HomeMy WebLinkAboutContract 34709-CA2 CITY SECRETARY - ,_ �a -LA2-
C014TRACT NO- L
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between HMH Lifestyles, L.P., ("Assignor") and Dorothy Bonner, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. Sierra Vista L.P ("Sierra") and the City of Fort Worth, Texas (the "City") entered
into that certain Tax Abatement Agreement ("Agreement") for Property Located
1308 Montoya Ln, Block A, Lot 68, Sierra Vista Addition ("Property") which is
located in the Rolling Hills Neighborhood Empowerment Zone, such Agreement
approved by the City Council of Fort Worth February 21, 2006, City Secretary
Contract Number 34709 ("Agreement"):
B. Pursuant to that certain Special Warranty Deed dated as of 10/14/2008 recorded
under Tarrant County Deed Records, Sierra conveyed the Property to Assignor
and Assignor acquired title to the Property which is the subject of the Agreement:
C. Section 5 of the Agreement permits Sierra to assign all of its rights under the
Agreement to HMH Lifestyles, L.P., without obtaining the prior consent of the
City Council:
D. Sierra assigned the Agreement to HMH Lifestyles, L.P. Assignor; such
Agreement is dated 10/14/2008 City Secretary Contract Number 38629.
E. Pursuant to that certain Special Warranty Deed dated as of 2/02/2009, recorded
under Tarrant County Deed Records, Assignor conveyed the Property to Dorothy
Bonner and Assignee acquired title to the real property which is the subject of the
Agreement.
F. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to Assignee, without obtaining the prior consent of the City Council:
AGREEMENT
NOW THEREFORE, in consideration of the mutual terms and conditions herein
contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:
1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all
rights, duties, obligations, title and interest under the Agreement to Assignee.
or ORD
r TARP
2. Acceptance. Assignee hereby accepts the Assignment granted herein, and assumes
all of Assignor's rights, duties and obligations arising under the Agreement.
3. Effective Date. The effective date of this Assignment is 2/02/2009 ("Effective
Date"). All rights, duties and obligations under the Agreement arising, accruing or
relating to the period before the Effective Date are allocated to Assignor and all
rights, duties and obligations arising, accruing or relating to the period thereafter
shall be allocated to Assignee.
4. Release and Surrender of Assignor. Except as otherwise expressly set forth in this
Assignment, Assignor will be discharged from any and all further obligations under
the Agreement as of the Effective Date. Assignor must surrender the Property to
the Assignee on or before 11:59 p. m. on the date prior to the Effective Date in its
present condition. Assignor relinquishes any right to any improvements, fixtures or
equipment on the Property.
5. Representations. Assignor represents, warrants and covenants with Assignee that
as of the Effective Date, that Assignor is not in default under any of its obligations
contained in the Agreement.
6. City of Fort Worth's Consent. City of Fort Worth hereby consents to this
Assignment upon the terms and conditions set forth herein. Unless and until City of
Fort Worth has executed this Assignment, this Assignment is of no effect the
consent granted herein should not be construed as consent to any further assignment
except as provided in the Agreement. The failure or delay of City of Fort Worth in
seeking to enforce any provisions of the Agreement or this Assignment should not
be deemed a waiver of rights or remedies that City of Fort Worth may have, or a
waiver of any subsequent breach of the terms and provisions therein or herein
contained.
7. Notices. Any notice given by any party to another party hereto must be given in
the manner required under the Agreement. The addresses set forth below
supercede any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing and Economic Development Department
NEZ Program
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNEE:
Dorothy Bonner
1308 Montoya Ln
Fort Worth, Texas 76119
2
ASSIGNOR:
HMH Lifestyles, L.P.
9001 Airport Freeway, Suite 400
North Richland Hills, TX 75180
8. Successors. Except as herein otherwise provided, this Assignment will be binding
upon and inure to the benefit of the parties, and their respective heirs, executors,
administrators, successors and assigns.
9. Counterparts. This Assignment may be executed in multiple counterparts, each of
which, once executed, will be an original and fully-binding on the parties so
executing; and all such counterparts together constitute one and the same
agreement.
10. Binding Offer. This Assignment will be not be binding until executed and
delivered by all three parties.
IN WITNESS WHEREOF, the parties have executed this Assignment as of the
date first above written.
ASSIGNOR: HMH Lifestyles, L.P.
Nam .
Title:
ASSIGNEE: Dorothy Bonner
4mldL.� v
Name: (orothy Bonner
} iAL )RD
CITY SEC"E (ARY
3
FT. M 4 r4, TX
CITY OF FORT WORTH
C�
Fernando costa
Assistant City Manager
ATTEST:
City Secretary, MOL Ne►ndnX
APPROVED AS TO FORM AND LEGALITY:
Clrc-�
Assistant City Attorney
M & C: C-21313 2 .7-k --100V
0FF'F '?= D
CITYY
4 FT ��► � w!'a, rX
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Fernando
Costa, Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation, known
to me to be the person and officer whose name is subscribed to the foregoing instrument, and
acknowledged to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a
municipal corporation, that he was duly authorized to perform the same by appropriate resolution
of the City Council of the City of Fort Worth and that he executed the same as the act of the said
City for the purposes and consideration therein expressed and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this J day of
Yvoyiml,v , 2011.
�4V7,tz f- Z,�L
'Notary Public in and for —
the State of Texas '" EVONIA DANIELS
MY COMMISSION EXPIRES
-.,,Io'1�•s July 10,2013
Notary's Printed Name
oFf
CITY
"T. w't►� , TX
STATE OF TEXAS §
COUNTY OF TARRANT §
BIF,FORE ME, the undersigned authority, on this day personally appeared
of HMH Lifestyles, L.P., a Texas limited
partnership, known to me to be th person whose name is subscribed to the foregoing
instrument, and acknowledged to me that he executed the same for the purposes and
consideration therein expressed, in the capacity therein stated and as the act and deed of
the HMH Lifestyles, L.P. a Texas limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
Etc VA. , 2011.
Notaryjublic in and for — - --- `
the State of Texas , PYPU JILL BARFIELD 11!!
_ ': Notary Public,State of Texas
My Commission Expires
March 25,2012
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dorothy
Bonner, known to me to be the person whose name is subscribed to the foregoing
instrument, and acknowledged to me that he executed the same for the purposes and
consideration therein expressed, in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this �" Y
da of
11
Notary ublic in and
the State of Texas
Y�Y r�' SARAH J.ODLE
f; MY COMMISSION EXPIRES
**ember 5,2011
CAF'
6
s CITY
ORTh, TX
Electronically Recorded Tarrant County Texas
Official Public Records 2009 Feb 11 11:07 AM D209036464
A — Fee:$20.00
s....,1 Submitter:LANDATA 2 Pages
Suzanne Henderson
STMT/1081171W 601m
NOTICE OF CO-T IMINTIALTTY RIGHTS;IF YOU ARE A NATURAL PERSON,YOU MAY
REMOVE OR ST1MEAN'Y OR ALL OF THE FOLLOWING INFORMATION FROM ANY
INSTRUMENT•THA� -TRA'�TSFERS AN INTEREST'IN REAL PROPERTY BEFORE IT IS
FILED FOR RECOR15`1-A TkW'�UBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR
YOUR I3RIVER'S LICENSE NUMBER
WARRANTY'DEIrD•'i CM FIRST AND SECOND VENDOR'S LIEN
Date. February 2,2009
Grantor:HMII Lifestyles,L.P. ,
Grantor's Mailing Address(including.6oupty)::9001 Airport Freeway,Suite 400,North Richland Hills,Tarrant County,
TX 76180
Grantee:Dorothy Bonner,a single wpm'"l _
Grantee's Mailing Address(including daynO);1.9081viontoya Lane,Fort Wwth,Tarrant County,TIC 76119
Consideration: TEN AND k-S
NO/100 1)t7L and other good and valuable consideration and the further
consideration of a note dated of even date that"isln'Chtrprmcipal amount ofSeventy Thousand One Hundred Seventy Six
and NoA00th Dollars($70,176.00)and is exeduted byiDraptee,_asyable to the order ofNTFN,Inc, The note is secured
in part by a vendor's lien retained in favor of WFN;4ne.ih this deed and by a deed of trust of even date herewith,from
Grantee to George M.Shanks,Jr.,Trustee.
o And for the further consideration of the eicE'cirtio xtid delivery by Grantee of a note dated of even date that is in
^' the principal amount of Nineteen Thousand Nine 146ndleit Ninety N)tfe•,and No/100's Dollars($19,999.00),payable to
0
wCity of Fort Worth,Texas,as therein provided,and..p' 'ding fgr acce[eration of maturity upon default and attorney
& fees,and further providing that should default be made in the payfnent.of the first described note above,or in any of the
�n covenants of the Deed of Trust securing the same,the indebtedness,evidenced by the second described note shall,at the
option of the holder thereof,at once become due and payitble,skid note being secured by a subordinate Vendor's Lien
hereby expressly retained and reserved upon the property hTvirLdesolfbed and conveyed,and being additionally secured
by a subordinate Deed of7ru3t ofeven date herewith to Vicki S.,G"aka;Trusts*.
Property(including any improvements):Lot 68,in.BYoc&e)`;'of 3IE1;iRA VISTA,an addition to the C1ty of
Fort Worth, Tarrant County, Texas, according to the IARP.'•or Plat thereof recorded in Cabinet A,
Slides 10693 d:10694,Plat Records,Tarrant Connty,..'x'sicas
Reservations from and Exceptions to Conveyance and Wanartty;'"i7ifs.conveyance is given and accepted
1.subject to any and all restrictions reservations,covenants,conditions,rights o1:-way,easements,municipal and other
governmental zoning laws,regulations and ordinances,if any,of record in siiid Co}inty,affecting the herein described
property-
Grantor.for the consideration and subject th'the reservations from-404`etteeptip5s to conveyance and warranty,
grants,sells,and conveys to Grantee the properly,together with all and singular'the,rig"end appurtenances thereto in
any wise belonging,to have and hold it to Qrantee,Grantee's heirs,executors,administrators,successors,or assigns
forever_ Grantor binds Grantor and Grantor's heirs,executors,administrators,aitK'sucaE636rs to warrant and forever
defend all and singular the property to Grantee and Grantee's heirs,executors Ornintsirator ,saccos9ors,and assigns
against every person whomsoever lawfully cleaning or to claim the same ok.air,X-Part,.thereof, except as to the
reservations Irom and exceptions to conveyance and warranty.
They*is hereby reserved unto Grantor,their heirs and assigns all of Grantors iriterese in ttte oil,gas and other
minerals in and under and that may be produced from the above property,by whatever-method pr'Tfduced or eXUVA;Wd,
together with the right of ingress and egress at all times for the purpose of mining,dAffing;exploring,operating and
developing said lands for oil,gas and other minerals and removing the same therefrom.
The Vendor's Liens and Superior Title herein retained are hereby transferred,assigned,4o.14.amd conveyed to
NTFN,Inc.,It successors and assigns. -
f.
Grantor and Grantee also acknowledge the retetAtloalof,,second,subordinate and separttt0 yendor'a.Iien,and
Grantor hereby transfers the same to CITY OF FORT WORTH,hereinafter called"SECOND-LIEN:BENEFICIARY",
which lien secures,Grantee's certain other note dr even date to SECOND LIEN BENEFICIARY in'tiT*'amount of
$19,999.00,being further consideration paid to Grantor,as more particularly described in deed of tiust•of Q4Cft-d94e'%
herewith to VICKI S.QANSKE,TRUS'T'EE,But it is expressly agreed and stipulated that the vendor's•Gen acid 3uperjor
title are retained in favor of the FIRST-LIEN BENENFICIARY and SECOND-LIEN BENEF1CIAPY,rrerospeelively,
against the above described property,premises and hnprovements,until each of the above respective notes is fu11yve
according to its terms,when this deed shall become absolute. -
Grantee assumes payment of all taxes for current and subsequent years.
When the context requires,singular nouns and pronouns include the plural.
HMH=M L.P.
By: IZ44,1 ranat-Lewis;
Assistant Secretary
Its-
'S6
3 MY 1 S�E%VINES
i..iv ..
STATE OF TEXAS §
COUNTY OF §
tnstrumont w��ac"owledged before.me on the day of P�� 2009 by
!� i� GiGGt ,the cGl of HMH Lifestyles,
L.P.,on f of said limited partnership.
Notary Public,State of-texas
After Recording,Return to; 101% STACEYML
Dorothy Bonner' `! "� t1 � MY COMMISSION EXPIRES
1908 Mow-,-, �X� (.J 3 1� r Pebrtmry 14,2010
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Exhibit "A"
1. 1401 Gallina Trail 25 Lot E Block
2. 1402 Gallina Trail 75 Lot A Block
3. 1404 Gallina Trail 76 Lot A Block
4. 1405 Gallina Trail 24 Lot E Block
5. 1408 Gallina Trail 77 Lot A Block
6. 1409 Gallina Trail 23 Lot E Block
7. 1412 Gallina Trail 78 Lot A Block
8. 1413 Gallina Trail 22 Lot E Block
9. 1416 Gallina Trail 79 Lot A Block
10. 1417 Gallina Trail 21 Lot E Block
11. 1420 Gallina Trail 80 Lot A Block
12. 1421 Gallina Trail 20 Lot E Block
13. 1424 Gallina Trail 81 Lot A Block
14. 1425 Gallina Trail 19 Lot E Block
15. 1428 Gallina Trail 82 Lot A Block
16. 1429 Gallina Trail 18 Lot E Block
17. 1432 Gallina Trail 83 Lot A Block
18. 1433 Gallina Trail 17 Lot E Block
19. 1436 Gallina Trail 84 Lot A Block
20. 1437 Gallina Trail 16 Lot E Block
21. 1440 Gallina Trail 85 Lot A Block
22. 1441 Gallina Trail 15 Lot E Block
23. 1444 Gallina Trail 86 Lot A Block
24. 1445 Gallina Trail 14 Lot E Block
25. 1448 Gallina Trail 87 Lot A Block
26. 1449 Gallina Trail 13 Lot E Block
27. 1300 Montoya Lane 66 Lot A Block
28. 1304 Montoya Lane 67 Lot A Block
29. 1308 Montoya Lane 68 Lot A Block
30. 1400 Montoya Lane 1 Lot E Block
31. 1404 Montoya Lane 2 Lot E Block
32. 1408 Montoya Lane 3 Lot E Block
33. 1412 Montoya Lane 4 Lot E Block
34. 1416 Montoya Lane 5 Lot E Block
35. 1420 Montoya Lane 6 Lot E Block
36. 1424 Montoya Lane 7 Lot E Block
37. 1425 Montoya Lane 10 Lot F Block
38. 1428 Montoya Lane 8 Lot E Block
39. 1429 Montoya Lane 11 Lot F Block
40. 1432 Montoya Lane 9 Lot E Block
41. 1433 Montoya Lane 12 Lot F Block
42. 1436 Montoya Lane 10 Lot E Block
43. 1437 Montoya Lane 13 Lot F Block
44. 1440 Montoya Lane 11 Lot E Block
45. 1441 Montoya Lane 14 Lot F Block
46. 1444 Montoya Lane 12 Lot E Block
47. 1445 Montoya Lane 15 Lot F Block
48. 2900 Las Cruces Dr 1 Lot D Block
49. 2901 Las Cruces Dr 1 Lot F Block
50. 2905 Las Cruces Dr 2 Lot F Block
51. 2908 Las Cruces Dr 2 Lot D Block
52. 2909 Las Cruces Dr 3 Lot F Block
53. 2912 Las Cruces Dr 3 Lot D Block
54. 2913 Las Cruces Dr 4 Lot F Block
55. 2916 Las Cruces Dr 4 Lot D Block
56. 2917 Las Cruces Dr 5 Lot F Block
57. 2920 Las Cruces Dr 5 Lot D Block
58. 2921 Las Cruces Dr 6 Lot F Block
59. 2924 Las Cruces Dr 6 Lot D Block
60. 2925 Las Cruces Dr 7 Lot F Block
61. 2928 Las Cruces Dr 7 Lot D Block
62. 2929 Las Cruces Dr 8 Lot F Block
63. 2932 Las Cruces Dr 8 Lot D Block
64. 2933 Las Cruces Dr 9 Lot F Block
65. 2936 Las Cruces Dr 9 Lot D Block
66. 2940 Las Cruces Dr 10 Lot D Block
67. 2944 Las Cruces Dr 11 Lot D Block
68. 2900 Nara Vista Trail 22 Lot C Block
69. 2901 Nara Vista Trail 22 Lot D Block
70. 2905 Nara Vista Trail 21 Lot D Block
71. 2908 Nara Vista Trail 21 Lot C Block
72. 2909 Nara Vista Trail 20 Lot D Block
73. 2912 Nara Vista Trail 20 Lot C Block
74. 2913 Nara Vista Trail 19 Lot D Block
75. 2916 Nara Vista Trail 19 Lot C Block
76. 2917 Nara Vista Trail 18 Lot D Block
77. 2920 Nara Vista Trail 18 Lot C Block
78. 2921 Nara Vista Trail 17 Lot D Block
79. 2924 Nara Vista Trail 17 Lot C Block
80. 2925 Nara Vista Trail 16 Lot D Block
81. 2928 Nara Vista Trail 16 Lot C Block
82. 2929 Nara Vista Trail 15 Lot D Block
83. 2932 Nara Vista Trail 15 Lot C Block
84. 2933 Nara Vista Trail 14 Lot D Block
85. 2936 Nara Vista Trail 14 Lot C Block
86. 2937 Nara Vista Trail 13 Lot D Block
87. 2940 Nara Vista Trail 13 Lot C Block
88. 2941 Nara Vista Trail 12 Lot D Block
89. 3000 Nara Vista Trail 69 Lot A Block
90. 3004 Nara Vista Trail 70 Lot A Block
91. 3008 Nara Vista Trail 71 Lot A Block
92. 3012 Nara Vista Trail 72 Lot A Block
93. 3016 Nara Vista Trail 73 Lot A Block
94. 3020 Nara Vista Trail 74 Lot A Block
95. 1500 Chama Drive 12 Lot G Block
96. 1501 Chama Drive 22 Lot F Block
97. 1505 Chama Drive 23 Lot F Block
98. 1509 Chama Drive 24 Lot F Block
99. 1512 Chama Drive 11 Lot G Block
100. 1513 Chama Drive 25 Lot F Block
101. 1516 Chama Drive 10 Lot G Block
102. 1517 Chama Drive 26 Lot F Block
103. 1520 Chama Drive Lot G Block
104. 1521 Chama Drive 7 Lot F Block
105. 1524 Chama Drive Lot G Block
106. 1525 Chama Drive 8 Lot F Block
107. 1528 Chama Drive Lot G Block
108. 1529 Chama Drive 9 Lot F Block
109. 1532 Chama Drive Lot G Block
110. 1533 Chama Drive 0 Lot F Block
111. 1536 Chama Drive Lot G Block
112. 1540 Chama Drive Lot F Block
113. 1541 Chama Drive 1 Lot F Block
114. 1544 Chama Drive Lot G Block
115. 1548 Chama Drive I Lot G Block
116. 1552 Chama Drive 1 Lot G Block
117. 2900 Pima Lane 50 Lot A Block
118. 2901 Pima Lane 1 Lot C Block
119. 2904 Pima Lane 51 Lot A Block
120. 2908 Pima Lane 52 Lot A Block
121. 2909 Pima Lane 2 Lot C Block
122. 2912 Pima Lane 03 Lot A Block
123. 2913 Pima Lane Lot C Block
124. 2916 Pima Lane 54 Lot A Block
125. 2917 Pima Lane Lot C Block
126. 2920 Pima Lane 55 Lot A Block
127. 2921 Pima Lane 5 Lot C Block
128. 2924 Pima Lane 6 Lot A Block
129. 2925 Pima Lane Lot C Block
130. 2928 Pima Lane 7 Lot A Block
131. 2929 Pima Lane Lot C Block
132. 2932 Pima Lane 8 Lot A Block
133. 2933 Pima Lane Lot C Block
134. 2936 Pima Lane 9 Lot A Block
135. 2937 Pima Lane I Lot C Block
136. 2940 Pima Lane 60 Lot A Block
137. 2941 Pima Lane 10 Lot C Block
138. 2944 Pima Lane 61 Lot A Block
139. 2945 Pima Lane 11 Lot C Block
140. 2948 Pima Lane 62 Lot A Block
141. 2949 Pima Lane 12 Lot C Block
142. 2952 Pima Lane 63 Lot A Block
143. 2956 Pima Lane 64 Lot A Block
144. 2960 Pima Lane 65 Lot A Block
145. 1300 Glen Garden Dr 1 Lot A Block
146. 1304 Glen Garden Dr 2 Lot A Block
147. 1308 Glen Garden Dr 3 Lot A Block
148. 1312 Glen Garden Dr 4 Lot A Block
149. 1316 Glen Garden Dr 5 Lot A Block
150. 1320 Glen Garden Dr--6 Lot A Block
151. 1324 Glen Garden Dr 7 Lot A Block
152. 1328 Glen Garden Dr 8 Lot A Block
153. 1332 Glen Garden Dr 9 Lot A Block
154. 1336 Glen Garden Dr 10 Lot A Block
155. 1340 Glen Garden Dr 11 Lot A Block
156. 1344 Glen Garden Dr 12 Lot A Block
157. 1348 Glen Garden Dr 13 Lot A Block
158. 1400 Glen Garden Dr 14 Lot A Block
159. 1404 Glen Garden Dr 15 Lot A Block
160. 1408 Glen Garden Dr 16 Lot A Block
161. 1412 Glen Garden Dr 17 Lot A Block
162. 1416 Glen Garden Dr 18 Lot A Block
163. 1420 Glen Garden Dr 19 Lot A Block
164. 1424 Glen Garden Dr 20 Lot A Block
165. 1428 Glen Garden Dr 21 Lot A Block
166. 1432 Glen Garden Dr 22 Lot A Block
167. 1436 Glen Garden Dr 23 Lot A Block
168. 1500 Glen Garden Dr 8 Lot B Block
169. 1504 Glen Garden Dr 7 Lot B Block
170. 1508 Glen Garden Dr 6 Lot B Block
171. 1512 Glen Garden Dr 5 Lot B Block
172. 1516 Glen Garden Dr 4 Lot B Block
173. 1520 Glen Garden Dr 3 Lot B Block
174. 1524 Glen Garden Dr 2 Lot B Block
175. 1528 Glen Garden Dr 1 Lot B Block
176. 3000 Yuma Drive 21 Lot F Block
177. 3004Yuma Drive 20 Lot F Block
178. 3008 Yuma Drive 19 Lot F Block
179. 3012 Yuma Drive 18 Lot F Block
180. 3016 Yuma Drive 17 Lot F Block
181. 3020 Yuma Drive 16 Lot F Block
182. 1301 Sierra Estate Tr 49 Lot A Block
183. 1305 Sierra Estate Tr 48 Lot A Block
184. 1309 Sierra Estate Tr 47 Lot A Block
185. 1313 Sierral Estate Tr 46 Lot A Block
186. 1317 Sierra Estate Tr 45 Lot A Block
187. 1321 Sierra Estate Tr 44 Lot A Block
188. 1325 Sierra Estate Tr 43 Lot A Block
189. 1329 Sierra Estate Tr 42 Lot A Block
190. 1333 Sierra Estate Tr 41 Lot A Block
191. 1337 Sierra Estate Tr 40 Lot A Block
192. 1341 Sierra Estate Tr 39 Lot A Block
193. 1345 Sierra Estate Tr 38 Lot A Block
194. 1349 Sierra Estate Tr 37 Lot A Block
195. 1353 Sierral Estate Tr 36 Lot A Block
196. 1357 Sierra Estate Tr 35 Lot A Block
197. 1401 Sierra Estate Tr 34 Lot A Block
198. 1405 Sierra Estate Tr 33 Lot A Block
199. 1409 Sierra Estate Tr 32 Lot A Block
200. 1413 Sierra Estate Tr 31 Lot A Block
201. 1416 Sierra Estate Tr 46 Lot F Block
202. 1417 Sierra Estate Tr 30 Lot A Block
203. 1420 Sierra Estate Tr 45 Lot F Block
204. 1421 Sierra Estate Tr 29 Lot A Block
205. 1424 Sierra Estate Tr 44 Lot F Block
206. 1425 Sierra Estate Tr 28 Lot A Block
207. 1428 Sierra Estate Tr 43 Lot F Block
208. 1429 Sierra Estate Tr 27 Lot A Block
209. 1432 Sierra Estate Tr 42 Lot F Block
210. 1433 Sierra Estate Tr 26 Lot A Block
211. 1436 Sierra Estate Tr 41 Lot F Block
212. 1437 Sierra Estate Tr 25 Lot A Block
213. 1440 Sierra Estate Tr 40 Lot F Block
214. 1441 Sierra Estate Tr 24 Lot A Block
215. 1444 Sierra Estate Tr 39 Lot F Block
216. 1500 Sierra Estate Tr 38 Lot F Block
217. 1501 Sierra Estate Tr 9 Lot B Block
218. 1504 Sierra Estate Tr 37 Lot F Block
219. 1508 Sierra Estate Tr 36 Lot F Block
220. 1509 Sierra Estate Tr 10 Lot B Block
221. 1512 Sierra Estate Tr 35 Lot F Block
222. 1513 Sierra Estate Tr 11 Lot B Block
223. 1516 Sierra Estate Tr 34 Lot F Block
224. 1517 Sierra Estate Tr 12 Lot B Block
225. 1520 Sierra Estate Tr 33 Lot F Block
226. 1521 Sierra Estate Tr 13 Lot B Block
227. 1524 Sierra Estate Tr 32 Lot F Block
228. 1525 Sierra Estate Tr 14 Lot B Block
229. 1529 Sierra Estate Tr 15Lot B Block
230. 1533 Sierra Estate Tr 16 Lot B Block
231. 1537 Sierra Estate Tr 17 Lot B Block
232. 1541 Sierra Estate Tr 18 Lot B Block
233. 1545 Sierra Estate Tr 19 Lot B Block
234. 1549 Sierra Estate Tr 20 Lot B Block
235. 1553 Sierra Estate Tr 21 Lot B Block
M&C Review Page 1 of 3
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FORT WO R1 H
COUNCIL ACTION: Approved on 2/21/2006
DATE: 2/21/2006 REFERENCE NO.: C-21313 LOG NAME: 05SIERRAVISTA
CODE: C APE: CONSENT HEARING: NO
SUBJECT: Approval of a Tax Abatement Agreement with Sierra Vista, L.P., a Texas Limited
Partnership, and HMH Lifestyles, L.P., a Texas Limited Partnership, Located in the Rolling
Hills Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for 235 properties listed in Exhibit"A"
owned by Sierra Vista, L.P., and located in the Rolling Hills Neighborhood Empowerment
Zone (NEZ);
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with
Sierra Vista, L.P. and HMH Lifestyles, L.P., are true and correct; and
3. Authorize the City Manager to enter into a Tax Abatement Agreement with Sierra Vista, L.P. and
HMH Lifestyles, L.P. for the properties listed in Exhibit "A" in accordance with the NEZ Tax
Abatement Policy and Basic Incentives.
DISCUSSION:
Sierra Vista, L.P. and HMH Lifestyles, L.P., are the owners/developers of the 235 properties listed in
Exhibit "A". This real property is located in the Rolling Hills NEZ and Neighborhood Empowerment
Reinvestment Zone (NERZ No. 8). Sierra Vista, L.P. and HMH Lifestyles, L.P. have applied for a
five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic
Incentives (M&C G-14947), as amended. The NEZ Program offers a five-year municipal property tax
abatement on the increased value of improvements to the qualified owner of any new construction
within a NEZ. The Housing Department has reviewed the application and certified that the property
meets the eligibility criteria to receive NEZ municipal property tax abatement.
Sierra Vista, L.P. and HMH Lifestyles, L.P. will invest a minimum of$20,000,000 to construct two
hundred and thirty two single-family homes in the Rolling Hills NEZ. In order for HMH Lifestyles, L.P.
or any other developer or builder approved by the Housing Department Director to qualify for the tax
abatement, HMH Lifestyles, L.P. or any other developer or builder approved by the Housing
Department Director must construct homes with a minimum of 1200 square feet of living space with
at least three bedrooms and one and one-half baths which will appraise for a minimum of $80,000.00.
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=53 3 5&councildate=2/21/2006 03/27/2009
M&C Review Page 2 of 3
A more detailed description of the homes to be constructed is attached as Exhibit "B". The
Agreement is attached as Exhibit "C".
Upon execution of the tax abatement agreement, the total assessed value of each home used for
calculating municipal property tax will be frozen for a five-year period, starting on the date the home is
sold to a homebuyer to be used as a primary residence, at the pre-improvement value as defined by
the Tarrant Appraisal District (TAD) on January 1, 2006, as follows:
Pre-improvement TAD Value of Improvements -0-
Pre-improvement Estimated Value of Land $2025.00
Total Pre-improvement Estimated Value $2025.00
The municipal property tax on the improved value is estimated at $484.00 per house, per year, for a
total of$ 2,420.00 over the five-year period for each house. However, this estimate may be different
from the actual tax abatement value, which will be calculated based on the TAD appraised value of
the property.
The tax abatement agreement provides that the agreement may be assigned without subsequent City
Council approval to Sierra Vista, L.P., HMH Lifestyles, L.P., or another builder or developer's first
mortgage, or to a homebuyer who will use the required improvements as his/her primary residence,
or to the homeowner's mortgagee. All other assignments must be approved by City Council. The
agreement also provides that the failure of the owner to send the City notification of the sale of the
required improvements and the executed assignment of the agreement with the new owner within 30
days of the transfer of ownership of the required improvements shall result in the automatic
termination of the Agreement.
This property is located in Council District 8.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office
by-Dale Fisseler(6266)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=53 3 5&councildate=2/21/2006 03/27/2009
M&C review Page 3 of 3
ATTACHMENTS
Final TA Agreement for M&C doc
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=533 5&councildate=2/21/2006 03/27/2009