HomeMy WebLinkAboutContract 38506-CA1 t r
CITY SECRETARY
CONTRACT NO. Dr-CA 1
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Shawn Fite ("Assignor") and Francisco Tobar and Kerry Tobar,
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Shawn Fite and the City of Fort Worth, Texas (the "City") entered into that
certain Tax Abatement Agreement ("Agreement") for Property Located 1506 6tn
Avenue Block 7 Lot 2, Loyds Addition, in the City of Fort Worth, Tarrant
County, Texas, according to the map recorded in Volume 106, Page 10, Map
Records, Tarrant County, Texas ("Property") which is located in the Magnolia
Village Neighborhood Empowernient Zone, such Agreement approved by the
City Council of Fort Worth April 28, 2009, City Secretary Contract Number
23464 ("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 July 29, 2009 recorded
under Tarrant County Deed Records, Assignor conveyed the Property to
Francisco Tobar and Kerry Tobar 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 July 29, 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
�------sloe d to Assignee.
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
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 &Economic Development Department
NEZ Program
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGINEE:
Francisco Tobar and Kerry Tobar
15066 th Avenue
Fort Worth, Texas 76104
ASSIGNOR:
Shawn Fite
2828 River Forest Drive
Fort Worth, Texas 76116
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.
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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: Shawn Fite
Name: Shawn Fite
ASSIGNEE: Francisco Tobar and Kerry Tobar
Name: Fra 'sco ar
Name: Kerry Tobar
3
CITY OF FORT WORTH
z'
Susan Alanis
Assistant City Manager
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ATTEST: p��00o0 'a�'Q��
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City Secretary 'f°qo 0000
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APPROVED AS TO FORM AND LEGALITY:
Charlene Sanders
Assistant City Attorney
M & C: C-23464
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Susan
Alanis, 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 she 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 `f day of
p � 52011.
x�"�`Pvsy�;; L!�N�g M.HIHRLINuER
of Public in and for x.; :
MY COMMISSION EXPIRES
"' 1,11ma, Z 2014
the State of Texas '�.,;4 �;:�`� y
S ATE OF TEXAS §
CO-- - - -- -ARRANT §
BEFORE ME, undersigned authority, on this day pers appeared Shawn Fite,
known to me to be t erson whose name is subsc ' to the foregoing instrument, and
acknowledged to me that executed the s or the purposes and consideration therein
expressed, in the capacity there tat
GIVEN UNDER HAND A SEAL OF OFFICE this day of
92009.
Ndfary Public in and for
the State of Texas
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
�`? iggns,�Assistant City Manager of the CITY OF FORT WORTH, a nicipal
corporation-,,n to me to be the person and officer whose name is scribed to the
foregoing instrume , nd acknowledged to me that the s s the act of the said
CITY OF FORT WORT AS, a municipal co on, that he was duly authorized
to perform the same by appropria or Council Communication of the City
Council of the City of Fort Worth and he uted the same as the act of the said
City for the purposes and cons' ation therein expre and in the capacity therein
stated. /
GIVE NDER MY HAND AND SEAL OF OFFICE th _day of
, 2009.
Notary Public in and for
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Shawn Fite,
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.
IYEN UNDER MY HAND AND SEAL OF OFFICE this oN day of
2009.
71mv ASHLEY TOWNSEND
Notary PWIc
Notary Public n and for k STATE OF TEXAS
the State of Texas F My ,,E,p, 1/20/2010
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Francisco
Tobar, 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.
eA
IVEN UNDER MY HAND AND SEAL OF OFFICE this 0 day of
2009.
ASHLEY TOWNSEND
Notary Public
Notary Publi n and for * STATE OF TEXAS
the State of Texas My Comm.Exp.11l20/2010
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Kerry Tobar,
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.
G EN UNDER MY HAND AND SEAL OF OFFICE this VY day of
2009.
�1►nr ASHLEY TOWNSEND
Notary Publi in and for Notary Public
the State of Texas y* STATE OF TEXAS
+ OF ' MY Comm. Exp.11/20/2010
6
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Official site of the City of Fort Worth,Texas
1W COUNCIL AGENDA FORRTWORTH
COUNCIL ACTION: Approved on 4/28/2009
DATE: 4/28/2009 REFERENCE NO.: **C-23464 LOG NAME: 176THAVENUE
CODE: C TYPE: CONSENT PUBLIC NO
NO
SUBJECT: Authorize a Five Year Tax Abatement Agreement with Shawn Fite for Property Located at
1506 6th Avenue in the Magnolia Village Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to enter into a five-year Tax
Abatement Agreement with Shawn Fite for the property at 1506 6th Avenue in the Magnolia Village
Neighborhood Empowerment Zone in accordance with the Neighborhood Empowerment Zone Tax
Abatement Policy and Basic Incentives.
DISCUSSION:
Shawn Fite(Property Owner) is the owner of the property described as Lot 2, Block 7, Loyds
Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Map thereof
recorded in Volume 106, Page 10, of the Map Records of Tarrant County, Texas, at 1506 6th
Avenue, Fort Worth, Texas, 76104. The property is located within the Magnolia Village Neighborhood
Empowerment Zone (NEZ) and the Fairmount Historic District. On March 9, 2009, the Historic and
Cultural Landmarks Commission approved the construction plans for a single family residential
structure at 1506 6th Avenue. A copy of the approval letter from the Commission is attached as
Exhibit "A."
The Property Owner plans to invest an estimated $103,500.00 to construct an approximately 1,900
square foot single family residence (Project). The Project will be sold as a primary residence. The
Project description and renderings are attached as Exhibit"B."
The Housing and Economic Development Department reviewed the application and certified that the
property and Project met the eligibility criteria to receive a NEZ municipal property tax abatement. The
NEZ Basic Incentives includes a five-year municipal property tax abatement on the increased value of
improvements to the qualified owner of any new construction or rehabilitation within the NEZ.
Upon execution of the 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 2010 at the estimated
pre-improvement value as defined by the Tarrant Appraisal District(TAD)on January 1, 2009, for the
property as follows:
Pre-Improvement TAD Value of Improvements $0.00
Pre-Improvement Estimated Value of Land $28,000.00
Total Pre-Improvement Estimated Value $28,000.00
The municipal property tax on the improved value of Project after construction is estimated at
$884.93, per year, for a total of$4,424.63 over the five-year period. However, this estimate may differ
from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District
appraised value of the property.
In the event of a sale of this property, the NEZ Tax Abatement agreement may be assigned to a new
owner's first mortgagee or a new homeowner as their primary residence. All other assignments must
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=11590&councildate=4/28/2009 03/10/2011
Review Page 2 of 2
,e approved by the City Council.
This property is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services 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: Thomas Higgins (6140)
Originating Department Head: Jay Chapa (6192)
Additional Information Contact: Sarah Odle (7316)
ATTACHMENTS
Exhibit A for M&C.pdf
Exhibit B for M&C.pdf
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=11590&councildate=4/28/2009 03/10/2011