HomeMy WebLinkAboutContract 62660-CA1City Secretary �
Contract No ul l) --
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into by
and between CD & CP Real Estate I, LLC ("Assignor") and AIina Nallely Sigala and
Guadalupe Simon Mena, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. CD & CP Real Estate I, LLC and the City of Fort Worth, Texas (the "City") entered
into that certain Tax Abatement Agreement ("Agreement") for Property Located
144 Cottonwood Street, Block 2, Lot 2, W.J. Meyers Addition, an Addition to the
City of Fort Worth, Tarrant County Texas, according to the plat thereof recorded in
Volume 1337, Page 115, Plat Records, Tarrant County, Texas. ("Property") which
is located in Neighborhood Empowerment Zone Four, such Agreement approved
by the City Council of Fort Worth December 10, 2024, City Secretary Contract
Number 62660 ("Agreement"):
B. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to a home buyer, without obtaining the prior consent of the City
Council:
C. Pursuant to that certain Special Warranty Deed dated as of June 5, 2025, recorded
under Tarrant County Deed Records, Assignor conveyed the Property to Alina
Nallely Sigala and Guadalupe Simon Mena and Assignee acqt fired title to the real
property which is the subject of the Agreement. OFFICIAL RECORD
CITY SECRETARY
AGREEMENT FT, WORTH, TX
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:
Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights,
duties, obligations, title and interest under the Agreement to Assignee.
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 June 5, 2025, ("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
!,3 i R s G`0
Assignment of Tax Abatement Contract # 62660 _FAIN 26 12?5 13
From CD & CP Real Estate I, LLC to Alina Nallely Sigala and Guadalupe Simon Mena
the Agreement as of the Effective Date. Assignor must surrender the Property to the
Assignee on or before 11:59 p. in. 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
Neighborhood Services Department
NEZ Program
100 Fort Worth Trail
Fort Worth, Texas 76102
ASSIGNOR:
CD & CP Real Estate I, LLC
1133 Oak Glen Cir.
Fort Worth, TX 76114
ASSIGNEE:
Alina Nallely Sigala and
Guadalupe Simon Mena
144 Cottonwood Street
Fort Worth, TX 76111
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 not be binding until executed and delivered by
all three parties.
Assignment of Tax Abatement Contract # 62660
From CD & CP Real Estate I, LLC to Alina Nallely Sigala and Guadalupe Simon Mena
2
IN WITNESS WHEREOF, the parties have executed this Assignment as of the date
first above written.
ASSIGNOR: CD & CP Real Estate I, LLC
i�ame: Linda Zam Member
CD & CP Real Estate I, LLC
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Linda Zamora,
Member of CD &CP Real Estate I, LLC, known to me to be the person whose name is
subscribed to the foregoing instrument, and acknowledged to me that she executed the
same for the purposes and consideration therein expressed, in the capacity therein stated.
G`IVEN Ui�DER MY HA?14D AND SEAL OF OFFICE this day of
(—X- X 112025.
Notary Public in and for
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
MICHELLE PING
=2 Gel=Note
ry Public, State of Texas
.: P Comm. Expires 12-15 2025
Notary ID 128125054
BEFORE ME, the undersigned authority, on this day personally appeared Alina Nallely
Sigala, known to me to be the person whose name is subscribed to the foregoing instrument,
and acknowledged to me that she executed the same for the purposes and consideration
therein expressed, in the capacity therein stated.
GIVEN DER MY HAND AND SEAL OF OFFICE this Z5 " ' day of
2025.
Notary Public in and forEE�MICHELLE PINA
ry Public, State of Texas
the State of Texasmm. Expires 12-15-2025
otary ID 128125054
Assignment of Tax Abatement Contract # 62660
From CD & CP Real Estate I, LLC to Alina Nallely Sigala and Guadalupe Simon Mena
3
ASSIGNEE: Alina Nallely Sigala
�na-Nao�
q !j
Name: Alina Nallely Siga
BEFORE ME, the undersigned authority, on this day personally appeared Guadalupe
Simon Mena, 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 n— day of
1 _ , 2025.
I.
��Q
Notary Public in and for
the State of Texas
ASSIGNEE: Guadalupe Simon Mena
T ame: Guadalupe Simon Mena
CITY OF FORT WORTH
0/
Dana Burghdo
Assistant City anag r ,
ATTEST:
col, /
nnAtte Goodall
City Secretary
�.\`"vc',, MICHELLE PINA
Notary Public, State of Texas
=�9 +P Comm. Expires 12-15-2025
i•lotary ID 128125054
OFFICIAL RECORD
CITY SECRETARY
FT WORTH, TX
Assignment of Tax Abatement Contract # 62660
From CD & CP Real Estate I, LLC to Alina Nallely Sigala and Guadalupe Simon Mena
4
APPROVED AS T FORM AND LEGALITY:
Christopher Austria
Sr. Assistant City Attorney
M & C: 24-1158
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dana
Burghdoff, 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 she 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 therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
, 2025.
Notary Public in and for
the State of Texas
Assignment of Tax Abatement Contract # 62660
From CD & CP Real Estate I, LLC to Alina Nallely Sigala and Guadalupe Simon Mena
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 12/10/24 M&C FILE NUMBER: M&C 24-1158
LOG NAME: 19NEZ144COTTONWOOD
SUBJECT
(CD 11) Authorize Execution of a Five -Year Tax Abatement Agreement with CD & CP Real Estate I, LLC for the Construction of a Single -Family
Dwelling of Approximately 1,669 Square Feet and Having a Cost of at Least $199,550.00 on Property Located at 144 Cottonwood Street, in the
Riverside Alliance Area and within Neighborhood Empowerment Zone Area Four and Neighborhood Empowerment Reinvestment Zone No. 4R
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the execution of a five-year Tax Abatement Agreement with CD & CP Real Estate I, LLC for the construction of a single-family
dwelling of approximately 1,669 square feet and having a cost of at least $199,550.00 on property located at 144 Cottonwood Street, in the
Riverside Alliance area and within Neighborhood Empowerment Zone Area Four and Neighborhood Empowerment Reinvestment Zone No.
4R; and
2. Find that the terms of, and the property subject to, the Tax Abatement Agreement meet the criteria and guidelines set forth in the
Neighborhood Empowerment Zone Program Basic Incentives and Tax Abatement Policy.
DISCUSSION:
CD & CP Real Estate I, LLC, (Property Owners), are the owners of the property described as Lot 2, Block 2, W. J. Meyers Addition, an addition to
the City of Fort Worth, Tarrant County, Texas, according to the Plat Thereof Record recorded in Volume 1337, Page 115, Plat Records, Tarrant
County, Texas, located at 144 Cottonwood Street, Fort Worth, Texas, (the Property). The Property is located in the Riverside Alliance area and
within Neighborhood Empowerment Zone, (NEZ) Area Four.
The Property Owners plan to invest an estimated amount of $199,550.00 to construct a single-family residence of approximately 1,669 square
feet, (Project) on the Property. The Project will be sold to a homeowner to be used as a primary residence.
The Neighborhood Services Department reviewed the application and certified that the Property Owners and Project meet the eligibility criteria to
receive a NEZ Municipal Property Tax Abatement. The NEZ Basic Incentives include a five-year Municipal Property Tax Abatement on the
increased value of improvements to the qualified owners of any new construction or rehabilitation within the NEZ. Residential owner -occupied tax
abatements are capped at the annual median home value as reported by the National Association of Realtors for Tarrant County. This value is
updated annually and is currently $380,220.00.
Upon execution of the Tax Abatement Agreement (Agreement), the total assessed value of the improvements used for calculating municipal
property tax will be frozen for a period of five years starting January 2025 at the estimated pre -improvement value as defined by the Tarrant
Appraisal District, (TAD) in October 2024, after the demolition of the existing structure for the property as follows:
Pre -Improvement TAD Value of Improvements
$ 0.00
Pre-ImEstimated Value of Land
$33,750.00
�otalPre -Improvement Estimated Value
$33,750.00
The municipal property tax on the improved value of the Project after construction is estimated in the amount of $1,341.97 per year, for a total
amount of $6,709.85 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated
based on the TAD appraised value of the property up to the capped value.
In the event of a sale of this Property, the Agreement may be assigned to a new owner's first mortgage or a new owner as a primary residence. All
other assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 11
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon final approval of the Tax Abatement Agreement, a loss of an estimated $6,709.85 in property tax
revenue may occur over the five-year period. This reduction in revenue will be incorporated into the long term financial forecast upon the Tax
Abatement being officially granted.
Submitted for Citv Manaaer's Office bv: Jesica McEachern 5804
Oriainatina Business Unit Head: Kacey Bess 8187
Additional Information Contact: Sarah Odle 7316