Ui�'�ersh�p . � . . . Add esa - ' � Zip- �• - . �.,��aI besorxption . � � , � , , F.�, .� � — . ; (Proj��t �ocaSion) � .� ����.... -'�� � J. , --� � � . - f -� - � �oc�e I �- �! I � � � . �. . _ _ , , , � - .� g .- ---- �--- . f . ."(Plesxe atiaci� addltian�i aheefa ofp�per �s need�.) � � .. �. Fo�r eac� �roper�le� l�ste� fri'��ble �,, �1�ase eheck t�� �o��� beiaw fo it�dica�eif� r.• . . . . . � . � ' � ther� �re taxes due; oz � • . +. ' ��.ere ar$ City Iisris; or � . • ' . , ' w yo�# h�va�baeit subjec� to a Building St�n���ds�Commission`5 Ordsr of I�emolifiian wh�r� �he ' prop�rt� was�emalisha� within �he last �iv� y��r�. � �• " � :Tsb�e Z .' �rQ#erty'i��€es �nt� �itY �.fP�� � • . - � � Adriress � � �'roper�y �� ' . ' ' City ��i�t�S on �rap�r�'y • . ' � _ . � - ! , . T$xes .•�Weed �a�pd��upl0�en � IiBiito3itfan' P�Ying Drd�r oi , � ' f , , . �. ' , . I Due �ie�s � � 5tuIC#u�e Li$ng � � �,ia�s : Llens •• DemGlilSon � � , , i ❑ - ---- - . � . ❑'— '� � � .� � �- . � � � � � - I�.-1 ( . � �.. � . —. , �• •-�. . ' - f ' ' �— - 1--! � _� � , LJ L�— .... f !�1 �.J , . L�.-1 L�I � - L�d ' � I � ` i . . � LJ — —�L.J ' �^ ' ❑ � _ � .�..,� 4� � L! I '.I: . � — — .L_I.., , LJ. . � • 1..�.� ., — L.....J � ' (Pleas� �tteb�k add�tlon�i �heefs oF�upet' �a n�eded.} - . . � . �, Da,yuu awrt'a��;��x �rag�'r�ie� u�.der �f�r$r t��lr�aea� � "Yes [] �o ' , ' .I�'1�'ee, pta��e specffy He������ Pha�e� :�C/We�t. ��'ork � Nc�xtls� �`�. Wortii .� . �, �7oes the propo��c# �Sro,�ec� eanfQrm wq�ii Cfty bf For� �oz�th �o�ing`t �g Yes [� No � If na, r�i��� �ieps are �iein� talcen �o irisur� oorripfd��e? . . �. �'rv�'eC� �ypea � � � � � Q • -[] �u ❑ � � � . � ' ' - . ��ng1e . MuIt1- Cammercia� � IndusfrlAt • �CQm�nun�ty Mi�ed�Use . � . ; ' �`arnily '� .��Sily , . • ' ' - Rac�li#ias � , ' , . - . I � i �. ���a�Y��to� �ati No, '��ock No, � . �` . I - ,� . . . �� , �'i` , � � .� �;. , I : � i ' . �: I , � . . �. ; , i - 4 E Au� 2� �2a02 9:31AM � � �un� �r���rz No,8452 F, 4 s . , .6, H�s the gro�er.t'been c�mpleted �r is if ln th� pla�inin� ��,age7 V�,at type of construct�or�7 ❑ Cnas��cti�n-IComplet�� � [�Und�r Ca uc ' : �n �'l�nnina Sta�e � Ncw Construotion [� Rahab �] I*raw Coit�trua�3o,tt �] Re�yab � New Con�iruo�lan � Rehab 7, If tlle ��ro jset h�s bean carJa�ils�ed, Wh�n ���s �i ��trtpa�ted4 -- -- -- B. Do�� (at-'�vili,� �t�� rei�a�b�itaf�on wbrI�* er�u$1 fn �t lea�t 30% of the'�a�r�at�t Cottrlty A.ppr��s�l S�f�t�rtct (�`AT�) �s�essed val�e af #he strt�cture durf�g ��e yoar r�habllitatlon oocux�'eii? ' �[� 'Yes � No � �'Onl� ph�sical iirlprvvemer�t� to real praperty is a�igzbte, DD NOT �nclud� persot�a! prop�rty suah s� �urniCure, gpp�iance$, �quipment, �nd1�� su.pp�ics, ' 9. �ox' �. s��ti.�� ����.,��,�,�er��ii�ti rn�a:e���t�e, �� �mutt�4fatr��y rIevel,n�ment.nr�€ect, please � fi12 aut the num�er of�re�idenEtal unit� �a�ed vn income r��.ge, o� a"vraers o� re�ntet`� lz� ��e t f4l��wfi►g ��bie.. � , ' � . , '���Ce 3 � � N'�sn�er af xcesEciez�ti�i �'n3ts an� �nCbm� ��r�ge �� C1'�ri�rs or RenPet°� � � . ,.. � . i : �:.$�° o b�AM�`i��` . � A �n�. �' �st�m�.ted . I�At:b�' b�lo� 80% o�;Ah�'I �• . i .. �ti��v� � b5_ _ es�cima�ed .� '- "'�`AMRir Area M�diari Femily Iria�me. •�'Icase se�c a#�actuia.�nt far inoorC�.e a�d hduSing p3yttl��f guic�Glit7Ca, . "� a . _ . , . , � Ia..Fo.r � mul�if�rniiv i�r�iecf ta �e ��a�ifiad �'or tax af�atemen�, �i7.e�s� 204l0 of �ota� units sh�tZ `-.�e �.f�ardable � f'amities at or b�low 8�°/a of A1V�'I. Check ��a bo�, A�' �att �r� �eques��ng a � wafver of �hfs r$quframent. [� . � • � . . � 1i, ,�nr �t..�om ei�c;ai. �r�dustt�tal or co��m�sxt�t� f'a.cil�tie�9 -nro ectE ind�aat� squ$Ye Poaf�ge tft. , ° nau-r��l��n�Eiat�s��ce. • - . . � • Cgmm�roisl � � ' It�d�u$t�ial - C��nmuni� Facilixies ' . • �. . • 'r sc�u&r� fe�t ' - st�uare feet . ' . square fe�t i _ _ - - . (` . f , � PL�A��'`�5�� Q!C7LS�i �O�"S I�'0�,10'T'`O NC�. �1� D�ILY T� �'��J A.FtE �A.�'P'L'�Yt�'� � �' ' �Q� A'�'�,� �,��#'�'�����`� � ' � ,r , ; I2. �tivr �tiuch f� ybur Ga��i�i En�e�,tz������* on �Sie �r�f $�t� �i�sse �sa t�s� foll�w�ng t�'bi� to �,' € �,rovide ,t�te det�f�� an�d szrivurct Qf��aur �apital �nve:�tmen�. ; , ; ' : T`��I.e ?� • Cap���'� Invest�� t of fhe �'rQ�e�t . - . , . .iA y�i �S'�� ����, ( � r.� `oa�.r�. �5y,�,�' s' C. �',cra�A � �" ;� ir;•� ,� .,• h ti '� '�Y," ' ��:��5�.{',�'G�i��7!��'Y��:��,�.�.v.�f�+�' .. "� � �' � �k� � . . _ � +..1:, jty.'"'.v ' � �. � 7��--�'`s:��"�1r1�� ' '�' .. ' � ; I , ° I A�vel��nient �s�s eat�ma�t�d $� , Oq0 , 000� . - . � - -, - -- , _ „ _ .�...........----- . ... . , � � , . , , .., - --- � _ �, ;' -' -- i - . , ,, ,...„ �-- - — � _ � ' ' j , - _ �-- � �, .�. . ... _ ... . .. ... ... ... : � ' - - � . . _�, � ; � ' , . ' � � , � : - , � • -- . ��_.... � . �. : -- � � � �� 1 . � . I ?u,J. Q k3+1 iR �F¢kWiS �`�'�kr4q�iH+k4 q �k��:h �, , w;ti �� ^ �,n�,�'���1T .' i � 'R;ilil}' f;jF�"�y—��+}r i. ,'s� — �i Jr ' 4d�y "-.��� �k�_�,"Et'u�r {a�4 • � ..i.�..�.s�r.x i-,a.��.aYrlr�t-�ari42,Va ,�;.i.�, � i t: ii' ,��~Hz'�i�� �^e4F�'�� �I C �`:�I �J�;:.'f7;"'�.'�i'vii�'�.`..;•r:. i ti ••.o1i,:e:.ir ..c � M�+��:.-F 4tFAu�Xe ��,s`. �'4.•i�•qxael:��7:,�t•.`i 3's��F�..��..�.r..i.s.itr..IL.'u..Y':�.�@f .nn,•Y':� _.�'��Ga}�it�l In�e�irner�E inc�ud�s anly re�i prop�rfiy improv�m�nta such as n�W �scilifiies at�d struc�ures, . si�� �t�prav�mez��s,� �a�i�ity exp��sian, �,nd,f�ciiify ��d�rni��ion� C�piral Zr���s4tt�ent �t��3 �'DT -, inolud� Iand acqti�sitian oosts andlor any existt�g improvements, or p$r$on�] prop�r�y (such a� :� me�ahiz�e�y, ea�t�prz�ez�t, �-n�lar sup�li�s or iriven�ory)� � . . - �, j - . 3 . � �. • - , . ' . j. � �i �'. � � .. 1 ' � ! ,� Au�� 2.' 2q42����32A� � � . , No,8�52 P� 5 � vssY. r .� I• . • ' '. � . ' , � '' ' 1�: Fni^ a c'mmar�ci �ndu��rfat. c� i E � Q ��_ . . ���t�� . �'��1��Y al� xta���d trss p�oleci,.i�ow �any � � � ' ' : � �mplvyeEa wiXl the pt-vf e�f �er�erafe? � , � ' . � � �'��, Fo� a rr�i�ed-us� �rniee�, p�esse �t►dica�� f�e p��°cettta�e af aI7 �se� i� tHe pro�eet in tI�e , � , followiag table. � ' ' . . F ' . S � . ' : � '�ahle S P�rcent�ge o#` �'se� in � �txed•Use �xa�ec� � , � �, 3 ;� Sjbk� �� ��.ar��Z .+v��1���j/'��'j ��� � � - �W �q ; Y. � e,r�}F LI � _ �."i��;���: �" .i �i���ii�fi � V. _. . r%�I' b. ., � �� LS,�'�I Rasidenhal ' ' , ��^ , I - - i 'j � Of�ce . , ' • ' i . � - ( �atin- - ; - -�� -- - . _ - . 1� ' ,.. , i,�n�Ye�ai ment ' � � . . f �et8it �a�es _. , . ; — -- . � � � . � � .- � � i5`OS`ViG� , . � + � - - - - - � � �` - . , I - -•--- .,. � , 'jj :�..7e( � - ' y� '� '�('�m �� . --, . w �� `� � � �'� ' I��2.�ir.ro :.s�� � . .V,fr�a .. . ' rv.� - , � �� - _ � � `. 4{�.�yy �y y� i.. ��i� � � � ...ww�r � _��. ... ..�... , � ., _.�. 'S 1�^, �I.ilV�4��� T.•.�! � . r ` f • ' ` • � ( , € I:���t ����n�ive� are yn� �ppiyi�g.ffl�'� � , , _ ; , ' , � � =14�u�nlci�a�l �'rnirertv'S`nxA��,�,a�„s • � ; � �5 years ,. , ' ' , ' . � . � �j I�1dxe th�n S �ears . . � . . i bev��oi�tne�f �`eef Waf�ve�� ' ' . . . . � . " . �. ' j� Atl �u.ildit�g �pet7t�f z�i�ted �e�s (ina�u.di�lg Plaris �-ovi�w a��i T.rispecti��s) . � . . . � ' Hc�w m�ai� is ya�r to#al dev�lopmeni aasts7 $�, QAO, 00� � - . . , . �iowmuohist�a�Eotal�.sqt�a�eiaotag��fyourpfoject76� Sin�Ie Fauzi'xy �o�s ' ;•{� Ptat �.pp�ic� �on fee (incl�diag �anc�pt pI�», p�c��minary'pla#, finsl pl�.t, short form replat) . � � ,. (� • Baaxd o���ju�t��nt appliostiott,fee � � . , . ; , . � � ���i�lition �`e� � � . . • . � '• � [] Siz-a�fii� ma'vit�g f�� , ' • � , ' � ` • � � ; . � • � Cdrn�t�r�s�y �ac�lztics Agraoment (Ci�A} �p�fica�on �ee , , . � � �Qni�tg.$ppi�ioation �`ca � . . , . 1 � � St���t �tr.d ti�il4t� 4a�em�n� • . � � ' , ��it�aef F��_`�'�i�e�e ' ' � , ' .. � , [� irx��sact fee �tvaiv�t� • , . � ' � • , . � • 1; • ! •;, •. Iv���e� �ize . ��� ' . • � Hovv rnany m�tera? �2 • . ; �, - . : � � � �; ? � :��t�s�e_af Ciiy �i�z�s � i , ' � ��� W�ed �t'sas � - , . - ` i . � Baard u�sla�en �trupture Ii�ns ' . . ' ' `. �] I�emati�tor��I�er�� • . _ ' . . . ' , '�] �aving Iiens , ' , " . ' ' ' ' , . ' � .__.. —. ... _ . , - , ,_ _ ._,. �. _. _ .� . �� � - . � � . . • � . . , . . . . � � , � ' ' ` � . , • • '• � + , . . � � £ • � . - ' . ,- ; I � 'R4l8 2� Z����r�,r 32A�r 1 1 t Y�., �., ���OWL�DGM�NT� . _� m �6.�452 �. � �� _�-_,,,, _„_ . _..'_, I hereby c$rfify fhat fh� �ri�'olrmafi0n� proY�dsd #� frue and accu�t� f� tk�e b'��f af my �no�vledg�. i hereby , , ac�pwled�� �h•at I h�Ve rebefv�d �. copy of �'EZ $asic Iriaentivea, �whiah �ovarns t�a � ! flbaEeme�tts, fec waives`s artd relea�e of City �ierts, aiid that any V�4�.ATXON af t�� tsri��ns of the NB� `, Basic Irtoar�tives or M���g��,�������� sha11 constii��e gz�dunds ior r�je�tian af an app2�oativn ar it�rminsfivn of it�certives at ihp �i�cret�on oi the.Cit�, � . ' r understand ths.t t1�o appra��X affes wai�ve��s $r�d o�h�r,znccntiv�s shail �iat' �e�daamed to be approva; p#' . ` any �sp�c� of the pro,�ec#. T understand that T�r�a �e�ponsibfo in obtai�ing xeguired p�t�mits �rid iaspect{orts fxom the �ity �d ir� erisuring the pxoj�ct is7aaate� tn #i�e,comea# zonit�g distriot. . ; I ' • ;� agr�e ffl p�ovid� any additional informafion fax d��err�ir��n� �iigib�lity as u ed y��,e City,' �. � � _.�Gz�_r�'f1 _ t�hw-�A� i � • {TYFEA NA��) . . , � �i (A'�T�- Z�I� �IGNA .�� � �� , �� (DATE) . _���otrani.c verston a�this form f� �vailab�e isyraqt��st. ��es.se oaI] 817�87�6738.2 fa r�g�est s copY - ��, ��-. � �. �. - �or0�`fic�iJse�nly _� . _._ ;.�, . � AppIic�tion I�76. ' In v��.��� �'EZ'? SS, Cor�f'orm �vi#h Zat�i� � � � ' � � Yea [1 Na ` JT1��� � SF ❑ Ivlul#}famity ❑ Cosnmera�al � I�dustr�al ❑ Corrimuni faaf�itia� tS' Q M��ed.Tlse � Canshizcta�n aampI�#iari dafe? []] $afora 1�,� (l�'`A�ter NE� Owrtership .. � Yes � No' �'A:D Aa�dunf hioa ' • � � � I .. f D I� c� 03 D$ C��sistent wfth tha NE� p��ri� .[� Y�s � No Mect affo�d�biiity test7 ; N t� ❑�es ' ' % [71�0' lY�inimu�rs �apitai Inv�stmen#`� , �] Yes ❑ Nd �'���eb �t oi' hfg}aer' thati �OD/a7 �`�,� ��Yes [� N❑ M�et ir�ixed=use deiinitinn7 tij� ' ' Ta�c curr�nt nn tf��s ra � . � . Q �'�s ❑ �c �, p�'? �'Ye� � No Tax vurrant oa ofher prope�#lcs? � Yes ❑ No `C�ty Ii�ns on this praperty2 ,. . Cixy li�r�s on otf�ar prap��Cfes7 � o Weed Iieris ' i ❑ Y�s �' � No ; e Weed liens ; . � �aard-upl�p�n strtacf�ar� �iens . . r � Yes „��f N� ❑ Yos �] No . ��.�Qar�-uplopen �tt'ut#ur� lie�s � �c� � �ib � g D�rn�ifti�n �f �n� � ❑ Yo$ � N� d U��virtion �iens � � i a P�Ving Iier�s, � , � � � Ye� �] �v , • � Y�s � N� � .�aving ti�t�s • • � Y�a �j �1`0 ��� e D#'t�er �f iiemo��tiot� . ' �] YGs � N¢ a arder of d�mali#iQn �. - C�t'Exfi�d7 � ycs i • � �'`�s ,� I�o d�No C�rt�fic� �y �.� �ate certi�catian issu�d?. $j {5� D � � . � . rFr+nt_�r.rti�r,r�. rr;x,cnn � I �, � � ' R��eir�d ta: ' � , , , .. � . . ' :: C,��conom3c D�velo tnerit � [�Hat�sing �I3evelapm�ni [�W ; {1� ; � —� � ; T� - —• ,— , , . -- _ ater �Cade: _ �T�W' . Re�l e ' � ��dAu�ust2s,Zao1 P•�k,t�c-���,� u�c�s v�.efr�.yc'd �,��c�c :� - - - , f ; _ i ' � �.�t,�; � � ; � . � � . � � � �:�►�.e� � c�.�v�e. c� c,�i�=�-�. � � . . . � ��� : �° d��s.�,�� . � . . • .: , �. � . � . . , , _ � -! i j ku.a 2� 2002 8:33A� � � ! , � i Nd.8452 P. 7 �� r����: 8��� ��e �e1g�������d ��b�C���,�r�� ��rp����ta�, �r� ��ia � f . �Q��F�T"Y ���� b��8: .�L1C18 0'� l; �Q�� , - ���p�r�t��� � C���ta�'� M�il��g A�dr��s (�r�cludi�g c��r�tyl�aris�}: ; . �5� �a�� ��y ���t, �8�" �1�or . f . �b'1���9�1 ' � . �olt�rr���i�,, �r���Iir� Ca�r,ty, ���0 43��1=02�{� �i�t�t��; R�rr��y ���r���,1�.�,, a T�x�� tit�ti��d p���r���� t � �►�n4��'s M�ifii�g Add�ess (��eiuding coun�): ��50� G1��b�ry R��� � . � W��fherior�, �e�k�r ��t�nty, �°�x�s i6a�7 � . � C�nsi�er��ir�n: - i�N /�1�l3 l�t'31T�D ��LLR�� ��1�.O�f �nd �t��� �o�� �n� va�ua�la ca��ider'atio�� It�clu�f�rg Eh� b�n�f�ts ��d p��lis�s exp��ss�d i� tha� ����i.r� P��r����ip �gr�����t d�ted �'�br�a�ry �, �OD2, �eivyee� �n�f�a�d R���� M���ge�e�� ��np��jr, � It��, ��c�- ��ria �n� #�e�gh�drho�d B�we(opr�r��t ��r��ratrii�n: � • � . �r�p�€�y► (ir�ciud�r�g �r�� i�npr�veme��): !�E! the# as�ta�n �et� tr�� o�r �ar��I of lan� mor� � � f�s�f� ��ser���d r� ���ibit "A" aft�ci�ed h��etc� s�� m�de a p�r� �t�reof. ' : �ertireff��s��'�o� �nv�y�nc�: �fa�e, . if� �. ..� , ; � , � � • , � . ° . �.�ptr��s` fio ��€�►v�y�nca �r�� �V��a�nty� ��sar��n�, rlg�is��f way, and pras��fp�#v� ��� ���fis, ►�{��f�er ��f t�c�r�. o.r ��t; �f! pr�s�ir�ly re��i�d i����e�t�� oth��` tE�an ' i��r�e an��• ���nv��r�nc�s; that �ffec� th� �r���r�Y� ���s f�� f�e c��rar�t �+a��; the ; � . P�Ym�r� afwhi�H �r�r�t�� a��u�as. . . ; . . , , � , Grantor, fnr tt�e; �ottslder�Ha� a�d ������t �� �r� �e�arvat���s �rom �r�v�y��cs '� r�� ��c�pf(��s ta ���eyant� ��� w�Cran#y, �rants, ��iks; ��ci car�veys to C�rar�te� t�9 p Aa�'�jr, tQ��t#t�r wf�'�!1 a��d �i�g�[ar` the �i�ftts a�,d appu�ensh�s thereto !n arry way ta l����rig,' �c� h'�ve at�� hafd it � Grantee, (srah�e�'� �ei��, axec+�tv�s� &dm�n4g�r�tar�, � e����o�s, ��° e��l�ris f�t°ev�r. �ranta� blr�ds �ranfa� ��d ����or's h�ir� ��� ��' �aa���; fti �+��tat�t ��n� fot�v�r d��snd a�f ar�d sl�gu[�p �he �ar�per�y t� �r�n��e and � �r�tee�� �i�[t�s, su�v�sst�rs �ar�d ��sfg�s �ga�nst ���ry ppr��n WhamsQ��e� fav�uCE� cf�f�ir�� ��� Ep cl��m �t�e sama o� �Ry par# th�r�of, �x�spt as to �hg ���e�iat�vns fr�� �nvaya�� �nd �xce�tion� ta aa�vey�nc� ari� v���-rar�iy, w�ran �he ofa�m rs'hy, ���u��, �[� ui�d2� C�ra�to�°, but �ot atherwi�e. . 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Il ,• � ,. . � n:projectllandlprnjectslramey � 82D � ,�.,,__.....,. • . . . .:_. _„ . .. v�n�r.ir� . ` �UE.DiLiGENCE � �IhIt�,N�C'I�iL � ��""� `�� .`� IYIARK�T 5U11IMAR'k' � - �'� ;i� � Le�end ' � AVI,IS.ABLE � SOLL1 NOT CLpSEA , � SPEC H4ME_ 'c��'.'�.��.�''�,.�''�, CL45Eb � SFGN LOT � SALES CFI�FTER � WINUOW L07 �� A10DEL HOI.SE ' � � � CANST3il1CTFONTR:IiLEq � p1�.RKIMG LOT � COMMON /4REA "•""� OPEN SPACp �z =1�rsi.:w ui""r � ���;;. � J J - �. � rr,�ma+aow _ � I AlOdeii CGrllpl�ac � S ��C��C� C'iiy o�.�'ort YVort�i9 T'exas a���� ��� ����n�;Q ��r����;������ �ATE F2�FER�NC� NUMBER LOG NAME PAGE 2f25l03 C�� 9�90 aSRAMEY 1 of 2 SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH RAMEY AVENUE, L.P., A TEXAS LIMITED PARTNERSHIP, AND KB HOME LONE STAR, L.P., A TEXAS L.IMITED PART`NERSHIP, FOR THE RAMEY PLACE ADDITiON IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE RECOMMENDATION: [t is recommended that t1�e City Cauncil: 'I. Approve the ap�fication of Ramey Avenue, L.P. and KB Home Lone Sfar, L..P.� far a five-year Municipal Property Tax Abatement far the Ramey Place Additio� in the Stop Six Neighborhood Empaw�rment Zone {NEZ); an.d . 2. Fir�d that the statements set farth in the recitals o� the attached Tax Abatement Agreement with Ramey A�enue, L.P., a Texas Limited Partnershrp, and KB Home �ane 5tar, L.P., afe true and correct; and 3. Autharize the City Manager to enter inta a Tax Abatement Agreement with Ramey A�en�e, L.P., and KB Hame Lone Star, L.P., in accordance with the NEZ Basic lncentives. DiSCUSSi4N: Ramey A�enue, L.P., a Texas Limited Partr�ership, and KB Home Lone Star, L.P., a Texas Limit�d Par�nership, are the ownerlde�efoper of the Ramey Place Addition locat�d off the 590D biock of Ramey A�enue and Cass 5treet in the Stop Six NEZ and Neighborhood Empowerment Reinvestment Zone (NERZ Na. 1). Ramey Avenue, L..P. and KB Home Lone S#ar, t,P. applied fior a fi�e-year municipal property tax abatement un�er the NEZ Basic Incenti�es (M&C G-13208R dated June 5, 2009, M&C G- 13580 dated April 2, 2D02, and M&C G-13662 dafed Juiy 23, 2DD2, as am�nd�d). The Housing Departmeni has reviewed ihe applicaiian and certifed that the property meets the eligibility criteria ta receEve NEZ municipal property tax abatement. The NEZ Basic Incenti�es offers a#i�e-year municipal property tax abatement of the increased value of improvements to �he owner af any new home constructed within a NEZ. KB Home Lone Star, L.P. will invest $6,200,000 ta construct si�cty (6fl) single-fam'rly homes, not including the modei home, in the Ramey Place Additian. The addresses, types and site plan of the prapased deuelopm�nt ar� attached ta ihis report. Upon execution of #he tax abatement agreement, the total assessed values of each home in the Ramey Place Addition used for caEculating municipal property tax will be frozen for a five=year p�riad, starting on the date the home is sold to a homebuyer #o be used as a primary re�idence, at the pre- improuement value as defir�ed by the Tarrant Appraisal District (TAD} on January 1, 2003, as follows: $ Pre-imprav�ment TAD Value of Improvements -0- � Pre-impro�ement Esiimated Vaiue of Land $2,082 per !at • Total Pre-im�rovement Est�mated Va[ue $2,082 per lot C"iiy of'�'ort �orth, �exas ���� 1�1�� ��[�i��11r ��i1���f/������� DA`l"� REFERENCE NUMBER LOG NAME PAGE 2/25103 �-� �Q��O 05RAMEY 2 of 2 su�J�c�r APPR�VAL OF TAX ABATEM�NT AGREEMENT WITH RAMEY AVENUE, L.P., A TEXAS LIMITED PARTNERSHIP, AND KB HOME L.�NE STAR, L,P., A TEXAS l.[M�TED PARTNERSHiP, �OR THE RAMEY PLACE ADDITION IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZQNE The municipal property tax on the im�raued ualue �s �stimated at $649 per house, per year, or a tota[ flf $194,625 o�er the five-year period. KB Home Lone Star, �.P. expects to complete construcfian on or before Septem�er 30, 2Q03, and sel� sixty (60) homes to new owners. Upon the sale of each home by KB Hflme Lane 5tar, L.P,, th� new owner may assume relevant terms and conditians �nder this tax abatemer�t agreement by entering info a new tax abatement agreement with the City, if the new awner mee#s afl �[igible criteria as stated in #he NEZ Basic Incentives. The tax abatement agreement shall provi�e that the agreement may be assigned ta KB Hame Lone S#ar, l..P., KB Hame Lone Star, L.P.'s affiliates or its first mortgagee, or to a homeowner who will use the required improvements as its primary residence or the homeowner's mort�agee, and any other assignment must be approved by the City Council. The Ramey Place Addition is located in COUNCIL DISTRICT 5. FlSCAL INFORMATIONICERTIFICATION: The Finance Director certifias that the abo�e action will have no materia� effect on City funds. 1��:�17 Sub;nitted for City Manager's Office 6y: � FUND � A.CCOUNT I (to} CENTER I AM4UNT I CITY SECRETARY Reid Rectar Originating Department Sead: Jerome Walker Additional Information Contaci: .�erome Walker G140 7537 (from) f i �5�� � APPROVED 2125/03