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HomeMy WebLinkAbout064520 - General - Contract - EA Wealth Management, LLCCity Secretary II LL ff Contract No TAX ABATEMENT AGREEMENT FOR PROPERTY LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE 1101 E. Rosedale Street This TAX ABATEMENT AGREEMENT ("Agreement") is entered into by and between the 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 Jesus J. Chapa, its duly authorized City Manager, in accordance with the authority granted under Chapter 378 of the Texas Local Government Code, and EA Wealth Management, LLC, ("Owner") of property located at 1101 E. Rosedale Street, Block 9, Certain Portion of Lot 112, McConnells Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat thereof recorded in Volume 3883, Page 44, Plat Records, Tarrant County. The City Council of the City of Fort Worth ("City Council") hereby finds and the City and Owner hereby agree that the following statements are true and correct and constitute the basis upon which the City and Owner have entered into this Agreement: A. On June 11, 2024, the Fort Worth City Council adopted Ordinance No. 26961 (the "Ordinance") establishing "Neighborhood Empowerment Reinvestment Zones NoAR through 8R" City of Fort Worth, Texas (the "Zones") and adopted Resolution No. 5968 establishing "Designation of the Neighborhood Empowerment Zone Areas One through Eight" (the "NEZ"). On February 11, 2025, the Fort Worth City Council adopted Resolution No. 6056 re-establishing the "Neighborhood Empowerment Zone Tax Abatement Policy" governing subsequent tax abatement agreements for properties located in a NEZ. B. Owner owns certain real property located entirely within Zone 6R and that is more particularly described in Exhibit "1 ", attached hereto and hereby made a part of this Agreement for all purposes (the "Premises"). C. Owner or its assigns plan to construct the Required Improvements, as defined in Section 1.1 of this Agreement, on the Premises (the "Project"). D. On October 16, 2025, Owner submitted an application for tax abatement to the City concerning the Premises (the "Application"), attached hereto as Exhibit "2" and hereby made a part of this Agreement for all purposes. E. The contemplated use of the Premises, the Required Improvements 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 Ordinance and other applicable laws, ordinances, rules and regulations. F. 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 OFFICIAL. RECORD CITY SECRETARY Page 1 of 12 FT WORTH, TX NEZ Tax Abatement with EA Wealth Management, LL - - 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 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 Propertv Improvements. Owner shall construct, or cause to be constructed, on and within the Premises certain improvements consisting of the remodel of a commercial building of approximately 1,116 total square feet for use as office space, and having Construction Costs, excluding land, upon completion of $176,265.00 including site development costs (collectively, the "Required Improvements") but such Construction Costs shall be reduced by any construction cost savings. The type, number and details of the Required Improvements are described in Exhibit " 3". After construction of the Required Improvements is complete Owner shall provide a copy of the final construction invoices to City. The invoices shall then be attached and made 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 Exhibit "Y shall not constitute an Event of Default, as defined in Section 4.1, provided that the conditions in the first sentence of this Section 1.1 are met and the Required Improvements are used for the purposes and in the manner described in Exhibit "3'. 1.2. Construction Costs. "Construction Costs" shall mean site development costs (including demolition and environmental abatement), hard construction costs; contractor fees; engineering fees; architectural fees; design and consulting fees; and development fee and permitting fees expended by Owner directly in connection with construction of the Required Improvements. The City recognizes that Owner will request bids and proposals from various contractors in order to obtain the lowest reasonable price for the cost of the Required Improvements. In the event that bids and proposals for the Required Improvements are below $176,265.00 in Construction Costs for work substantially the same as that provided in Exhibit "T' and otherwise described in this Agreement, the City will meet with Owner to negotiate in good faith an amendment to this Agreement so that Owner is not in default for its failure to expend at least $176,265.00 in Construction Costs, with the understanding that the City's staff will recommend, but cannot guarantee, approval of such amendment by the City Council. The final site plan shall be in substantially the same form as the site plan submitted and attached as Exhibit "3". Minor variations, and more substantial variations if approved in writing by both parties to this Agreement, in the Required Improvements from the description provided in the Application for Tax Abatement shall not constitute an Event of Default, as defined in Section 4.1, provided that the conditions in the first sentence of this Section 1.1 are met and the Required Improvements are used for the purposes and in the manner described in Exhibit «3» 1.3. Completion Date of Required Improvements. Owner covenants to complete construction of all of the Required Improvements by December 9, 2027, (the "Completion Deadline"). The abatement will automatically terminate two years after Council approval if the Required Improvements are not complete. The Required Page 2 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 Improvements shall be deemed complete upon the issuance of a final certificate of occupancy for the Required Improvements by the Development Services Department. If the Owner fails to expend at least One Hundred Seventy -Six Thousand, Two Hundred Sixty -Five Dollars ($176,265.00) in Construction Costs for the Required Improvements by the Completion Deadline as provided in Section 1.1 of this agreement; the City shall have the right to terminate this Agreement by providing written notice to the Owner without further obligation to the Owner hereafter. 1.4. Use of Premises. Owner covenants that the Required Improvements shall be constructed and the Premises shall be continuously used as office space, and in accordance with the description of the Project set forth in the Exhibit "3". In addition, Owner 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, TERMS AND CONDITIONS. Subject to and in accordance with this Agreement, the City hereby grants to Owner 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 Worth - 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 Required Improvements over their values as determined by TAD in September 2025, and this amount is $38,931.00: One Hundred percent (100%) of the increase in value from the construction of the Required Improvements. If the square footage requirement and the appraised value of the Required Improvements are less than as provided in Section 1.1 of this Agreement, except that such minimum construction costs shall be reduced by construction cost savings, 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, nor shall the abatement apply to mineral interests. 2.3. Abatement Limitation. Notwithstanding anything that may be interpreted to the contrary in this Agreement, Owner's Abatement in any given year shall be based on the increase in value of the Required Page 3 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 Improvements over its value in September 2025, up to a maximum of $264,397.50. In other words, by way of example only, if the increase in value of the Required Improvements over its Tarrant Appraisal District determined value in September 2025, in a given year on the account is $265,000.00, Owner's Abatement for that tax year shall be capped and calculated as if the appraised value of the Required Improvements for that year had only been $264,397.50. 2.4. Protests Over Appraisals or Assessments. Owner shall have the right to protest and contest any or all appraisals or assessments of the Premises and/or improvements thereon. 2.5. Term. The term of the Abatement (the "Term") shall begin on January 1 of the year following the calendar year in which a final certificate of occupancy is issued for the Required Improvements on all three buildings ("Beginning Date") and, unless sooner terminated as herein provided, shall end on December 31 immediately preceding the fifth (51h) anniversary of the Beginning Date. 2.6. Abatement Application Fee. The City acknowledges receipt from Owner of the required Abatement application fee of one half of one percent (.5%) of Project's estimated cost, not to exceed $2,000. The application fee shall not be credited or refunded to any party for any reason. 3. RECORDS, AUDITS AND EVALUATION OF PROJECT. 3.1. Inspection of Premises. Between the execution date of this Agreement and the last day of the Term ("Compliance Auditing Term"), at any time during normal office hours throughout the Term and the year following the Term and following reasonable notice to Owner, the City shall have and Owner shall provide access to the Premises in order for 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. 3.2. Audits. The City shall have the right to audit at the City's expense the financial and business records of Owner that relate to the Project and Abatement terms and conditions (collectively, the "Records") at any time during the Compliance Auditing Term in order to determine compliance with this Agreement and to calculate the correct percentage of Abatement available to Owner. Owner shall make all applicable Records available to the City on the Premises or at another location in the City following reasonable advance notice by the City and shall otherwise cooperate fully with the City during any audit. Page 4 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 3.3. Provision of Information. On or before March 1 following the end of every year during the Compliance Auditing Term and if requested by the City, Owner shall provide information and documentation for the previous year that addresses Owner's compliance with each of the terms and conditions of this Agreement for that calendar year. This information shall include, but not be limited to, the number and dollar amounts of all construction contracts and subcontracts awarded on the Project. Owner must also provide documentation of compliance to Tarrant Appraisal District (TAD) each year of the abatement by filling out and returning Tax Abatement Form 50-116 from the TAD website no later than the last business day in April for each year Owner is requesting tax abatement. Failure to provide all information within the control of Owner required by this Section 3.3 shall constitute an Event of Default, as defined in Section 4.1. 3.4. Determination of Compliance. On or before August 1 of each year during the Compliance Auditing Term, the City shall make a decision and rule 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 Compliance Auditing Term. 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.; (ii) ad valorem real property taxes with respect to the Premises or the Project, or its ad valorem taxes with respect to the tangible personal property located on the Premises, 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) OWNER 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"). 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 Event of Default. Owner shall have sixty (60) 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 (i) after advising the City Council in an open meeting of Owner's efforts and intent to cure, Owner shall have ninety (90) calendar days from the original date of receipt of the Page 5 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 written notice, or (ii) if Owner reasonably believes that Owner will require more than ninety (90) 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 Pavment of Liquidated Damages. 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 acknowledges and agrees that an uncured Event of Default will (i) harm the City's economic development and redevelopment efforts on the Premises and in the vicinity of the Premises; (ii) require unplanned and expensive additional administrative oversight and involvement by the City; and (iii) otherwise harm 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 Term 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 otherwise 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 compensation for actual damages and is not a penalty. This amount may be recovered by the City through adjustments 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 and paid 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 (60) days following the effective date of termination of this Agreement, Owner shall also be liable for all penalties and interest on any outstanding amount at the statutory rate for delinquent taxes, as determined by the Code at the time of the payment of such penalties and interest. Notwithstanding anything herein to the contrary, damages due under this paragraph shall be the sole responsibility of Owner or its permitted assignee, as applicable. 4.4. Termination 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 terminate this Agreement in a written format that is signed by both parties. In this event, (i) if the Term has commenced, the Term shall expire as of the effective date of the termination 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. Sexually oriented Business & Liquor Stores or Package 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 if the Project contains or will contain a liquor store or package store. Page 6 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 5. EFFECT OF SALE OF PREMISES. Owner may assign this Agreement and all or any portion of the benefits provided hereunder to EA Wealth Management, LLC, or an Affiliate without the consent of the City, provided that (i) prior to or contemporaneously with the effectiveness of such assignment, Owner provides the City with written notice of such assignment, which notice shall include the name of the Affiliate and a contact name, address and telephone number, and (ii) the Affiliate agrees in writing to assume all terms and conditions of Owner under this Agreement. For purposes of this Agreement, an "Affiliate" means all entities, incorporated or otherwise, under common control with Owner, controlled by Owner or controlling Owner. For purposes of this definition, "control" means fifty percent (50%) or more of the ownership determined by either value or vote. Owner may not otherwise assign this Agreement or any of the benefits provided hereunder to another party without the consent of the City Council, which consent shall not unreasonably be withheld or delayed, provided that (i) the City Council finds that the proposed assignee is financially capable of meeting the terms and conditions of this Agreement and (ii) the proposed assignee agrees in writing to assume all terms and conditions of Owner under this Agreement. Any attempted assignment without the City Council's prior written consent shall constitute grounds for termination of this Agreement and the Abatement granted hereunder following ten (10) calendar days of receipt of written notice from the City to Owner. 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 parry designates in writing, by certified mail, postage prepaid, or by hand delivery: City: City of Fort Worth Attn: City Manager 100 Fort Worth Trail Fort Worth, TX 76102 and Neighborhood Services Department Attn: Director 100 Fort Worth Trail Fort Worth, TX 76102 7. MISCELLANEOUS. 7.1. Bonds. Owner: EA Wealth Management, LLC 4724 Poplar Ridge Drive Fort Worth, Texas 76123 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. Page 7 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 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 Documents. 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 " 3", the body of this Agreement shall control. As of December 9, 2025, the City is unaware of any conflicts between this Agreement and the City's zoning ordinance or other ordinances or regulations. 7.4. Future Application. 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. City Council Authorization. This Agreement was authorized by the City Council through approval Mayor and Council Communication No. 25-1128 on December 9, 2025, which, among other things, authorized the City Manager to execute this Agreement on behalf of the City. 7.6. Estoppel Certificate. 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 term of the Abatement in effect, and such other matters reasonably requested by the party or parties to receive the certificates. 7.7. Owner Standing. 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. Page 8 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 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. Severability. 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. 7.10. Headings Not Controlling. Headings and titles used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 7.11. Entiretv of Agreement. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and Owner, their assigns and successors in interest, as to the matters contained herein. 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. (REMAINDER OF PAGE INTENTIONALLY BLANK) Page 9 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 CITY OF FORT WORTH: By: S� Dana Burg off Assistant C ty Man g r ATTEST: By: _ w J ette Goodall Secretary APPROVED AS TQ FORM AND LEGALITY: By: Christopher Austria Sr. Assistant City Attorney M&C: 25-1128 Date Approved: December 9, 2025 EA WEALTH MANAGEMENT, LLC By: Ekia O yan Managing Member EA Wealth Management, LLC Page 10 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 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 resolution 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 Dti C"& rnn b C' r , 2025. Notary P lic in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § JeSSIaa Fawver t My Comm10/1I3/2029 ion Expires Notary ID135535933 BEFORE ME, the undersigned authority, on this day personally appeared Ekua O. Anyanful, Managing Member of EA Wealth Management, 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 for EA Wealth Management, LLC. GIVEN UNDER MY HAND AND SEAL OF OFFICE this L(--) day of 2025. otary blic in r The tate of Texas VIRGINIA R. VILLALOBOS %Notary Public, State of Texas _ : Comm. Expires ires 12-16-2026 e Notary ID 134109141 Page 11 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 Exhibit 1: Property Description Exhibit 2: Application: (NEZ) Incentives and Tax Abatement Exhibit 3: Project description Exhibit 4: Final Construction Invoices (to be attached after construction) Page 12 of 12 NEZ Tax Abatement with EA Wealth Management, LLC 1101 E. Rosedale Street, Approved by M&C 25-1128, December 9, 2025 Exhibit 1 Propertv Description 1101 E. Rosedale Street, Block 9, Certain Portion of Lot 112, McConnells Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat thereof recorded in Volume 3883, Page 44, Plat Records, Tarrant County. FORT WORTH, Exhibit 2 Application# City of Fort Worth Neighborhood Empowerment Zone (NEZ) Application for Incentives Deeded Property Owner/Developer Mailing Address: Phone: Contact: (If different) Phone: EA Wealth Management, L C Last First M.I. 4724 Poplar Ridge Drive Fort Worth TX 76123 StreetAddress City State Zip 8 &.W39-4470 Email: eanyanful@eawealthmanagement.com A rvanful Ekua O Last First M.I. 917-400-3013 Email: eanyanful@eawealthmanagement.com Project Information NEZ certifications are project and owner specific. Please describe your project: Rehab the building for an office Project Type ❑ ❑ ® ❑ ❑ ❑ Single Family Multi- Family Commercial Industrial Community Facilities Mixed -Use :*Please be advised if the project address is zoned as a designated historical. property (HQ or is located in the Near Southside, Camp Bowie or StocAyards Urban Design District, approval ofyour project is required prior to NEZ application submittal. An aanroved Certificate ofApprovriatenacs and sunnordne documentation for the oroiect must be attached to the NEZ application. O, Project Address: 1101 E Rosedale Street, Fort Worth, TX 76104 Street Address Legal Description: mot 112 S64'112 13L .10 MC C O NELL AD 1DTIO N Lot Block Addition YES NO YES NO New Construction / Addition: ❑ ® Remodel / Rehab: X1 ❑ Total New Sq. Ft. 1,116 Total Development Cost: $176,265 For a single family project, will the NEZ certified property be occupied by YES NO the property owner as a primary residence? ❑ N/A ❑ If you selected No, please specify if this property will be sold to a homeowner as a primary residence or used as rental property. If your project is a Commercial or Mixed Use project, please list all specific uses that are being proposed: Office for a financial planning firm for day-to-day business activities and client meetings. Incentives YES NO Do you wish to apply for a Municipal Property Tax abatement for this project? ® ❑ If the above answer is yes, please contact the City of Fort Worth Neighborhood Services Department at (817) 392-7316 or visit httu://fortivortlitexas.eov/neiRliborlioods/NEZ/ for additional information. Tax Abatements are processed after NEZ project certification and must go before the City Council for a vote. House Bill 3143 took effect on September 1, 2019, which requires at least 30 days advance notice be given of the tax abatement. Due to compliance with HB 3143, the minimum time to process a tax abatement to be on the City Council agenda for vote is 12 to 14 weeks after the date of certification. Applicants reauestine tax abatement may not submit for a building permit until the abatement has been approved by the City Council and the applicant has signed a contract Revised 2/5/25 SO FORT WORTH4 Application# City of Fort. Worth Neighborhood Empowerment Zone (NEZ) Application for Incentives YES NO Do you wish to apply for a release of NEZ Policy eligible City liens? ® ❑ Weed, Paving, Demolition and Board Up / Open Structure liens may be released for qualifying projects. For Zoning Office Use Oniv D. Not Check' YES NO Will a Zoning Change application be necessary for this project? ❑ ❑ Current Zoning: Proposed Use: _ YES NO Does project meet applicable zoning parldng requirements? ❑ ❑ Signature of Zoning Staff: Date: PLEASE INITIAL NEXT TO EACH STATEMENT 44rI understand that my application will not be processed if it is incomplete. I agree to provide any additional information for determining eligibility as requested by the City. If the additional information is not submitted within 30 days, the application will be denied and application fees paid will not be reimbursed. I hereby certify that the information provided is true and accurate. If I have misrepresented the facts in order to circumvent the NEZ policy, I hereby understand that I will be responsible for repaying the City of Fort Worth all fees and taxes waived through my NEZ certification and I will no longer be eligible to annly for anv NEZ incentives in the future. In addition. fees not repaid will result in a lien beine Dlaced on the Dronerty. ZI hereby certify that all documents and information required by the Application Submittal Checklist is attached. I hereby acknowledge that I have read the NEZ Basic Incentives and Tax Abatement Policy, 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 MISREPRESENTATION shall constitute grounds for rejection of an application or termination of incentives at the discretion of the City. Kj I understand that the approval of fee waivers and other incentives shall not be deemed to be approval of any aspect of ect. I understand that I am responsible for obtaining required permits and inspections from the City and in ensuring the project is located in the correct zoning district. I understand that if there are back taxes due or liens against any property I own under any name in Tarrant County, I w" ill not be eligible for NEZ incentives. hereby certify that the project plans submitted with this application meet the NEZ design guideline requirements as listed below or meet Strate--zc Flan guidelines for the Berrvhi111Mason Heights. Oakland Corners and Stop Six areas as outlined on the NEZ webpage I understand that if the project plans do not meet these design requirements, all permits will be put on hold pending correction. If I choose to relinquish my NEZ certification instead of meeting the design requirements, payment for all fees waived by the City up to that point will be due immediately and the building permit will not be issued until payment is made. a. No metal buildings except for industrial projects on property zoned for industrial use. b.All new construction projects must contain 70% masonry product c. Exceptions to the masonry product requirement will be made for approved plans within all Local Historic Districts and the Near Southside, Camp Bowie and Stockyards Urban Design Districts. Applicants must provide a Certificate of Appropriateness and Supporting documentation for the project with their completed NEZ application. This exemption applies only to the masonry product requirement. All other design guidelines will not be waived. d.Compliance with NEZ design guidelines for Council adopted NEZ Strategic Plans (Berryhill/Mason Heights, Oakland Corners and Stop Six) is required for certification. e. Attached garages for new single-family homes may not emend more than A fcct pasELI te front building wall. Revised 2/5/25 SO Fox, T�WoR_rxa Application# City of Fort Worth Neighborhood Empowerment Zone (NEZ) Application for Incentives 44 I understand that if I have not submitted a NEZ application and do not have NEZ certification, I must pay all associated fees at the time of project application and/or permit submittal. This includes setting up an escrow account with the City. I understand that some permits may not be issued while NEZ eligibility is being established. Example: Applications that are questing Tax Abatement. �4—I understand that if I have submitted an opt out form and have had a building permit issued, I am not eligible to apply for any incentives from the NEZ program. Ekua O. Anyanful (EA Wealth Management, LLC) 10/16/2025 Printed Name of Property Sign ture f Pro4r"7 Date Owner/Developer Owner/Developer Please submit your completed application online to: littp://fortwortlitexas.aov/neialiborlioods/NEZ/annly For more information on the NEZ Program Incentives, please visit our web site at httu://fortwortlitexas.mov/neialiborlioods/NEZ/ or contact our office at (817) 392-7540 or nez NS a,fortworthtexas.aov For more information on Tax Abatements, see the above website or contact Sarah Odle with the Neighborhood Services Department at (817) 392-7316. Revised 2/5/25 SO Exhibit 3 Project Description Interior and Exterior remodel of a commercial building • 1,116 Total square feet • 1 Story • Redo all, electrical, plumbing, flooring, windows, doors, roof, interior work, exterior siding & brick and HVAC system. M&C Review Official site of the City of Fort Worth, Texas CITY • Create New From This M&C DATE: 12/9/2025 REFERENCE **M&C 25- LOG NAME: 19NEZ1101 EROSEDALE NO.: 1128 CODE: C TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: (CD 8) Authorize Execution of a Five -Year Tax Abatement Agreement with EA Wealth Management, LLC for the Rehabilitation of a Building for Use as Office Space, with a Total of Approximately 1,116 Square Feet, Having a Cost of at Least $176,265.00 on Property Located at 1101 E. Rosedale Street in the Historic Southside Neighborhood and within Neighborhood Empowerment Zone Area Six and Neighborhood Empowerment Reinvestment Zone No. 6R RECOMMENDATION: It is recommended that the City Council: 1. Authorize the execution of a Five -Year Tax Abatement Agreement with EA Wealth Management, LLC for the rehabilitation of a building for use as office space, with a total of approximately 1,116 square feet, having a cost of at least $176,265.00 on property located at 1101 E. Rosedale Street in the Historic Southside neighborhood and Neighborhood Empowerment Zone and Reinvestment Zone Area Six; 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: EA Wealth Management, LLC (Property Owner) is the owner of the property described as Block 9, Certain Portion of Lot 112, McConnells Addition, an Addition to the City of Fort Worth, Tarrant County, Texas according to the map or plat recorded in Volume 388, Page 44, Plat Records, Tarrant County, Texas at 1101 E. Rosedale Street, Fort Worth, Texas. The property is located within the Historic Southside neighborhood and Neighborhood Empowerment Zone Area Six (NEZ). The Property Owner plans to invest an estimated amount of $176,265.00 for the rehabilitation of a building with approximately 1,116 square feet for use as grocery and general retail space (Project). The Neighborhood Services Department reviewed the application and certified that the Property Owner and Project met 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 owner of any new construction or rehabilitation within the NEZ. All Multi -Family, commercial, industrial, community facilities and mixed use tax abatements are capped at 150 percent of the Capital Investment. The capped value for this tax abatement will be $264,398.00. The Property Owner received a Certificate of Appropriateness from the Urban Design Commission for the Project on October 24, 2025. 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 littp:Happs.cfwnet.org/council_packet/mc review.asp?ID=33989&councildate=12/9/2025[12/9/2025 2:54:08 PM] M&C Review starting January 2027 at the estimated pre -improvement value, as defined by the Tarrant Appraisal District (TAD) in September 2025, as follows: Pre -Improvement TAD Value of Improvements 38,931.00 Pre -Improvement Estimated Value of Land $4,800.00 Total Pre -Improvement Estimated Value 43,731.00 The estimated municipal property tax to be abated on the improved value of the Project after completion based on the capped value, is estimated in the amount of $1,180.98 per year for a total amount of $5,904.90 over the five-year period, not counting increases from reappraisals. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the TAD appraised value of the property. In the event of a sale of the property, the Agreement may be assigned to an affiliate of the property owner without the consent of the City Council. If the property is sold to a new owner, other than an affiliate, the Agreement may be assigned only with City Council approval and provided that the new owner meets all of the eligibility criteria as stated in the NEZ Basic Incentives and Tax Abatement Policy. This property is located in COUNCIL DISTRICT 8. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that upon approval of the Tax Abatement Agreement, a loss of an estimated $5,904.90 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. TO Fund Department Account Project Program Activity Budget Reference # Amount ID I ID I I I Year (Chartfield 2) I FROM Fund I Department Account Project ID ID Submitted for Citv Manaaer's Office by: Oriainatina Deoartment Head: Additional Information Contact: ATTACHMENTS 1101 E. Rosedale Current Condition.pdf (Public) 1101 E. Rosedale St NEZ Mao.odf (Public) Program Activity Budget Reference # Amount Year (Chartfield 2) Dana Burghdoff (8018) Kacey Bess (8187) Sarah Odle (7316) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=33989&councildate=l2/9/2025[12/9/2025 2:54:08 PM] M&C Review Form 1295 Certificate 101454929 Sianed.odf (CFW Internal) NZ25-00774 - COA Letter -Plans Aooroved FINAL.odf (Public) Tax Abatement Calculation Sheet. pdf (CFW Internal) http://apps.cfNvnet.org/council_packet/nic_review.asp?ID=33989&councildate=12/9/2025[12/9/2025 2:54:08 PM] CERTIFICATE OF INTERESTED PARTIES ! Complete Nos. 1- 4 and 6 if there are interested parties. Complete Nos. 1, 2, 3, 5, and 6 if there are no interested parties. 1 Name of business entity filing form, and the city, state and country of the business entity's place of business. EA Wealth Management, LLC Fort Worth, TX United States 2 Name of governmental entity or state agency that is a party to the contract for which the form is being filed. City of Fort Worth FORM 1.295 1of1 OFFICE USE ONLY CERTIFICATION OF FILING Certificate Number: 2025-1388003 Date Filed: 11/11/2025 Date Acknowledged: g Provide the identification number used by the governmental entity or state agency to track or identify the contract, and provide a description of the services, goods, or other property to be provided under the contract. Tax Abatement Facade Improvement 4 Name of Interested Party Anyanful, Ekua 5 Check only if there is NO Interested Party. 6 UNSWORN DECLARATION My name is Ekua Anyanful My address is 4724 Poplar Ridge Drive n City, State, Country (place of business) Fort Worth, TX United States Nature of interest (check applicable) Controlling Intermediary X and my date of birth is Fort Worth TX 76123 US (city) (state) (zip code) (country) I declare under penalty of perjury that the foregoing is true and correct. Executed in Tarrant County, State of Texas .on the 11 th day of November, 20 25 (month) (year) Signa(ere of autho ed agent of contracting business entity (Declarant) Forms provided by Texas Ethics Commission www.ethics.state.tx.us Version V4.1.0.f10dOfd8 File #: MC 251128 Version: 1 Type: Award of Contract Consent Title: (CD 8) Authorize Execution of a Five -Year Tax Abatement Agreement with EA Wealth Management, LLC for the Rehabilitation of a Building for Use as Office Space, with a Total of Approximately 1,116 Square Feet, Having a Cost of at Least $176,265.00 on Property Located at 1101 E. Rosedale Street in the Historic Southside Neighborhood and within Neighborhood Empowerment Zone Area Six and Neighborhood Empowerment Reinvestment Zone No. 6R Mover: Seconder: Result: Agenda note: Minutes note: Action: Approved Action text: Approved. FORT WORTH,, City Secretary's Office Contract Routing & Transmittal Slip Contractor's Name: EA Wealth Management, LLC Subject of the Agreement: Tax Abatement M&C Approved by the Council? * Yes R No ❑ If so, the M&C must be attached to the contract. Is this an Amendment to an Existing contract? Yes ❑ No 8 If so, provide the original contract number and the amendment number. Is the Contract "Permanent"? *Yes ❑ No 8 If zmsure, see back page for permanent contract listing. Is this entire contract Confidential? *Yes ❑ No N If only specific information is Confidential, please list what information is Confidential and the page it is located. Effective Date: Year after improvements complete Expiration Date: 5 years after start If different from the approval date. If applicable. Is a 1295 Form required? * Yes 8 No ❑ *If so, please ensure it is attached to the approving M&C or attached to the contract. Project Number: Ifapplicable. *Did you include a Text field on the contract to add the City Secretary Contract (CSC) number? Yes ❑ No 8 Contracts need to be routed for CSO processing in the followinp- order: 1. Katherine Cenicola (Approver) 2. Jannette S. Goodall (Signer) 3. Allison Tidwell (Form Filler) *Indicates the information is required and if the information is not provided, the contract will be returned to the department.