HomeMy WebLinkAboutContract 30404 CITY SECRETARY
CONTRACT NO
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Ridglea Place, L.P. ("Assignor") and Alice N. Vick and Patti Pollan,
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Ridglea Place, L.P. ("ftidglea") and the City of Fort Worth, Texas (the "City")
entered into that certain Tax Abatement Agreement ("Agreement") for Property
Located at 3801 Westridge, Fort Worth, Texas ("Property") under Property
Identification Number 29880, which is located in the Ridglea Village and Como
Neighborhood Empowerment Zone, such Agreement approved by the City
Council of Fort Worth November 18, 2003 City Secretary Contract Number C-
19864 ("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 June Z., 2004,
Assignor conveyed the Property to Alice N. Vick and Patti Pollan 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 June _ 2004
("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
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
Fort Worth, Texas 76102
ASSIGNEE:
Alice N. Vick and
Patti Pollan
3801 Westridge
Fort Worth, Texas
ASSIGNOR:
Michael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
4809 Cole Avenue Suite 345
Dallas, Texas 75205
2
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 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: Ridglea Place, L.P.
Name: Michael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
ASSIGNEE: Alice N. Vick
and Patti Pollan
-14 ✓-c— u
Name: Alice N. Vick
Name: Patti Pollan
"�INCa ` it1y;''r
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 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: Ridglea Place, L.P.
Name: Michael Vick, President
Boulevard Builders, LLC_
General Partner for Ridglea Place, LP
ASSIGNEE: Alice N. Vick
and Patti Pollan
Name: Alice N. Vick
Name: Patti Pollan
'C1L1; .z !a 'u'v.. i
CITY OF FORT WORTH
i A F,SSFIc�
&TW 6 Assistant City Manager
ATTEST:
IL
City Secretary
APPROVED AS TO FORM AND LEGALITY:
Anthivja�rcia
Assistant City Attorney
M & C: 19.864
4 ,
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared R'Ciii-
ALi,�
TAIE a, Fif66I�eR AX1gssistant 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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this q day of
, 2004.
Notary Public in and for
the State of Texas �
��:`�" •• KAREN EDWARDS-FISHER
Notary Public,State of Texas
My Commission expires
May 07 2008
STATE OF TEXAS §
COUNTY OF N2Up,,& _ §
BEFORE ME, the undersigned authority, on this day personally appeared Michael Vick,
President of Boulevard Builders, LLC, General Partner for Ridglea Place, L.P., 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 Ridglea Place, L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2004.
KATHLEEN CARROLL
Notary Public in and for }.� ,i Notary Public
the State of Texas ts;,. y= STATE OF TEXAS
My Comm.Exp. 11-14-2005
STATE OF TEXAS §
COUNTY OF §
BEFORE ME, the undersigned authority, on this day personally appeared Alice
N. Vick, 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 day of
2004.
'pY HECTOR TORRES
* �w
Notary Public in and for Notary Public,State of Texas
the State of TexasMy Comm.Expires 03-02-2005
S'f QF F
STATE O TEXAS §
COUNTY §
BEFO ME, the undersigned authority, on this day personally appeared
Patti Pol n, known to me to be the person whose name is subscribed to the
foregoing t strument, and acknowledged to me that he executed the same for the
purposes an onsideration therein expressed, in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2004.
Notary Public in and for
the State of Texas
4 'F^f S�Il;7
17 Ci=' 'ail r�, 4`'✓._
6
STATE OF TEXAS/de
COUNTY OF
BEFORE MEgned a ority, on this day personally appeared Alice
N. Vick, knowth erson whose name is subscribed to the foregoing
instrument, and to me that he executed the same for the purposes
and considerapressed, in the capacity therein stated.
GIVEN UNDAND AND SEAL OF OFFICE this day of
4.
Notary Publi n and for
the State o ex
as
STATE OF TEXA §
COUNTY OF §
BEFORE ME, the undersigned authority, on this day personally appeared
Patti Pollan, 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 qday of
rt In , 2004.
Notary Public in and for
rP��'• B.E.VERHELST
;
Notary Public,State of Texas
the State of Texas
My Commission Expires
: JANUARY 29,2006
4 71
{ COMPLETE SUMMARY APPRAISAL REPORT OF
THE PROPERTY LOCATED AT
3801 Westridge Avenue
Fort Horth,TX 76116
I
i
as of
fDecember 31,2003
I
for
National City Bank
1900 E.91h Street
1 I Locator 0 1-2152
Cleveland,OH 441 14
by
Totten&Company
3200 Rivcrfrom Drive,Suite 108
Fort Worth.TX 76107
i
t . d BE ZZ '6iZ ' bIz azaa-j - - - - — - -
-A P I G c 222 1 b0 10 un g
Totten S Company
3200 Riverfront Drive, Suite 108
Fort Worth, TX 76107
817-731-2222
February 29,2004
National City Bank
1900 E.91h Street
Locator 01.2152
Cleveland.011 44114
Property- 3801 Westridge Avcnue
Fon Worth,TX 76116
Borrowcr- Boulevard Builders
He No.- 74Q 1203
Case No.- Boulevard Builders
Dear Mr,Kaye:
In accordance with your request, I have made a Complete Appraisal and prepared a Summary
Appraisal Report of the real property located at 3801 Westridge Avenue, Fort Worth, TX.
The purpose of the Summary Appraisal is to estimate the market value of the property described in
the body of this report.
Enclosed, please find the Summary Appraisal which describes certain data gathered during our
investigation of the properly. The methods of approach and reasoning in the valuation of the various
physical and economic factors of the subject property are contained in this report.
An inspection of the property and a study of pertinent factors, including valuation trends and an
znalysus of neighborhood data, led the appraiser to the conclusion that the market value, as of
December 31, 2003 is :
S260,000
The opinion of value expressed in :his report is contingent upon the Limiting Conditions attached to
this report.
It has been a pleasure to assist you. If 1 may be of further service to you in the future,please let me
know.
Rcspecrhtlly submiticd,
Totten&Company
Robert .Tolten
TX Certification 4TX-1321494-R
z �d 8EZZ 'G12 ' b12 azea-J-A ptneQ d22 '21 b0 10 uric,
Complete Appraisal Analysis-Summary Appraisal Report Boulevard Builders
Pr o Oescrl tton LI—ORM RESIDENTIAL APPRAISAL REPORT Fat,No. 74Q]203
Pgparly Adorns. 3801 Wcstndge A\_, c'I•FOR Wctuh SI Lpeode 76116
Lart.134 c'dl.n Lott Stock i Rid tea Place Townhomes 6 ddition cowls Tarrant
Assessor.Parer No. Ta-yo-, 2003 R.E fox.,S Not Set SO.ual Asaasam.nlss N/
gi Bq••q B 1 ar Il rs eurrento'.ner Boulevard B III Occupant oune• , Teruel X veeam
J Pmdarinpnls ao laked I Xi Fee 5'mple I iLeasohold P ecl rip. X1 PUD is rdonsnlum •tJONA onl 1 1-OAS
NIA
/ :mo
E NaIgh1Hsnoodot PMIacl Name Rid Ica Placc Map Rdorenco 74 0 con'.T,.cl 1024 01
T.Sam Pnw s NIA Dale else'-12/31 i 03 O.scriphan ane;.ng unl of uan rnarryairanoassmlu K be pad by..ler
I LemirlUanl National Ci Bank Ado 19 0 E 9th Succt Locator 01-3152 Cleveland 11 441 N
AaOnlsor Robert .Tote n Ada,s, 200 Rtv rf nt Drive Suite 104 Fort Worth TX 107
Lxatmn IJ Urban Sub,Aan Rsaal pradominanl single fae.11y houaing Pra•snl land use Y. Land uaa cha nos
I occ„P•n PRIGS ACE
Ehrclao 100 XI Ov-f75x II zsr5'. I I Uno-rzsx `y sIc10) tyrsl One Family 95 [}CSN,,Iua.ly :L,.aly
G.o.ln,eta i Rapid SOvnr jr� w La. Ne 74 lam 0_ n In Cuss
Propeny 4L- Invites N ��.X,��Statile I J O.Vnng u levity 0 m2h $ MJu
m -lamly 3 ro-
Doand".001y L_ SnoAage I n I In oela�ce �Ovm supply 2_(J vacant(4Y:) P-.d .n.nl commerrul
w"aU Im,e Under 3 mos X 1 3-6 nos 1 Over a moa. F I vsom I...,i 175
l
N Nde.R.-and the racial composition of In.nslghborhood•n net Ap0,abal halon.
E Nayoommeoo den-s.wvaxlonwcs The sub'ect neighborhood is locale'south ofCamp Bowie Boulevard,west ofBryant Irvin
t Road north gfVickcry Boulevard and cast orl-ligh%vay 183.
G
H Fa:m-s that 9YeCl the mddreladddy of the Oropeaes n the n63htondo0 (Gmumly in .mWOymenl an0 amlulni es, .mpbymenl shall ly, aoPeal to maaef, W)•
a_The subiecL neighborhood is located in west Tarrant County within the Fort Worth City Limits This ncihe borhopd is located
O Inproximately five miles west ofthe Fort Worth Central Businc q District.Municipal services includinV police.fire prQtgglion
Mand hos itals are located within nroximity. Komes within this neighborhood differ in re rd to size.design,clualitv.Joe.
0 condition and amenities. NP unfavorable factors aff ctin r the markets ihiv of h mes in this nei hh rhood wcre obsery d.
0
hfarse. —0 1— n lie sugocl mlgneornood mclW.r,g swpod 'a L,e .rove coiduslons ,elated In the Wd of pvpody valves. demand'Waply, and anamaung Ime
•
A as oats on contpeellea oropeltles far sale ,n Ule nalghaa,hood, cosJ'pf;n o. Ito provalonco el sales and aran.ng comoesso.s. .k.J
PropertyNoperty values in chis nci^h orhoo ar cons dcrcd to be stable.Convectional FHA and VA funds are available. Financia
concessions are not iypicallV made in this arca.intoe r rates ates are favorable and morrtga a nwney is in agile supply.
P "ol.ct Information for PuOa (11-ppswbte)--Is Ine developerioudd-r.n control of Iha HMIO 0.vn-r3 ASSOC.I.-IHOAI7 X yes —1No
u a0p,owmma Iola number.1 units m......fuel Frq.a 55 Aperosmala tolyl nambor of units for sae in Ina sub)od pro ed 55
U Doscnbe mmnsarl el ,tints and(emotional lacllhes elmy Pale 'n min I n n"tra.Proundst int n
amensuns Roly on Survqy ropog--pity Level t- o sloping
sn.area Average cwntl X y.T LJNO S... Average
Spcvhb aomrg cosm6cal an mdoes:nplron B-M llti Family Shape Rectangular
2en•nq c o once 'J Legal L_J Legal noncanlamrg(GrandleiMrea use) Illogal Li No toning ominago Appears adeouatc
",]nest a bast use as Improved I X F.-I. r Other aw teydam) view T ica I/Houses _
5 Ultlale. Fuolc at,., 0H.dO"Improv.m-nla Type Pubdc Prsvoit, Lanosc.0'ng Avcnac
I Eseanrny II Street 1SpIInIt xI I I OmvweySuAaco Concrete
EGas I.X� cWo'a,:ra' Conc:etc X} LJ Apw�nloas.,dnll Util't
W.lar IX _ s.d-wa Cone:ere XI I FEMASpedalFbooHiu'dArea -- IX Na
Sanitary ewe, rX1 sl,easgNs L•Icevie !X__� [- FEMA&n. X 1Naposta 08/23100
$term sewer X A:'CJ_ None FEMA Map NO. 48Q39C038S I
eornmo.I4 (appalml aPeMe afti megr
al-, a- gecml.nls, spec. a7a9ssminte, side arises, regal or ler- nonco„mnlang toning u.-, etc). Normal Utility
easements are Present. No adverse easements or encroachments were observed. Rely on survey fur final dcterminati n
O GENERAL OESCRI P T*N EXTERIOR DESCRIPTION FCUNOATION BASEbw INSULAnOR
E No cfUmis One Fmndalon, C nCIL`IC Slab Cone.ete Pre-Sit.FL Rod I l
S No crslnn.s Three E,,tw—wales Brick c,--i swit None SF,nlsned tied ng n
C Ippe(ObUAlll Attached Roafs.,'r e Composition s.:<m-ni None c.I:Ing sv.Ls (IR]
) bangs(slyl:;
Complete Appraisal Analysis-Summary Appraisal Report Boulevard Builders
varuaHon scpclor. UN'—'QM RESIDENTIAL APPRAISAL REPORT FII.No. '74!21203
ESTIMATE]SITE VA•_UE .... ... . . . . . . =S 25 00 Comments on Cost App,°°. Jh as space d rail avrtral°.
G ESTI MAT ED REPRODUCTION COST NEVJ•OF IMPROVENICN:S: Sita value SOU= (OCE caloulahon end la' HUD. VA and FmINA, Te
S D.,•e,Mq ?X78 Sol FI@S _ 95 `S 216,410 espmalad ramavome pdanpmle, We -1 live, prppew Cost approach
T AMT SR F:@IS [I Ures are obtained from the Marshall &Swift Valuation
(Lost Guide.
A Gwandcerowl 504 SQ.F:@JS 25 • 12,600
P
Is Total Esll-salad Cost Naw .. ... .. =$ 22.9 0101 0 -
R less Physical FDr eo,na, E.Iema
O Oporeuaam I I =S
A
C Oapracuad%',rue of Improvemonts. . . . . . . .... =S 229 0 1
H •As is-value a Sots Imolv+omonls. ... ... . ... . ... :s I 100
INW11ATEOVALUE BY COST APPROACH 269.010 s 269.011 R m;nni - n v •! R•mT i.ir!Ph,sicsl Lifc 100
ITEM SUBJECT COMPARAaLE N0.t COMPARABLE NO i COMPARABLE NO]
3801 Westridgc Avenue 221 Clear Lake Circle 1002 W.Belknap Street 1004 W, Belknap Street
Aid,°ea Fort%Vorth ort Worth ort Wort If Fort Worth
Pro."toS°Ihsa .Miles Southeast _5_M iles NortheastMiles Northeast
sue:Pau s N/A $ 249,00C s 290000 s 300,000
PI—IG os1 Llv.Ares s NIA Cd S 106.1 R Ui 103.50 I71 s 107.53 J
Data end.•p• Physical Insp, 11_S!Agent/Tax Records LS!Agent,Tax Records LS,/AgenuTax Records
Varlt:cabon Source
VALUE ADJUST MENT S DESCRIPTIOaa DESCRIPTION •f)SMpsana,o OESCRIPTtON •h)f AetualmeM DESCRIPTION •t ISAa!utlmr,,
Sales or Foaming Cash Conventional Conventional
Coneeo, a 0-B 0-S 0-B 0-S -B 0-S
Dale of Sa eiirma 03/19/03 06/04/03 08/2 1!03
Location Rid lea Place Willow Lake Lexington Square Lexineton Square
L6*W4IOIFae Smote Fele-simple •Fee Simple -Fee Sim le [Fee Simple
So,. Averu•e • vcrAverage .4vera e
vre.. •pcouses rivate Lake -S DO s�pical/Houes ical/HousesH
A De sign andAa000l tta hediAv Attached/Avg. ttachedJAv . tt hed/Av
A
L OuaayolconSfuouon Brick.JAcera'a Brick./Average arickbAvcraye Bricki,kvcrage
E Age New cars +10-00 1-urs +2 500� ,; _ -2,50
50
S C.nmuonNew Good +10,00() e G_ood +2,5Q Very Good -2.50
c Above Gude ( Total- Bems Elaut Taal Boma. Baths Taw Bans 8111, Twist . ad— Batas
p Rod Ccunl 6 3 0 6 2 2.50' 8 3 2.50 � 3 2.00 +2,00
M GrossU-9A - 2 278 s0 FI 2 45 s,11 3 50 2 R02 SO.FI -26.20Q x,790 Sa.Ft -25.600
P - `
A Basenanl&F-Shod None 'one one `tonc
R Rooms bolo.Crol
I fiasnwn..Uubly 4vera c Average Average Average
OHeeLnnlcm`i i C ntral H/A Central H.JA -Central I1/A Central IVA
N Enagy ETLoenl Hems teal Typical Tynical Typicil
Garagwcxr col 2 Car ara•c LiCar Garage 2 Car Garage 2 Car Garage
A Parc's,PaW.000., orch/PatioPorch/Patio PorchfPatico PorchiPatio
N' F'°F""t`)°" 1 \'VBFP I WBFP I WBFP 1 \VBFP
A,,
L! Fonm.Pool,etc
y prk./Sec. S rk../Sec./Bar 1 00 S rk/Sc§./Jzi. .1500S rk/Sec./Jri. -1,50
s Net A4)It.(*) X --s l0 65U X •• s 22 70(1 X • 5 -20.;5&
I
5 Adpstoo Sall Pncc Cross [1.8% 1 Gross 11.3% Gross 11.4%
o!companaao N l 4.3%s 259,656- Net-7.8%S 2,67300 Net-6,79/.s 279.90C
comma,ds pn Sales C.ntpertson pnc k,dlmg !he -1t,ftl prop0njs wmpabbtaty to the noryhtiorh000, Doi The subject properry is a Proposed!ownhorne
it-cd in a new development of a well c$tablishpd neighboThood Research into the subject neighborhood revealed no recent
Sales cirnilar to the subiect making it necessary to expand the normal research boundaries.Sale#I closed in excess of 6 months
but within the previous 12 1 o the and -ales A!2 and#3 are mqrg reccnt transactions.Atter the necessary ad'ustm nts a narrow
ranpe ofyalue is indicated for the subject 12rqperV.
ITEM SUBJECT COMPARABLE NO.I COMPARABLE NO.2 COMPARABLE NO.a
Dam,price e1,1Dau ;A �ax
/A �rA
Smace,lot One snaf
.,l nu.yam of aP"'HollTax Recards Records ax Recm•ds �ax Records
An;,yaS of any Ce—I agro—rel 01 sale,.Dlron.W listing Of the S.ofep wePody and anal of any 0—aaa,of Subleet and comparables-t,.one yea•oI To delis Of appueal
The subject is a proDpsed home that is not ur.dgr contract and has not sold within the previous three years-
INDICATED
ear .INDICATED VALUE By SALES COMPARISON APPROACH . . . . ... . ..... . ... . . . ..... ... .. ... ... .. $ 260.00
rNOICATED VALUE BY INCOME APPROACH Il AppAC3P• Esbriulsd M.Kal Rent S Wa a Gross Rent Mwliphor +$ Nil
re.s eoa'a sal.S made as Ia' L Sub)od Id Ina repmn,alUnlipns,I°SpeaaOrl3 a rond,IAsns hslod a?oW LXJ
stabled t0 rOmplaon per plans and spaCrcauc,".
Conddoni of App-131 This estimate of value is contingent upon completion of the improvements and a final i s ection.
R
E In the final recQI7!9A lion-primary emphasis is placed on the sales comp rison anjasis.The income a t[,roach i
c not utilized as single family residences are not typically urchased for ins ma prol ca abilities.Support is obtained throu h
O the Cost Approach.
N
L. The purpose of Ih.s apMats31 is to asbm]le Inc marker value of IM rex CrOpeny that n Ine Lub!act Of Ins hope".based on the soo.o wndltiom and the CenA¢alon Oanl:ngent
I one ImJfng cWTdbons, and—mai value deforwon that are Stated In one alwithed F,L-Odle Mac Farm 43AFann.e Mee Farm 10048 IRe.ised 6/93 )
L 1 (WEl ESTIMATE THE MARKET VALUE. AS DEFINEO, OF TRE REAL PROPERTY TrsAr IS THE SUBJECT OF THIS REPORT, As OF December 31 2003
f
A )VMICH IS INE OATE Oi INss EC110N AND TME EFF eC THE WE OF THIS pEPOA 1) TO BE f 260.000
T APPRAISER: `\ SUPERVISORY APPRAISER(ONLY IF REQUIRED):
I Synaw,± 1 - a SLytpswa _ O.0 D.Not
0 cc��- '-----^�
N Nem° Robert C.Toaen Name ped ompony
No.Report s.gnoa _ February29 2004 Det.R4pM S•B^a]
Stwc.nfesi,onc TX-1321494-R Stale TX_. slaleeemrcabona Sal°
or State License,) Slate Or Stele Lr enia A S:ala
fndc•.aaac Fe•m..e-92 C. PACE 2012 1—woe Fell Ioo. e 93
Totten 3 Company
y Cl BE�G ' 6iZ bl � azaa�� ptneQ dz� : � l 4U IU ��C
Boulevard Builders
File No. 203
DEFINITION OF MARKET V �CE: rho most probable price wnich, a prepeny should bnnS a competitive dna
open market urder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably
and assuming the price Is not affected by undue slimulus. Implicit in this dafndion is the ConSummelion of a safe
as of a specified colo and the passing of title from sailer to buyer under conditions whereby. (1) buyer and seller
are typically motivated; (2) both parties are well rnformod or .veli advised, and each acting in what ro considers his
own best inferosl; (3) a reasonable time is allowed for exposure in trio Open market; (a) payment ;s made in terms
of cash In U S. dollars or in terms Of Financial arrangements comparable thereto, and (5) the price represents the
normal consrdensuch for NC property sold unaffecld0 by special or creative financing or Sales concessions' granted
by anyone associated with the Salo.
'Adjustments :a the Comparables musl be made for special or crealwa financing or &.ales concessions. No adjustments
aro necessary for those costs which are normally paid by Seders as a result of lraoition a, law in a market area;
these costs are feeddy identifiable since the sailer pays Iheso costs in wrtua:ly all sates transactions. Spacial or
aealwe financing adjus:mer,ls can be made to Ma comparable property by comparisons to Financing terms offered
by a third pony institutional lender that is not already lnvdwdd in the property or transaction. Any adjustment
should not ba calculated on a mach—cal dollar for dollar cost of the linan--ing or concessions but the dollar
amount of any adjustment should appro+;male the markers reaction to the financhg or Concessions based On rhe
appraiser's juogmenl
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTTFfCATION
CONTINGENT AND LIMITING CONDITIONS: This appraiser's certification that appears In the appreisal report
is subject to the following aonadions:
I. The appraiser will not be responsible for matters of a legal nalum (net affect either the properly being appraised
or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any
opinions about the title,The property Is appraised on the oasis of,1 being under respons;b'.e ownership.
2 The app-aisef has provided a sketch in the epprmsal rep On la show approximate dimonsions of the Improvements
and the skel Ch is included only to assist the reader of the report in visualizing the properly and understanding the
approisera delemiin.don dl cls s-
3. The appraiser has examined trio available flood maps that are provided by the Focoral Emergency Management
Agerey (or other data sourceS) and has noted In the appraisal report whether the sub)acl site Is Iecaad Ir. an
identified Special Flood Haltom Area. Because the appraiser is not o surveyor. he or she makes no guarantees,
express or implied,regarding this dulerminatien.
4 The appraiser will not give testimony cr appear In conn because he or she made on appraisal O( the properly in
questi—,unless tipeofic arrangemenls to ac,so hav'O been made beforehand.
5 The appraiser has eslrme:ad the value of the land in the cost Opproacl of its highest and best use and the
Improvements at that, contributory va.ua. Tha seperale valualiooS of :he land and improvements mus[ not be
used in conjunction wit-,any other appfOlsal anc are Invalid,r they arc so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, :he
presence of hazarcous wastes. toxic substances. etc.) obServbd during the inspection of Ino subject property or trial
he or she become award of during the normal rdsearch involved in perOrming Che appraisal. Unless otherwise SIOled
in the appraisal report, the appraiser has no knowledge of any hidden or unapparem conditions or the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would
make the property more Or lees voluanle, and has assumed that (here are no such Conditions and makes rte
guarantees or vrarianlies, express or implied, regaramg the condition of trio properly The appraiser will net be
responsible for any such conditions that do exist or for any engineering or testing that might be required to discover
whelheir such conditions exist, Because Ina appraiser is nel an expert in the field Of environmental hazarOs, the
appraisal report must not be considered as an environmental asseSsmorl ad the property.
7 The appraiser boletneo the Informabon. estimates, and op—Ors that were expressed in the appraisal report from
sources that he or she con"ors Id be reliable and believes them to be true and correct The aopraser does not
assume responmbildy for the accuracy of such items the[were furnished by other parties.
8 The appraiser will not disclose the cointerlls Of rho appraisal report except as provided for in the Uniform
Standards of Professional Appraisal practice.
9. The appraiser has based his or her appraisal repel and valuation conclusion lar an appraisal that is subject to
satisfactory completion, repairs- or alterations on the assumption that completion of the improvements will be
performed in a workmanlike manner.
to. The appraiser must provide his of her prior wntten consent before the tan OoniChenl Specified in the appraisal
report can distribute the appraisal report (including conclusions about the properly value. Iha appraiser's identify
anc professional designations, and references to any profossional appraisal Organizations or :he firm with which the
appraiser Is associated) to anyorie other than the borrower; :he mortgagee or its s-rccessOls and assigns: the mortgage
inSumr; consultants; professional appraisal organizations: any stale or federally approved financial Institution; or any
department, agency, or inslrumentalily of aria United States or any stale or the District of Columbia: except that
the longer/chem may di5thbule the propedy description socbon of the report only to data collection or repelling
sorvice(5) without having to obtain the appraisers pnor written oorsenl. Trip appraiser's written consent and
approval must also be chained beford the appraisal can be conveyed by anyone to Ina public through ebvenising,
public relations,news,sales,or other media.
Freddie Mac Form 439 6.97 page 1 ort Fannia Mae Form 1004B 6.97
S d BEZZ '6TZ ' bTZ azaa�� p > neQ dzz :zl b0 i0 unr
Boulevard Builders
FIB Na '203
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees Iho(.
t. I have rasearcned the subject market area and have selected a minimum cf three recent sales o` propcNes most
similar and prox'unalo 10 the subject property for consideration In the sales comparison analysis and have made a
dollar adjustment when appropriate to redact the market reaction 10 those ii,—S of significant vanalien If a
significant item in a comparable prope'ty is superior lo, or more favorable than. the subject properly, I rave made
a negative -ijustmenl to reduce the adjusted sales prico of the comparable and. if a significant item in a comparablo
properly is inferior to. Or less lavorablo than the subject pmpnny, I nave made a posrliva adjustment to increase the
adjusted sales price of the comparable.
2, 1 have taken Into conSideration the faclors that have an Impact on value in my development of the estimate of
market value .n the appraisal ,iporl. I have not knowingly withhold any significant information 1rcm the appraisal
report and I believe, l0 Ute post of my knowledge, that all strttehlonl5 and information in the appraisal report are
true and conucl.
1 staled in Ito appraisal Ieport only ny own persunal, unbiased. and professional analysis- opinions, and
contusions,which are Sublod only to the contingent and limiting conditions specifad in this form.
4. 1 have no present of prospective Interest in the properly that is the subject to this report, and I have no Present
or prospective personal m:erosl or blas with respect Lc the paNcipanls in Lne transaction. I did not base, either
parlially, or completely, my analysis andjor the estimate at market value In Ilia appraisal report on the race. color,
religion. sox, handicap, familial status, or na(ional origin of either the prospective owners or occupants o' Ole subject
propony or of the present owners or occupants of the properties in the vicinity of the subject properly
3 1 have no present Or contemplated future Interest in We subject properly, and neither my current or future
employment nor my compensation for porfomi this appraisal is contingent on the appraised value of the properly.
6 1 was nor requiroo to report a predeterrmined value or direction in value Inal favors the cause of the client or
any related pany, the arrounl of the value Oslima:e, the altainmenl el a specific result, or Ino Occurrence of a
subsequent event in order to receive my compensation and/ar employmunt for performing the appraisal. I did not
oase the, appraisal report on o requested minimum valuation a specific valualiom. or the need to approve a specific
mortgage loan
7 1 performed Inis appraisal in conterni:ly with the U-form Standards of Professional Appraiaal Prachco that wore
adopted and promulgated by the Appraisal Standards Board of The Appraisal Founi and tral were in place as
Of the effCchve pato of this appraisal, with the exception of Ilia departure provision of those Standards, which does
DOI apply I acknowledge that an aslirrala of a reasonable time for o.posure in the open market is a condition ,n
the definition of market value one the estimate I developed is consistent with the marketing time noted in the
neighborhood section of this report,unless 1 havo otherwise slated in the recencifalion section.
B. I nave pamonally inspected the interior and exlorior areas of the subject properly and the exterior of all properties
listed as comparacites in the appraisal report. I further certify that 1 have noted any apparent Or known adverse
conditions in the subject improvements, on the subject silo or On any Site within the immediate vicinity of the
Subject properly of which 1 am aware and have made adjuslmonts IoW these adverse conditions in my analysis of
the property value to the extent Vial I had rmarket —clanca to aupporl them. I have also commented about the
efied Of the advorse conditions on the marketability of the subject property.
9 1 personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report.
If I robed on sign,fiiaanl professional assistance from any individual or individuals in the performance of Ilia
appraisal or the preparation of the appraisal report, I have names such individual(%) and disclosed :he specific tasks
performed by them in Iho reconcilialion section of this appraisel report. 1 certify trial any .ndividuaJ so named is
qualified to perform the tasks I have not oulhonred anyone to make a cnange to any item in the repon; therefore.
if an unamhoriced change is made to the appraisal report.I will lake no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal repon,he or she
cerifes and agrees trial: I directly supervise the appraiser who prepared the appraisal roparl, have reviewed the appraisal
report, agree win trio statements and conclusions of the approiser, agree to be bound by the appraisers certifications
numbered a through 7 above,and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 3801 Wcstrideo Avenue-Fort Worth TX 761 IG
APPRAISER: SUPERVISORY APPRAISER (only if required).
Signature Signature:
C__--
Noma.Robcrs. often Name,
Dale Signed: Febnta! 0 2004 Dale$,tined:
State COdifica Ldn N: TX-1321494-R Stela Certification p.
or State License n. or Stale LICanSe a:
S:ale TX Slate
Expralion Date of Certification of Licari 06,30/05 Expiration Osto o1 Corlificabon or License'. _
Caid ❑Did Not Inspect Property
Freddio mad Form 439 6 93 Pape 2 a'2 Fannin Floe Form 10048 6t3
1 I
Totten&Company - —
9 �d 8EZZ '612 ' trIZ azaaJd ptALa dEZ =Zi tr0 10 unC
Unulevard Builders
74012
PHOTOGRAPH ADDENDUM
aob..a;aro»os Bou lev;,r l'Iders _
PmooaYAddrcss 3801 Westrid ge Avenue
ch Fort Worth c--y Tarrant Slab TX zrocada 76 116
Lenders Churl National Ci Bank
' COMPARABLE#1
4221 Clear Lake Circle
Fore Worth
Price $249.000
�. Price/SF 106.18
Date 03/19/03
x Age 26 years
Roan Count 6-2-2.50
Living Arca 2,345
value Indication $259,650
COMPARABLE#2
1002 W. Belknap Strec:
9 . IlkFort Worth
Price S290,()00
PricciSF 103.50
Date 06/04103
Age 5 years
" Room Count 8.3.2.50
Living Arca 2,802
value Indication $267.300
.4,,
c COMPARABLE#3
1004 W. Belknap Street
Fort Worth
Price .$300,000
Pricc/SF 107.53
�,f E Date 08/21103
Age 5 years
Room Count 9-3-2.00
Living Area 2,790
value Indicalion 5279,400
6'r
1 1 •,
Tol:cn&Company
OI 'd BCZ` azaajj pinea dbz :z1 b0 10 Ur)
Poulevard Buildcrs
7401203
LOCATION MAP
Boulcvard Builders
P.Mll,,Add— 3801 Wmi-idgeAwnue
-cgy for-.Worih —my Tarrant sa. Tx Z�coom 76116
L-d.,c,Cfi.rA National .itv Bank
*JL,-rj
NE nd St.
H
city
-'.8-irch Aq W c E71 :!j'
f
Y.-
1.004 W DeNnop 5t,Fort War...
Wy elti 1001 V;scll bp St S!
0 Fort
T.X?clitmll IRV
slyel Are
o.
vicidworl" so wl,,itiI;c ilii r-51;
A
Weviovtr It
r 0�lvd 1jrth
Wills
Settlement k P5 Fvt twor-'.
t F,
WW IV=
Ix
For I Worth,TX 61
C. Qi . N .
rL7- V
3WI westnclo.Ave.Fort W.I.
M lvc;tldqe ILI
art IAIy th,TY.761
1g SFSFrosefte Sz
z t.
v;
m ri Ale-
'11, 71T.Y 441., 1'r
X ty I
Lj
r
4�
m:
e
r"i 'P
id
ca `fcsn Or..
•
193
si,:-1 p f !:ij&'.. I` —:---�
E
F 1 1414 v51
3-
3-
or
rj
17 M.
!rl
Fort W3—
F.I-X;th,TX 76109
-7
SeIfninjtV DI
AZoil
Qj
227
Ron ri
J'
co, 21.
HUI%pl,k
p — P.
Totten& Company
e
Roulevard Builders
74Q 1203
PHOTOGRAPH ADDENDUM
8nm»a�e.c.�er Boulcvard Builders
Rzwryeameu 3801 Westridge Avenuc
cer Fort Worth county Tarrant sloe TX _ �w�do 76116
tenax to cunt Nati nal Ciry Bank
FRONT VIEW OF
SUBJECT PROPERTY
REAR VIEW OF
SUBJECT PROPERTY
1
r » r
Itallllll ��
Il.11lllilllll �
lkllllfllll STREET SCENE OF
SUBJECT PROPERTY
1
Totten& Company _
G d BE�� '6i � ' biZ azaajj PtneQ dEZ :2j b0 10 unC
FROM :TW Barrow Surveying Company FAX NO- :B1726B0411 Jun. 01 2004 01:54PM P2i2
PLAT ' SHOW Nr,
BEING Lot 3 in Nock 1R of Rldgleci Plor.g, an Addition to the City of
Fort Worth, f orront: COUnty, Texas occur dinrf t,0 the Rovi�3Pd Plot of said r1(jd1lion
recoracd in Cnlainc L A, Slide 06.58. Plat rt�cortl�.: (.)f fnrrnnt Cot,Inty, fexrjs.
,5801 WE' TRIDGE AVENUF,
1'0N I RUSPI DRIVE
20' r.A.O.U.(.
10'U.E.
E 13.7— �... .._. 54.76' _ //7•F.K
LC
LU
17
[]
i q^ w 4 �1yP Sm iG
wa n1,71, IIA" f17
-1( 9
58.9
S FW'l.1"7y w P
LOT 7
f
I
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 11/18/2003
DATE: Tuesday, November 18, 2003
LOG NAME: 05BLVD BUILDERS REFERENCE NO.: C-19864
SUBJECT:
Approval of Tax Abatement Agreement with Ridglea Place, LP for 55 Real Estate Properties
Located in the Ridglea Village/Como Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for each of 55 Real properties listed in Exhibit
"A", owned by Ridglea Place, LP and located in the Ridglea Village/Como Neighborhood Empowerment
Zone (NEZ) for the development of townhomes; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Ridglea
Place, LP are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Ridglea Place,
LP for each of the properties listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy and
Basic Incentives.
DISCUSSION:
Ridglea Place, LP is the owner of the 55 properties listed in Exhibit "A". The real properties are located in
the Ridglea Village/Como NEZ and Neighborhood Empowerment Reinvestment Zone No. 2. Ridglea Place,
LP applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic
Incentives (M&C G-13208R, M&C G-13580 and M&C G-13662, as amended). The Housing Department
reviewed the application and certified that the properties meet the eligibility criteria to receive NEZ municipal
property tax abatement. The NEZ Basic Incentives offers a five-year municipal property tax abatement on
the increased value of improvements to the qualified owner of any new home constructed within a NEZ.
Ridglea Place, LP will invest, at a minimum, $6,215,000 to construct 55 town homes in the Ridglea/Como
NEZ. In order for Ridglea Place, LP to qualify for the tax abatement, Ridglea Place, LP must construct the
townhomes with a minimum of 1700 square feet that will appraise for $140,000. A more detailed description
of the homes to be constructed is attached as Exhibit "B". The form of the Tax Abatement Agreement is
attached as Exhibit "C".
Upon execution of the agreement, the total assessed value of the home used for calculating municipal
property tax will be frozen for a five-year period, starting on January 1, 2004, at the estimated pre-
improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, for each one of
the properties as follows:
Pre-improvement TAD Value of Improvements $0
Pre-improvement Estimated Value of Land $17,040
Total Pre-improvement Estimated Value $17,040
r nannmp- ()SR1,VD RI]ILDERS Page 1 of 2
The municipal property tax on the improved value of the homes is estimated at $684 per year on each
property for a total of$188,100 over the five-year period for the 55 homes. However, this estimate may be
different from the actual tax abatement value, which will be calculated based on the TAD appraised value of
the property. Upon the sale of the home, the agreement will be assigned to the new owner, so long as the
new owner meets all eligible criteria as stated in the NEZ Tax Abatement Policy and Basic Incentives. The
Tax Abatement Agreement provides that the agreement may be assigned without subsequent City Council
approval to Ridglea Place, LP's first mortgagee, or to a homeowner who will use the required improvements
as his/her primary residence or the homeowner's mortgagee. All other assignments must be approved by
the City Council.
Ridglea Place, LP is located in COUNCIL DISTRICT 3.
FISCAL INFORMATION/CERTIFICATION:
The Finance 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 bv: Reid Rector (6140)
Orinating Department Head: Jerome C Walker (7537)
Additional Information Contact: Jerome C Walker (7537)
Elizee Michel (7336)
T nanami— f)SRT.VT) RT JiLDERS Page 2 of 2