HomeMy WebLinkAboutContract 36338 �TAF
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Fort Worth Housing Finance Corporation ("Assignor") and Jorge Rosas,
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Fort Worth Housing Finance Corporation and the City of Fort Worth, Texas (the
"City") entered into that certain Tax Abatement Agreement ("Agreement") for
Property Located 3105 Eastcrest Court; Block 2, Lot 5, Eastcrest Addition
("Property") which is located in the Stop Six Neighborhood Empowerment Zone,
such Agreement approved by the City Council of Fort Worth September 10, 2002,
City Secretary Contract Number 28127 ("Agreement"):
B. 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:
C. Pursuant to that certain Special Warranty Deed dated as of May 31, 2007,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Jorge Rosas and Assignee acquired title to the real property, which is the subject
of the Agreement.
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.
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 May 31, 2007("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
f �.,A n, U" sN.o
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 Department (NEZ)
1000 Throckmorton Street
Fort Worth, Texas 76102
ASSIGNEE:
Jorge Rosas
3105 Eastcrest Court
Fort Worth, Texas, 76105
ASSIGNOR:
Fort Worth Housing Finance Corporation
1000 Throckmorton Street
Fort Worth, Texas 76102
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.
2
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: Fort Worth Housing Finance Corporation
Q k—�'z'1�
N : Jerome—C.'Walker
Title: Agent
ASSIGNEE: Jorge Rosas
Name: Jorge Rosas
3
CITY OF FORT WORTH
Da e Fisseler
Assistant City Manager
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
Leann Guzman
Assistant City Attorney
M & C: C- 19235
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, 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 therein
stated.
10 GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
92007.
ANA L
Notary Public in and for . Notary P01k S'Mv of 3
� � Niy Cosr^,is:�€_.��f.x?its:,
the State of Texas � :�>. 20�E ,
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jerome C.
Walker, Agent of Fort Worth Housing Finance Corporation, 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 and as the act and deed of Fort Worth Housing Finance
Corporation.
_ GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2007.
_
Notary Public in and for MWAM HEWM
MY COMMISSION EXPIRES
the State of Texas ....... ,ie KWY27,20»
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jorge Rosas,
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.
GIV^ UNDER MY HAND AND SEAL OF OFFICE this q�\jay of
2007.
EmNotary Public in and for the State of Texas
6
t City of Fort Worth, Texas
qlDaffolr and C ounci! C:Ommunication
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 C-19235 1 05NEZ 1 of 3
SUBJECT AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH THE
FORT WORTH HOUSING FINANCE CORPORATION FOR THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST SUBDIVISION LOCATED
IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the Fort Worth Housing Finance Corporation (FWHFC) application for Municipal Property
Tax Abatement for the Eastcrest Subdivision; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreements (the
Agreements) with FWHFC are true and correct; and
3. Authorize the City Manager to enter into tax abatement agreements with FWHFC for the development
of sixteen single-family homes in the Eastcrest Subdivision located in the Stop Six Neighborhood
Empowerment Zone (NEZ), in accordance with the NEZ Basic Incentives.
DISCUSSION:
The FWHFC is the developer/owner of the Eastcrest Subdivision in the 4700 Block of East Berry Street
and Eastcrest Court located in NEZ No. 1.
The FWHFC applied for municipal property tax abatement under the NEZ Basic Incentives (M&C G-
13208R dated June 5, 2002, M&C G-13580 dated April 2, 2002, as amended, and M&C G-13662R
dated July 23, 2002, as amended). The Housing Department has reviewed the application and certified
that the property meets the eligibility criteria to receive NEZ municipal property tax abatement. The
NEZ Basic Incentives offers a five-year municipal property tax abatement of the increased value of
improvements to a developer/owner of any new home constructed within a NEZ.
Upon execution of the Agreements, the total assessed value of each home in the Eastcrest Subdivision
used for calculating municipal property tax will be frozen for a five-year period, starting on January 1, of
the year following the year in which the home is sold, at the pre-improvement value of each lot as defined
by the Tarrant Appraisal District (TAD) on January 1, 2002, as follows:
• Pre-Improvement TAD Value of Improvements $ -0-
• Pre-Improvement TAD Value of Land $1,000 per lot
• Total Pre-Improvement TAD Value $1,000 per lot
City of Fort Worth, Texas
*lDayor and C ouncff C:ommunieation
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 C-19235 05NEZ 3 of 3
SUBJECT AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH THE
FORT WORTH HOUSING FINANCE CORPORATION FOR THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST SUBDIVISION LOCATED
IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
RR:n
Submitted for City Manager's FUND I ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Jerome Walker 7537 (from)
Additional Information Contact:
�rome walker 7537 — --- a --