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Home My WebLink AboutContract 45196-CA1 CITY SE, TARP, �s CONSENT TO ASSIGNMENT OF Go ma NO,, L TAX ABATEMENT' AGREEMENT (CITY SECRETARY CONTRACT NO, 45196 This CONSENT TO ASSIGNMENT F CITY SECRErl"A Y CONTRACT . 45196 ("Consent") 'is rna.de and entered into by and l tween the CITY OF FORT WORTH ("City") a home rule municipal corporation organized under the laws of the State of Texas, and CCLG Partners LLC, as managing ;agent for Texas Revues Exchange Holding Company, LLC ("Assignor or Owner"), and CCLG Partners, LLC ("Assignee"). The following introductory provisions are true and correct and from the basis f this Consent.- A. On or about September 24, 2 13, the, City and CCLG Partners, LLC, as managing agent for Texas Reverse Exchange Holding Company, LLC entered into that certain Tai. Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 45196 the "Agreement"). Under the Agreement, CC G Partners, LLC, as managing agent for Texas Reverse Exchange Holding Company, LLC agreed to construct a strip rna.11 for retail and restaurant use (the "Required Improvements") on. certain land in the City (the "Land") in return for ,a 5-year real property tax abatement on improvements located on the Land (the "Abatement"), all as more specifically set forth in the Agreement. The Abatement was granted Pursuant to the City's Neighborhood Empowe ent Zone Policy ("NEZ Policy"). B. Section 5 of the agreement allows an assignment to CCLG Partners, LLC or an Affiliate without the prior consent of the City Council. C. Assignor has sold its interest in the Land and Required Improvements to Assignee and to assign all right, title and interest in the Agreement to Assignee. NOW THEREFORE, in consideration of—the mutual terms and conditions h r i contained and ether, good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1 The City hereby consents to an assignment by Assignor to .Assignee of all right, title and interest granted to assignor by the Agreement, effective as of September 24, 2013, ("Effective c"ons"ent Date")- 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City that as of the Effective Consent date Assignee will comply with all duties and obligations of Over set forth in the Agreement., e�.��ment 44 1 RECORD Consent to Assignment f Tax Abatement Agreement � from CCLG Partners LC, a,s managing agent for CITY SEC3,ETARV Texas Reverse Exchange Holding Company, �LLC to CCLG Pa Approved by M&C C-26479 6479 on September 24 1 1 3. Assignee understand and agrees that no act or ornission of Assign.or, whether on', before or after the Effective Consent Date will serve to m*ti* ate any Abatement Amounts 1 g, �1 Term,s, and Conditions, set forth in Section 2 of the Agreement it any Event of Default set forth in Section 4 of the Agreement. W Nothing in thi's Consent shall be deemed to grant Assignee any rights under. the Agreernent that are an addition to, or greater than those of the Owner thereunder. 5. All terms in this Consent 'that are capitalized but not defined shall have the meanings assigned to them in the Agreement. IN WIrfNESS WHEREOF, the parties have executed this Assignment as of the Effective Consent Date. CITY OF FORT WORTH Fernando Costa Assistant City Manager STATE OF'TEXAS, § COUNTY OF TAR NT § 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 Con-u-nunication 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 the-rein stated. OF OFFICE this day of =GIVEN UNDER MY HAND AND SEAL 2014. 1"E'L S-"...... EVOMA DAN Jw� LAJ, ary Public in and fo"T r7l rl P amp'imJV 0, 2 017 the State of Texas Consent to Assigiu-nerit of Tax Abatement Agreement#451916 from CCLG Partners, LLC, as managing, agient for Texas Reverse Exchange Holding, Company, LLC to CCLG Partners, LLC Approved by M&,C C-26479 on September 24, 2013 2 m� n ATTEST: nar J y a 0 T�fa ry IK a 4creta APPROVED AS TO FOR-M AND t,,EGA- liV A P Nf v Melinda Ramos Sr. Assistant City Attorney M & C: C-2 4 ASSIGNOR: CCLG Partners 1-,LC, . as managing agent for Texas Re �r e Exchange Holding Company LLC Na4e: JWfj-cv A. Rattikin Aent ASSIGNEE: CC G Partners, LLC by Site Property Company, LLC, its Director �<arne: Wid D. Draper,, Director............ OFFICIAL RECORD 7 a,l& O]RD STAFF OF TEXAS H 41 TX COUNTY Off' TARRANT .BEFORE ME, ter.undersigned authority, on this day personally appeared Jeffrey A. Rattikin, President of Taxes Rev r se x h ge Holding Company, LLB;', know n to me to e the person wi-base nar re is subscribed to the foregoing irr tr urnent, and acknowledged to me that he executed the same for the pUrposes and consideration therein expressed, in the capacity therein stated. Ilk EVEN DER N4Y HAND AND SEAL OFFICE t his day of 2013. all MY COMMISSON1 EXPIRES , Notary Public Ire and fors ��I�w�k.1 May 4�� the State of Texas Consent to Ass i nment of x Abatem er t Agreement f-011.1 �'C"I., Partners, LLC, as managing acTent for Texas Reverse Exchange -oVding Company, .PLC to CC1,G Partners, L,LC Approved by M& C-26479 on September 24, 201.3 3 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the Undersigned aLlthority, oii this day personally appleared David D. 1')raper, Director of Site Proper Director for CCLG Partners, LLC, known to me to be the ,I person whose narne is subscribed to the foregoi-ng instrument, and acknowiedoed to vyie that he Ln executed the same for the purposes and consideration therein expressed, in the capacity therein stated. GfV 'N UNDER MY HAND AND SEAL OF OFFICE this of 2013. ad mmry \\\\Wj 1111 A U pV Notary PUblic in and for R Y le th,,e State of 1"exas cn OF /4-2014 Consent to Assigni-nent ofTax Abatement cy Areernent 9 tl- —A51 I lo froni CCLG Partners. L,C, as i-Cana ging agent for Texas Reverse Exchancle Holding Company, LLC to CCLG Partners, LL(-"' Approved by TA&C C-26479 on Septernber 2.4. 2013 4 Me"eview Official site of thi,e Oty of Fort Worth,T�xas Fo n WORTH' ICI j. CITY, Aim Will (0.*#%0W*r41CI L,A(*.;TI 0"'I N Approved on 9124/2013 L"'ATE.-I 91/24�/20`131 RE,FERENCE C-261479 L` N�AME- 17NEZ301WNORTHSIDE ) N 0.: V%2 0 COD,E-8 C TYPE: NOW, PUKIC N 0 CONSENT HEARING,: SUBJECT,- Authorize Five Year,Tax Abatement Agreement with Texas Reverse Exchange Holding Company, LLC, a Texas Limited Liability Company, as Exchange Accommodation Titleholder for CCLG Partners, LLC, a Texas Limited Liability Co�m�pany, for,the Construction of a Strip Mall for Retail and Restaurant Use at 3101 W. Northside Drive and 1215 N. Houston Street in the Northside Neighborhood Empowerment Zone (COUNCIL DISTRICT2) RECOMMENDATI- It is recommended that the City Council authorize a, five-year Tax Abatement Agreement with Texas Reverse Exchange Holding Company, LLC, a Texas Limited Liability Company, as Exchange Accomodation 'Titleholder for CCLG Partners, LLC, a Texas Limited Liability Company, for the Construction of a Strip Mal:l for Retail and Restaurant Use at 301 W. Northside Drive and 1215 N., Houston Street in the Northside Neighborhood Empowerment Zone I in accordance with the Neiglh,bo�r,holo�d Empowerment Zone Tax Abatement Ploil�icy and Basic Incentives. D-1-SC SSIOW, Texas Reverse Exchange Holding Company, LL,C,, a Texas Limited Liability Comipany, as Exchange Ac�comodation Titleholder for CCLG Partners, LLC, a Texas Limited Liability Company (Property Owner), is the owner of the property de�sicri�ble,d as Lots, 16,1 17 and 18,, Block 60, North Fort Worth Addition,,, an Addition to the City of Fort Worth, Tarrant County, 'Texas, according to the Plat recorded in Volume 63, Page 147, Deed Records, Tarrant County; Save and Except that a portion of Lot 16, Block 60 was conveyed to the, City of Fort Worth by Deed recorded in Voll�ume 3094,1 Page, 47,1 Deed Records of Tarrant County, Texas, 3,01 W. Nofthside Drive and 1215 N. Houston Street Fort Worth,, Texas. The property is, located w,ithin the Noirthside Neighborhood Empowerment Zo�ne (NEZ). The Property Owner plans to invest an, estimated amount of$675,,0001.00 to build a 4�200 square foot strip mall with three spaces for restaurant and retail development(Proje�ct). The Housing and Economic Development Department reviewed the application and certified that the Project met the eligibility criteria to receive a Municipal Property Tax Abatement. The NEZ Tax Abatement Policy and Basic Incentives inc,lu'des 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,i the total assessedvalue of the improvements used: for calculating municipal property tax will be frozen for a period of five yela�rs, starting Jan�uiary i � 'in the 2014. At this time, Tarrant Appraisal District has the improvements on the property valued i amount of $1,000.00. The owner has demolished the existing building on the property so! the pre- improved value for tax abatement purposes will be $0.00. http,://apps.cfwtiet,.org/cout'i,cii_pack,et/iiic......reviewasp?11,>=]8989&,co�tincildat,e-=-91/24/2013[0191/'24/2013 5:31:06 PM] The Mun,ici,pal Property Tax Abatement on the improved value of the Project after construction is estimated in the amount of$5,771.25 per year for a total amount of$28,856.25 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 Tax Abatement Agreement may be assigned to an affiliate without the consent of the City Council or to a new owner with City Council approval, only if the new owner meets, all of the elig,ibility criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives. This property is located in COUNCIL DISTRICT 2. FISCAL, 1NEQRMAI1QN-LQERI1E1CAJ f%K1* K-03. The Financial Management Services Director certifies that this action will not increase the total appropriations of City funds. 1�,Eu d Am"nkQanters EROM Fund/Accgunt/Centers ........... Submiftd.... r-�City,,,,M,anager's Office Fernando Costa (61 22) Oriainati�ng epartMent, H!!aad:, Cynthia Garcia (8187) Robert Sturnis (8003) AdiditlQnal. forMaitilon on,tac Sarah OIdle (7316) -—--------- .................................................... AIIAQ North-side-1215 N HoUston MaQ.,Pdf Eigyalign a I -a-d-5ite P lan.pdf http://appis.cfwiiet.org/couiicil_packet/mc revieNv.asp?'ID1,-",.,, ,8989&c lidate=9/24/20:1 [09/2,4/20'13 5:31-06 PM]