HomeMy WebLinkAboutContract 44995 CITY84CMARY
l
COMMAr
TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A
NEIGHBORHOOD EMPOWERMENT ZONE
5424 Grenada Drive
This TAX ABATEMENT AGREEMENT ("Agreement") is entered into by and between e
CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal corporation organized under the
laws of the State of Texas and acting by and through T.M. Higgins, its duly authorized City Manager,er, and
Waterview Estates, L.P.., a Texas Limited Partnership ("Owner"),, owner of property located at 5424
Grenada Drive, Block 3, dot 21, Waterfront at Enchanted Bay Addition, an Addition to, the City of Fort
Worth,Tarrant County, Texas, according to the Plat recorded.in Cab Met.A, Slide 11 723, of the Mat Records,
of Tarrant County,Texa , by and between pars Investments, Inc. L.P., a Texas Limited Partnersliip, General
Partner, and Woodhaven Custom Homes, L.L.C., Limited Liability Company General partner, acting by and
through Mark Johns, its duly authorized president.
The City Council of the City of Fort Werth "'City Council") hereby finds and the City and
wner,hereby agree that the following statements are true and correct rrect anal constitute the basis upon which
the City and Owner have entered into,this Agreement.-
A. A. Chapter 378 of the Texas Local Government Cede allows a municipality to create a.
Neighborhood Empowerment Zone (NEZ) if the municipality detenTdnes that the creation of
the zone would promote:
(1) The creation of affordable housing, including manufactured housing in the zone-,
(2) An increase in economic development in the zone,
(3,), increase in the duality of social services, education, or public safety provided to
residents of the zone; or
(4) The rehabilitation n efaffordable housing in the zone.
B. Chapter 378 of the Texas Local Government Cede provides that a municipality that creates a
NE Z, enter into, agreements, abating,w municipal property tapes on property in-the one.
C On July 31, 2001, the City adopted basic incentives for property owners who own property
located In a NEZ, stating that the City elects to be eligible to participate i n tax abatement and
including guidelines and criteria governing tax abatement agreements entered into between
the City and various third parties, titled "NEZ Basic Incentives", these were readopted on
May 21, 2013 (Resolution o. 4209).
D. The NEZ Incenti es contains appropriate guidelines and criteria governing tax abatement
agreements to be entered into by the City as contemplated by Chapter 312 of the Texas Tax
Code, as amended (the "Code").
E. On February 3, 2004, the Feet Worth City Council adopted Ordinance No. 1585 (the
"Ordinance") establishing "Neighborhood Empowerment Reinvestment Zone No,. 16,"'
City of Fort Werth, Teas (the "Zone"). On February 17, 2009, the City Council. adopted
Ordinance No,. 16474 renewing "Neighborhood Empowerment Reinvestment Zone No.
16," (the "Zone").
6 nw, Page f 12 OFFICIAL OR
RECEIVED N'T NEB Tai.Abatement with Waterview Estates
Approved.by M&C C-225 1 4,Novem der 6, 2007 CITY SECRETARY
FTv WORTH;TX
F. Owner owns certain real property located entirely,within the Lake Arlington N and that
a
is more particularly described in Exhibit "I", attached hereto and hereby made a part of
this Agreement for all purposes(the"Premises").
G, Owner, or its assigns plan to construct the Required Improvements, as defined in Section
0
I- `'this Agreement, on the Premises to be used for as a single-fanlily residence that will
be owner occupied. (the'�"P"roj a t").
H. On August 13, 2004, Owner submitted an appiication for NE,Z incentives and an
application for tax abatement to the City concerning the contemplated use of the Premises
(the "Application"), attached hereto as Exhibit "2" and hereby made a part of this
Agreement for all purposes.,
1. The City Council finds that the contemplated use of' the Premises, the Required
Improvements, as defined in Section 1.1, and the terms of this Agreement are consistent
with encouraging development of the Zone in accordance with the purposes for its creation.
and are in compliance with the NEZ Incentives, the Resolution and the applicable laws,
ordinances, rules and regulations.
J. The City Council finds that the terms of this Agreement, and the Premises and Required
Improvements, satisfy the eligibility criteria of the NEZ Incentives.
K. Written notice that the City intends to enter into this Agreement, along with a copy of this
Agreement, has, been furnished in, the manner prescribed by the Code to the presiding
officers of the governing bodies of each of the taxing units in which the Premises is
located.
NOW, THEREFORE, the City and Owner, for and in consideration of the terms and conditions
set forth herein, do hereby contract, covenant and agree as follows.
1. OWNER'S COVENANTS,
1.1. Real, Proper!y Improvements.,
Owner shall construct, or cause to be constructed, on each lot within, the Premises for
which tax abatements are requested, certain improvements consisting of a single-family residence
(collectively, the "Required Improvements"'), of at least 1 200, square feet of living space in size
with 3 bedrooms and one and one-half baths, with 70% mortared brick and having an appraised.
value! of $80,000.00,, as determined by an independent appraiser (collectively, the "Required
Improvements"). Owner sball provide a survey of the completed home showing Required
Improvements before the home is sold and a copy of the independent appraisal after,the sale. The
parties agree that the final survey and indep.endent appraisal shal I be a part of this Agreement and
shall be labeled Exhibit "4". Minor variations,, and more substantial variations if approved in
writing by both of the parties to this Agreement, in the Required Improvements: from the
description provided in the Application fir Tax. Abatement shall not constitute an Event of
Defaul t, as defined in Section 4.1, provided that the conditions in the first sentence of this Section
Page 2 of 12
NEE Tax Abatement with Waterview Estates
Approved by M&C C-22514,November 6, 2 007
are met and the Required Improvements are used for the purposes and in the manner described
in Exhibit"'.
1.2. Com letion Date of Reguired Improvements.
Owner covenants to substantially complete construction, of all of the Required
Improvements within one year from the issuance and receipt of the building permit, unless delayed
because of force niaJeure, in which case the two years shall be extended by the number of days
composing the specific force majeure. For purposes of this Agreement, force majeure shall mean
an event beyond Owner's reasonable control, including, without limitation, delays caused by
adverse weather, delays in receipt of any required permits or approvals from any governmental
authority, or acts of God, fires, strikes, national disasters, wars, nuts and material or labor
restrictions and shortages as determined by the City of Fort Worth in its sole discretion, which
shall not be unreasonably withheld, but shall not include construction delays caused due, to purely
financial matters, such as, without limitation, delays in the obtaining of adequate financ,ing.
1.3. Use of Premises,
Owner covenants that the Required Improvements shall be constructed and the Premises
shall be sold so that it is continuously used as the primary residence of the Home Buyer in
accordance with the description of the Project set forth in the Exhibit, "Y'. In addition, uwnej,,"
covenants that throughout the Term, the Required Improvements shall be operated and maintained
for the purposes set forth in this Agreement and in a manner that is consistent with the general
purposes of encouraging development or redevelopment of the Zone.
2. ABATEMENT AMOUNTS-,TER. v°'I AND CONDITIONS.
Subject to and in accordance with this Agreement, the City hereby grants to Owner a real property
tax abatement on. the Premises, the Required Improvements, as specifically provided in this Section 2
("Abatement"). "Abatement" of real property taxes only includes City of Fort Woi-th-imposed taxes and
not taxes from other taxing entities.
2.1. Amount of Abatement.
The actual amount of the Abatement granted under this Agreement shall be based upon
the increase in value of the Premises and the Required Improvements over their values on
January 1, 2007:
One Hundred percent (I 00%) of the increase in value from the construction
of the Required Improvements.
Page 3 of 12
N Tax Abatement with Waterview Estates
Approved by M&C C-22514, November 6, 20,07
If the square footage requirement and the appraised value of the Required Improvements
are less than as provided in Section L I of this Agreement, Owner shall not be eligible to receive
any Abatement under this Agreement.
2.2. Increase in Value.
The abatement shall apply only to taxes on the increase in value of the Premises due to
construction of the Required Improvements and shall not apply to taxes on the land.
2.3. Tcrm of Abatement.
The to of the Abatement ("Tenn") shall begin on January I of the year following
the calendar year in which a Required Improvement is sold to a Home Buyer to be used as
its primary residence ("Beginning Date") and, 'unless sooner ten�ninated as herein provided,
shall end on December 31 in-miediately preceding the fifth (5t) anniversary of the
Beginning Date. Upon the sale to a Home Buyer, City shall certify that the Required
Improvements have been. completed in satisfaction of' the terms of the agreement.
However, the Compliance auditing t erm, will begin on the date this agreement is executed
and will end on the expiration fate of the Ten-n.
2. . Protests Over Appraisals or Assessments.
Owner shall have the right to protest and contest any or all a
ppraisals or assessments of the
Premises and/or improvements thereon.
2.5. Abatement Ap plic at*i OD Fee.,
._
The City acknowledges receipt from Owner of the required Abatement application fee of
$25.00 per single family house. The application fee shall not be credited or refunded to any party
for any reason.
3. RECORDS
CERTIFICATION AND EVALUATION OF PROJECT.
A I
Inspection of Premises.
Between the execution date of this Agreement and the last, day of the J erns, at any time
during coinstiruction of the Required Irriprovements, and loll.owing reasonable notice to Owner, the
City shall have and Owner shall provide access to the Premises in order fior the City to inspect the
Premises and evaluate the Required Improvements to, ensure compliance with the terms and
conditions of this Agreement. Owner shall cooperate fully with the City during any such
inspection and/or evaluation.
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NEZ Tax Abatement with Waterview Estates
Approved by M&C C-22514,November 6, 2007
3.2. Certification,
Owner shall certify annually to the City that it is in compliance witn each applicable to of
this agreement. The City shall have the right to audit at the City's expense the Required
Improvement with respects, to the specifications listed in Ex�bit 4`3". Owner must provide
documentation that Owner is using the Required Improvements as its primary residence
(collectively, the "Records") at any time during the Compliance Auditing Term in order to
determine compliance with this Agreement. Owner shall, make all applicable Records available to
the City on the Premi'ses or at another location in the City fo�llowing reasonable advance notice by
the City and shall otherwise cooperate fully with the City during any audit.
3.3. Provision of Information.,
On or before February 1 following the end of every year during 'the Compliance Auditing
Term and if requested by the City, Owner shall provide inforniation and documentation for the
previous year that addresses Owner's compliance with each of the tern-is and conditions of this
Agreement for that calendar year.
Failure to provide all information within the control of Owner required by this Section
3.3 shall constitute an Event of Default,as defined yin Section 4.1.
0
3.40 Determination of Colm ance,
On or before August I of each year during the Compliance Auditing Term, the City shall
make a decis,ion anci ru,te on the actual annual percentage of Abatement available to Owner for the
following year of the Term and shall notify Owner of such decision and ruling. The actual
percentage of the Abatement granted for a given year of the Term is therefore based upon Owner's
compliance with the terms and conditions of this Agreement during the previous year of the
Cornpliance Auditing Terin.
4. EVENTS OF DEFAULT.
4.1. Defined.
Unless otherwise specified herein, Owner shall be in default of this Agreement if(i) Owner
fails to construct the Required, Improvements as defined in Section 1.1.- (11) ad valorem real property
taxes,with respect to the Premises or the Project, or its ad valorem taxes with respect to the tangible
PCISODal, property located on the P�remises,, become delinquent and Owner does not timely and
properly follow the legal procedures for protest and/or contest of any such ad valorem real property
or tangible personal property taxes or (Iii) HOME BUYER DOES NOT USE THE PREMISES
AS PRIMARY RESIDENCE ONCE THE ABATEMENT BEGINS, (iv) HOME, BUYER
DOES NOT COMPLY WITH CHAPTER 7 AND APPENDIX B OF THE CODE OF
ORDINANCE OF THE, CITY OF FORT WORTH (collectively, each an"Event of Default").
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Approved by M&,C C-22514,-November 6, 2007
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4#2 Notice to Cure.
Subject to Section 5, if the City determines that an Event of'Default has occurred, the City
shall provide a written notice to Owner that describes the nature of the Evetit of Default. Owner
shall have ninety (9�0) calendar days from, the date of receipt of this written notice to fully cure or
have cured the Event of Default. If Owner reasonably believes that Owner will require additional
time to cure the Event of Default, Owner shall promptly notify the City in writing, in which case
(1); after advising the City Council in an open meeting of Owner's efforts and intent to cure, Owner
shall have one hundred eighty (180) calendar days from the original date of receipt of the written
notice, Or (h) if Owner reasonably believes that Owner will require more than one hundred eighty
(180) days to cure the Event of Default, after advising the City Council in an open meeting of
Owner's efforts and 'intent to cure,, such additional time, if any, as may be offered by the City.
Council, in its sole discretion.,
4.3. Termination for Event of Default and Pa t of Li Wated Da
ymen gul mages
If an Event of Default which is defined in Section 4.1 has not been cured within the time
frame specifically allowed under Section 4.2, the City shall have the right to terminate this
Agreement immediately. Owner acIcnowledges and agrees that an uncured Event of Default will
(i) harm the City's economic developnient and redevelopment efforts on the Premises and in the
vicinity of the Premises; (11) require unplanned and expensive additional administrative oversight
and involvement by the City; and (iii) otherwise hann,the City, and Owner agrees that the amounts
of actual damages there from are speculative in nature and will be difficult or impossible to
ascertain. Therefore, upon termination of this Agreement for any Event of Default, Owner shall
not be eligible for the Abatement for the remaining Tenn and Owner shall pay the City, as
liquidated damages, all taxes that were abated in accordance with this Agreement for each year
when an Event of Default existed and which other-\vise would have been paid to the City in the
absence of this Agreement. The City and Owner agree that this amount is a reasonable
approximation of actual damages that the City will incur as, a result of an uncured Event of Default
and that this Section 4.3 is intended to provide the City with compensatiOnfor actual damages and
is not a penalty. This amount Ana be recovered by the City through aqjUStMeDtS made to Owner's
ad valorem property tax appraisal by the appraisal district that has,jurisdiction over the Premises.
Otherwise, this amount shall be due, owing ai-id pa.1d ,to the City within, sixty, (60) days following
the effective date of termination of this Agreement. In 'the event that all or any portion of this
amount is not paid to the City within sixty ( days following the effective date of termination of
this Agreement, Owner shall, also be ]table for all, penalties and interest on any O'Lltstandi,ng amount
at the statutory rate for delinquent taxes, as dete r Mined by the Code at the time of the payment of
such perialties, and interest (currently, Section 33.01 of the Code).
4.4. Termina,tion at Will.
If the City and Owner mutually determine that the development or use of the Premises or
the anticipated Required Improvements are no longer appropriate or feasible, or that a higher or
better use is preferable, the City and Owner may ternu.nate this Agreement in a written format that
is signed by both parties., In this event, (1) if the"rerm has cornmenced, the Ter m bald explire as of
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NEZ 17ax,Abatement with Waterview Estates
Approved by M&C C-22514, November 6, 2007
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the effective date of the tennination of this Agreement-, (ii) there shall be no recapture of any taxes
previously abated; and (Iii) neither party shall have any further rights or obligations hereunder.
4.5. Sewall y,oriented Business & Liguor Stores or Pack Stores.
a. Owner understands and agrees the City has the right to terminate this agreement 'if
the Project contains, or will contain a sexually oriented business.
b. Owner understands and agrees that the City has the right to terminate this
agreement as determined In City's sole discretion `the Project contains or will contain a liquor
store or package store.
5. EFFECT' OF SALE OF PREMISES,,
Except for an assignment to Woodhaven Homes, L.P., or any other 'builder or developer
approved by the Housing Department Director, or Owner's first mortgagee or to a honlebuyer who
will use the Required Improvements as its primary residence or the homeowner'is mortgagee which
City Council hereby agrees, to, this Abatement cannot be assigned without the prior consent of the
City Council, which consent shall not be unreasonably withheld provided that (i) the City Council
finds, that the proposed assignee is financially capable of meeting the terns and conditions of this
Agreement and (ii) the proposed purchaser agrees in writing to assume all terms and conditions of
Owner under this Agreement. Owner may not otherwise assign, lease or convey any of its rights
under this Agreement. Any attempted assignment without the pity cil's prior y uoun nor consent shall
constitute grounds, for termination of this Agreement, and the Abatement granted hereunder
,# d'N
fo�llowing ten(10) calendar days of receipt of written notice from the City to Owner.
Upon assignment to Owner's first mortgagee, or to a loo mebuyer who will use the Required
Improvements as its primary residence or the homeowner's mortgagee, Owner shall have no
further obligations or duties under this agreement. In addition, upon assignment to any other
entity With the written consent of'City Council, Owner shall have no further duty or obligation
under this agreement.
IN NO EVENT SHALL THE TERM OF THIS AGREEMENT BE EXTENDED IN THE
EVENT OF A SALE OR ASSIGNMENT.
THE FAILURE OF OWNER TO SEND THE CITY NOTIF1 CATION' OF THE SALE OF
THE REQUIRED IMPROVEMENTS AND EXECUTION OF THE ASSIGNMIENT OF
THIS AGREEMENTWITH THE NEW OWNER WITHIN 30 DAYS OFTHE TRANSFER
OF OWNERSHIP OF THE REQUIRED IMPROVEMENTS SHALL RESULT INTHE
AUTOMATIC TERMINATION OF THIS AGREEMENT. THE NOTICE AND
EXECUTED ASSIGNMENT 1"" BE SENT TO THE CITY BY CERTIFIED MA11, OR
BY HAND DELIVERY.
Page 7 of 12
NEZ Tax Abatement with Waterview Estates
Approved by M&C C-2251,4, November 6, 2007
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6. NOTICES.
All written notices called for or required by this Agreement shall be addressed to the
following, or such other party or address as either party designates in writing, by certified mail,
postage prepaid, or by hand delivery:
C*q,
Owner-
City of Fort Worth Housing&Econonlic Development De,pt. Waterview Estates, L.P.
Attn: City Manager's Office Attn: Jay Chapa,Director Pars Investment, Inc.,
1000 Throckmorton 10100 ThrockmOrton General Partner
Fort Worth, Texas 76102 Fort Worth, Texas 76102 3901 Airporl Freeway,
Suite 200,
Bedford, Texas, 76021
7. MISCELLANEOUS.,
7.1. Bonds.
The Required Improvements will not be financed by tax increment bonds. This Agreement
is subject to rights of holders of outstanding bonds of'the City.
7.2. Conflicts of Interest.
Neither the Premises nor any of the Required Improvements covered by this Agreement
are owned or leased by any member of the City Council, any member of the City Planning or
Zoning Commission or any member of the governing body of any taxing units in the Zone.
7.3. Conflicts Between Doctiments.
In the event of any conflict between the City's zoning ordinances, or other City ordinances
or regulations, and this Agreement, such ordinances, or regulations shall control., In 'the event of
any conflict between the body, of this Agreement and Exhibit "Y', the body of this Agreement
shall control,
7A. Future Ap fication.
A portion or all of the Premises and/or Required Improvements may be eligible for
complete or partial exemption from ad valorem taxes as a result of existing law or future
legislation. This Agreement shall not be construed as evidence that such, exemptions do not apply
to the Premises and/or Required Improvements,.
7.,5. -Ci!y Council Authorization,
F-rhis Agreement was authorized by the City Council t1U0Ugh approval, of Mayor and
Council Conununication No.C-22514 on November 6, 20071 which, among other things,
authorized the City Manager to execute this Agreement on behalf of the City.
Page 8 of 1.2
NEE Tax Abatement with Waterview Estates
Approved by M& C-22514, November 6, 2007
....... .... ........... .......... .............
7.60 Estoppel Certineate.
Any party hereto may request an estoppel certificate from another party hereto so long as
the certificate is requested in connection with a bona fide business purpose. The certificate,, which
if requested will be addressed to the Owner, shall 'include, but not necessarily be limited to
statements that this Agreement is in full force and, effect without default (or if an Event of Default
exists, the nature of the Event of'Default and curative action taken and/or necessary to effect a
cure), the remaining term of this Agreement, the levels and remaining ten-n of the Abatement in.
effect, and such other matters reasonably requested by the party or parties to receive the
certi ficates.
7.7. Owner Stan0
Owner shall be deemed a, proper and necessary party in any litigation questioning or
challenging the validity of this Agreement or any of the underlying laws, ordinances, resolutions
or City Council actions authorizing this Agreement, and Owner shall be entitled to intervene in
any such litigation,.
7.8. Venue and Jurisdiction.
This Agreement shall be construed in accordance with the laws of the State of Texas and
applicable ordinances, rules, regulations or policies of the City. Venue for any action under this
Agreement shall lie in the State District Court of Tarrant County, Texas. This Agreement is
performable in Tarrant County, Texas.
7.9. Recordation.
A certified copy of this Agreement 'in recordable for.n. shall be recorded in the Deed
Records of Tarrant County, Tex-as.
7.10. Severabifily#
If' any provision of this Agreement is held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired.
7.11. Headinas Not Controllin
Headings and titles used in. this Agreement are for reference,putj,)oses only and shall not be
deemed a,part of this Agreement.
7.12. Entirety of A2reement.
This Agreement, including any exhibits attached hereto and any documents incorporated
Ill
herein, by referenc c
e, ontains the en m
tire understanding and agreeent t)etween the City and Owner,
Page"12
NE Z Tax Abatement with Water view Estates
Approved by M&C C-22514,November 6, 2007
their assigns and successors in interest, as to the rnatters contained herem* . Any prior or
contemporaneous oral or written agreement is hereby declared null and void to the extent in
conflict with any provision of this Agreement. This Agreement shall not be amended unless
executed in writing by both parties and approved by the City Council. This Agreement may be
executed in multiple counterparts, each of which shall be considered an original, but all of which
shall constitute one instrument.
0
CITY OF FORT WORTH.
By: y: J/
1� 000 B
Fernando Costa Mehrdad Moayedi
Assistant City Manager President
ATTEST:
o
01,
By:
_0()o
Mafy ayi U
City A,,e retary
APPROVED AS TO,FORM AND LEGALITY.-
By*
Helm dao' Ramos
Assistant City Attorney
M & C.- C-22514
OFIFICIAL IRFColtl)
r
S OfAlty
'jory IF
,Cftlfi
,rr TH,11M
Page 10 of 12 WOR
NEZ Tax Abatement with Waterview Estates
Approved by M&C C-22514, November 6, 2 007
I
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 Mayor and Council Communication of the City
Council of the City of Fort Worth and that he executed the same, as the act of the said City for the
purposes and consideration therein expressed and in the capacity ty therein stated.
GIVEN' UNDER MY HAND AND SEAL OF OFFICE this day of
12013.
Notary Public in 4anfor
t h
State of T xas
S Notory
va I e, xas
n L'�� my C ........... XP res
Notary's Printed Name July t20171
STATE OF TEXAS §
COUNTY 0 '34ARANT' §
BEFORE ME, the undersigned authority', on this day personally appeared Mehrdad Moayedi of
Waterview Estates, L.P., a,Texas, Limited Partnership, Pars Investments, Inc., General Partner, known to
me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that
be executed the same forthe purposes and consideration therein expressed, in the capacity therein stated
. ., a I I
and as the act and deed of Waterview Estates L P Texas L'mted Partnership, Pars Investment.
Inc.,
General Partner.
'DIVE UNDER MY' HAND AND SEAI,_. OF OFFICE this day of
2013.
v r fo
NotaryPublicinand r
t6k
the State of Texas -AURA L WAYI.,AND1
My Commission Expires
Jul; 14, 2016
Notary's Printed Name
Page I I of 12
NEE Tax Abatement with Waterview Estates
Approved by M&C C-22514, November 6, 20,07
Exhibit I
Pro vart y_Desc
I Uption
5424 Grenada Drive; Lot 21- Block 3; Waterfront at Enchanted Bay; an Addition to the
t I
City of Fort Worth, Tarrant Courity, Texas, according to the plat recorded and filed in
Cabinet A; S lide No. 11723, at Records, Tarrant County, Texas.
awe
E4 x hib"t 2
o m- O RTH
Application No. -Or C.WOW 00
CITY OF FORT WORTH
NEIGHBORHOOD EMPOWERMENT ZONE (NEZ PROGRAM
oil
PROJECT CERTIFICATION APPLICATION
1111M -- FORM C FOR DEVELOPMENT:PROJECTS
11, APPLICATION CHECK LIST
Please submit the followm* g documentation:
ROO`, A completed application form
list of all properties owned by the applicant M' Fort Worth
Application fee — cashier's check or money order payable to the City of Fort Worth (For tax
abatement appli I cations only. For multifamily, commercial, industrial, conunercial facilities, and
mixed-use tax abatement applications: 0.5%, of the total Capital Investment of the project,, not to
exceed$1,000.00;For single family tax abatement applications': $25 per house)
Proof of ownership, such.as a warranty deed, affidavit of he0 uship, or a probated will OR evidence of
0
Site control,, such as option to buy (A re 91 istered warranty deed is, required for tax abatement
application.),
'Title abstract of the property(only if a pl ing for release of liens
yJ
A completed set of development plan, project description and development budget or contractor's
quote
Support letter fro Woodhaven Neighborhood Association and Woo dhaven Commumty Development
Corporation(For pr 0 Jects located in Woodhaven NEZ only) N/A
1
INCOMIPLETE AIPPLICATIONS WILL NOT BE PROCESSED FOR CERTIFICATION UNTIL ALL REQUIRED
DOCUWNTS SHOWN IN THE ABOVE CHECKLIST ARE SUBMITTED WITHIN 30 DAYS AFIrER THE
APPLICATION IS RECEIVED.
YOU MUST APPLY FOR TAX ABA T BEFORE ANY BUILDING PERMITS ARE ISSUED FOR YOUR
PROPERTY AND BEFORE ANY IMPROVEMENTS ARE MADE TO YOUR PROPERTY, ITTAKES 30 TO 90
BUSINESS DAYS TO COWLETE THE! TAX ABATEMENT AGREEM[ENT APPROVAL PROCESS AFM THE
ISSUANCE OF NEZ CERTIFICATION DEPENDING ON THE COWLEXITY OF YOUR PROSCT.
110 APPLICANT AGENT INFORMATION
1.01 Applicant: Waterview EsUtes,L.P. 2. Contact Person#. Russell Slovak
3. Address: 3901 Airport Frwy,Suite 200 Bediford TX 76021
CRY
Street I State Zip
4. Phone no.,. 817-391-2500 5. Fax No.: 817-391..2502
6. Email: russell@Wwdevelopmentmet
7. Agent(if any) VV3 C.9 yl v-1 ol el w e,r 164,1 vi e,6�
8. Address.
RY
Street CI State Zip
91. Phone no.. 10�. Fax No.:
11. Email:
If you need further information or danifi eat ion, please contact Jannie Warner at (817) 392-7507 or Sarah Odle at
(817)392-7316.
FORT WORTH
H, PROJECT ELIGIBILffY
I. Please list down e addresses and legal descriptions of the project and other properties your,
organization owns in Fob Worth.1 Attach metes and bounds description if no address or legal
descriptiou is available, Attach an,exhibit showing,the location of the project.
Table I Propert 't
Address Zip Legal Description
1 Code Subdivision a Lot No. Block No.
(Project Location)
50 acres along the west bank of Lake Arlington, 76119 The Waterfront at hand
adjacent to Sin Valley Addition Bay(proposed)
268 proposed low
,(see attached metes and boy n* n
(Please attach additional sheets of paper as needed.
2. For each properties listed In Table 1,please check the boxes below toindicatei f
0 there are taxes due, or
0 there are City l or
you have been subject to a Building Standards o mss o 's Order of Demolition where the property was
demolished s t five years.
Table 2 Pr2R!qy Taxes and,Cl L' s
ien
Address Property Cif Liens on Property
Taxes Weed Board-up/Open Demolition Paving Order of
Due Liens S t ctu a Liens Liens Liens Demolition
Prop,Fate cent at Enchant
F1 0 0 11 11
r==wr
Li
I I
i
i
Please attach additional sheets of per as needed.)
',, Do,you own other properties ies n nder gather names?
ye's No
Yes,please sped S atmched letter regarding other, " es
4. Does the proposed project conform with Clity,of Fort Worth noun es No
If n what steps are being taken to insure compliance? (see attached zoning letter,from city of
5. Project Type
Single Multi- Commercial ndustn*a1 community fixed-Use
Family Family Facilities
2.
WO R T H
If your project Is a, commercial, industrial, or mixed-use project, please describe the types of
businesses, that are being
s a new construction or rehab pr 0,ect
dew Construction Re a
S. How much is the total development cost of y r ro ap prox $5,000,000 (linduding land)
9, Will the eligible rehabilitation work* equal to at last 301% of the Tarrant Appraisal District
assessed value of the structure dung the year rehabilitation occurred? Yes No
Eligible rehabilitation includes only physical prop ts to real property. It does OT cue personal property such as
furmiture, appliances,equipment, or supplies. Total eligible rehabilitation costs shall equal to or exceed 30 of the TAD
appraised value of the structure n the year rehabilitation occurs.
10 much e total square footage of your " 49,.7'52 Acres square few
11. For a sin o e rs ed-ouse r multi-family devel en r P1 I ease'fill out the
number of residential units based on nco e range of owners or renters in the following tai ile.
Table 3 N'umber of Residential Units and Income Range of Owners or en
Nuinber of Units Percentage,
of
At or below 1%,of AWI...
Total U .is
M Area Median Family income. Please see attachment r income and housing payment guidelines.
2. For a u fa r *�c be qualified 'for x abatement; least 20 of total units shall
affordable to families at or below 8 " ofAMFL Check e ► f you are requesting a waiver of s
requirement. LJ
3. For a commerc" nd str a err +� rr� �� "�� u��s �c�' n ate square footage of no
r�� en a sac
Commercial Industrial Conununl'ty Facilities
square,feet square few square feet
PLEASE ANSWER QUESTIONS #1 O NO. 1 Y IF YOU L G FOR TAX
_.ABATEMENT.
4 much will be, your Capital Investment"* on the project? Pleaw use the following table to
re the details and amount of your Capital Investment(Attached d i sheets necessary).
Table 4 Capital Investment f the Prol c
Items Amount dotes
LA f-6—s
-X �
LLck%%A Acv%i�J;Oft a't A*WC
Total UL lot
3
T
j RTH
*"Capital Investment,wicludes only real property improvements,such as new facilities and,structures,site improvements,facility
expansion, and facility modernization. Capital Investment DOES NOT include land acquisition costs, and/or any existing,
improvements,,or Personal property(such as machinery,equipment,and/or supplies or inventory).
Awl e,
15. For a commercial, Lndustrial, comm fac it or mix,ed:-use p 'ec how many employeeswi'll the
y rQJ
pro,ject generate?
16. For a mixed-use prWect,please indicate the percentage of all uses in the project,In the following,table.,
0
'Table 5 Percentage of Uses in a Mfixed-Use Project
Type, Square Footage Percentage
Residential
Office
Eating_
Entertainment
Retail sales,
Semce
Total,.
11"N.- IN
IV# INCENTWES
1.What incentives are you applying for?
0
Municippl Pro pert Tax Abatements
y__
5 years
More than 5 years
even went Fee Waivers
021#0q All building permit related fees(M* cluding,Plans Review and Inspections)
Plat application fee('including concept plan,prelim ary plat,fmal plat, short form,replat),
Board of Adjustment application fee
Demolition fee
Structure movm# g fee
Comrnunity Facilities Agreement(CFA)application fee
Zoning application fee
oe
Street and utiflity easement vacation application fee
Impact Fee Waiver
Impact fee waiver
et IZ
Mer S* e How many meters? 268
Release of CiRv Liens
L] Weed,liens
0 Board up/open structure liens
El Demolitionliens,
L1 Paving liens
4
r
FoRT WORTH
V* C G
I hereby certify that th,e information t s a and accurate to the blest of my knowledge. hereby
acknowledge that have received a copy of NEZ,Basic,Incentives,which governs the granting of tax,abatements, fee
waivers and release of City liens, and that any VIOLATION of the terms of the NEZ Basic Incentives or
N41SREPRESENTATION shall constitute s for rejection of an application or temunation of incentives at the
discretion ofthie
understand that the approval of fee waivers and other incentives, not,be deemed to prova of any aspect of
the project. understand that responsible si e n obtaining required permits and inspections from the City and M*
ensuring the project s located the correct zoning district.
understand a application will not be processed if It is incomplete. I a e to provide any additional
information for � e request b e .
noommuft
Russell L Slovak I f* -I IIII $-A
(TYPED NA (AUTHORIZED SIGNATURE) A
ro Please mail or fax you app tlio t
City offort,Worth,HOU'st Depi.ltineli
,!,Texss 76102
1000,Tbrockmorton Street,,Fort Worth""",
. (817)392 732 ,
. a
Electra ' lion of this form is available by request. Please call 817-392-7507 to request a copy. For more
information,on e please visit our web s
For Office Use Only
,ca . which Council pct
0 W
Application et Date Received Date Confonn with Zoning?
� []No
Type? SF Multifamily El Co is Industrial Community,facilities Mixed-Use
Construction completion date" Before NEZ g After NEZ Ownership/Site Control 0 Yes[9/No
TAD Account No. Cons]st r t with the NEZ plan? Yes No
v
Meet o- a i ltd testy, Yes E]No Minimum a i a Invesftnent? El Yeso No
Rehab at o(higher than 3 % et *x -use definition
Tax current on is prop Yes T current on other proper Yes No
Co to n this props ,ens on other properties?
• Weed liens Yes o Weed liens Yes No,
• Board-up/open c e liens Yes No Board-up/open structure liens 0 Yes [:]No
• Demolition liens Yes No Demolition lip [:]No
• Paving liens Y o o paring liens Yes No
• Order of demolition Yes Ej No * Order of demolition Yes No
Certified? Yes No Certified, Date certification,issued?
If of rertifiM, ego LL_
Referred o: DEconomic Development us n g ODevelopment OWater OCode OTPW
Revised February 16,2004
5
VORTWORTH
ATTACHMENT INCOMEE HOUSING PAYMENT G EL NES
Family See 80% of'Median Income* Maximum Housing Payment Affordable for
Individuals or FamWes
at 0 of Median Income
$352100, $877
2 $40,150 $ ,003
3 $455150 S1,128
4 $50,150 511253
p 5 $547150 $1,3; 3
6 $587200 S 1 1455
7 $629200 S i,555
$667200 S17655
*Somme, 2004 Fob o 1fg on P SA Income Guidelines
6
GJe
Exhibit 3
Pro] ct Dead ption,
Single-Family Home—New Construction
Minimum of 1200 square feet of living space
Minimum of 3 Bedroorns-Each additional bedroom must be at least 200 square feet
Minimum of I 12Bathrooms
Garage
70%Mortared Brick.
A selection of floor plans
i"(,eview -'age 1 u .5
O dal site of the City of fort Worth,Texas.
Fou WORTH
I T UL E N D,A
COUNCIL CT1oN: Approved As Amended) on 116/2007
DATE: 111612007 REFERENCE C-22514 LOG NAME. 05ENC ANTEDBAY
NOW PUI BLIC
CODEW C TYPE: NO
CONSENT H,EAICI G
SUBJECT: Authorize Execution of a Five Year Tax Abatement Agreement with Waterview Estates,
L.P., a Texas Limited Partnership, and Woodhaven Homes L.P. a Texan Limited
Partnership, Located in the Lake Arlington Neighborhood Empowerment Zone
RECOMMENDATION:
It is, recommended that the City Council
1. Authorize the City Manager,to enter into a five year Tax Abatement Agreement with Waterview
Estates, L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, located in the LakeArlington Neighborhood Empowerment Zone; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with
Waterview Estates L.P., and Woodhaven Homes, L.P., are true and Correct.
Waterview states, L.P.., and Woodhaven Homes, L.P., are the owners/developlera of the 1
properties listed in Exhibit "A". This real property is located in the 'Lake Arlington NEZ and
Neighborhood Empowerment Reinvestment Zone N ERZ No. . Waterview Estates, L.P. and,
Woodhaven Homes, L.P. have, applied for a five-year municipal property tax abatement under the
NEZ Tax Abatem" ent Policy and Basic Incentives (M&C G_14947), as amended. The NEZ Program
offers a five-year ear 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.
Waterview Estates, L.P., and Woodhaven Homes, L.P., will invest a minimum of'$15,200,000.00 to
construct 1118 single-family homes in the Labe Arlington NEZ. In order for Woodhaven Homes, L.P.,
or any other developer or builder approved by the City )Manager or his designee to qualify for the tax
abatement, they must Construct homes with a minimum of 1200 square feet of living apace with at
least three hedroonns, one and one-half baths and 0%1 mortared brick which will appraise for a
minimum of $1007000.00. A more detailed description of the homes to be constructed and sample
drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C".
h ap s.of et.o °ooun t
_ � — I1 t "te==1 1 6 2 7 05/19/2009
y.
Upon execution of the tax abaterne t agreement, the total assessed value of each hone used for
caiculating municipal property tax will he frozen for a five-year period', starting on the date the horns is
sold to a homebkuyer to be used as a primary residence, at the pyre-improvement value as defined by
the Tarrant Appraisal District (TAD) on January ry 1, 2007, as follow:
Pr i pr ver ent TAD Value of Improvements $ 0.00
Pre-improvement Estimated value of Land jZ1_Q 5.O�
Total Pre-improvement Estimated value $ 2025.00
The munic,ipal property tai on the improved value is estimated at $550.00 per house, per year, for a
total of
$2,750,00 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 t agreement provides that the agreement may be assigned without subsequent City
Council approval to Woodhaven Homes, L.P., or another builder approved by the city Manager or his
designee or the developer's first mortgage, or to a omel uyer who will use the required
improvements as hiss/her primary residence, or to the homeowner's mortgagee. All ether
assi�ginment's 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 is shall result in the automatic termination of the Agreement.
This property is located in COUNCIL DISTRICT 5.
FISCAL INFORMATIONXIERTIFICAT1101111N.
The Finance Director r certifies that this action will have no material effect on City funds.
TO and Aoo nt/centers FROM Fund ccounticeMers
Sub Med for Ci'ty Mana er'°'s Office bv. Dale Fi,sseler 1 g
OrI *lnatlr Dl art en Head, Jerome Walker (7537)
Ad,d�l lonalw Information contact: Sarah Odle 731
ATTACHMENTS
Continued Exhibit 8, for &C. df
Exhibit A for M&C.xis
Exhibit E for M&C.doc
http '`/app .cfwnet.org/counc*1 acket/ c review.as ID 8 t. 5&cc ur cildatc=f 1/6/21007 05/19/2009
Keview Page 3 o
' .e- w vMl Oyu
9 i4
Location a for M&C.pdf
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