HomeMy WebLinkAboutContract 30405 CITY SECRETARY
CONTRACT NQ.
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 Jason Bergan, ("Assignee") and
the City of Fort Worth, ("City")
RECITALS
A. Ridglea Place, L.P. ("Ridglea") and the City of Fort Worth, Texas (the "City")
entered into that certain Tax Abatement Agreement ("Agreement") for Property
Located 6114 Portrush Drive ("Property") under Property Identification Number
29903 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 July 9, 2004, Assignor
conveyed the Property to Jason Bergan and Assignee acquired title to the real
property which is the subject of the Agreement.
AGREEMENT
NOW THEREFORE, in consideration of the mutual terms and conditions herein
contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:
1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all
rights, duties, obligations, title and interest under the Agreement to Assignee.
2. Acceptance. Assignee hereby accepts the Assignment granted herein, and assumes
all of Assignor's rights, duties and obligations arising under the Agreement.
3. Effective Date. The effective date of this Assignment is July 9, 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
1
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s '
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 supersede
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:
Jason Bergan
6114 Portrush Drive
Fort Worth, Texas 76116
ASSIGNOR:
Michael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
4809 Cole Avenue Suite 345
Dallas, Texas 75205
8. Successors. Except as herein otherwise provided, this Assignment will be binding
upon and inure to the benefit of the parties, and their respective heirs, executors,
administrators, successors and assigns.
2 ml 4 ,
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:'Mi chael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
AS NEE: Jason Bergan
Warne: ` _ QV gp 0 fi7\.J
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3
CITY OF FORT WORTH
Dale Fisse er
Acting Assistant Manager
ATTEST:
Al) Lji�—�L
City Secretary
APPROVED AS TO FORM AND LEGALITY: on following page by Cynthia B. Garcia,
Assistant City Attorney
ti
CITY OF FORT WORTH
ector
Assistant City Manager
ATTEST:
City Secretary
APPROVED TO FORM AND LEGALITY:
Cynthia GarcK
Assistant City Attorney
M & C: C-19864
MAIN
41� r
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale Fisseler,
Acting 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 duty 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 AND AND SEAL OF OFFICE this day of
200 .
Notary Public in and for
th e of Tex o`a'P'i"•, KAREN EDWARDS-FISHER
-� Notary Public,State of Texas
My Commission Expires
Notary's Printed Name S May 07 2008
5 -- - --
STATE OF T.E S §
COUNTY OF §
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.
NEN UNDER MY HAND AND SEAL OF OFFICE this U. - day of
2W4.
N ublic in and for ( j4r,�ES B.SHACKELFORD
the State of Texas n NOTARY PUBLIC
47 STATE OF TEXAS
„ •�`T My Comm En) 05 10 7.006
j
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jason Bergan,
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he executed the same for the purposes and consideration therein
expressed, in the capacity therein stated.
�G VEN UNDER MY HAND AND SEAL OF OFFICE this day of
2004.
'? JAMES B.SHACKELFORD
N aryublic in and for NOTARY PUBLIC
the State of Texas ,R_ �� STATE OF TEXAS
My Comm Exp.05-10-2006
u
'_.
July 6, 2004
W.R. Starkey Mortgage
2813 S Hulen Street
Suite 200
Fort Worth, TX 76109
Property - 6114 Portrush Drive
Fort Worth, TX 76116
Borrower- Jason Bergan
File No. - 74Q604P
Case No. - Bergan
Dear Ms. Calhoun:
In accordance with your request, I have made a Complete Appraisal and prepared a Summary
Appraisal Report of the real property located at 6114 Portrush Drive, 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 property. 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
analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of June
30, 2004 is
$244,000
The opinion of value expressed in this 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.
Respectfully submitted,
Totten &Company
Cs��& �—) - a�
Robert C.Totten
TX Certification #TX-1321494-R
COMPLETE SUMMARY APPRAISAL REPORT OF
THE PROPERTY LOCATED AT
6114 Portrush Drive
Fort Worth, TX 761.16
as of
June 30, 2004
for
W.R. Starkey Mortgage
2813 S Hulen Street
Suite 200
Fort Worth, TX 76109
by
Totten & Company
3200 Riverfront Drive, Suite 108
Fort Worth, TX 76107
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rt Worth, TX'761-07
;..F a tlfl X33 13.: 3i ilk t @dC3 f< ftp J
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33'
28.3'
12.4'
Bedroom Den 12.4'
17• Bedroom Bath 0.5'
1.5'
Bath 6.6'
6.4' 6.9'
IT Kitchen Dining Room 15.5'
42.6'
12.5'
Laundry 8 y.
9.9'
2.4' 10.4'
24.5' Powder
Garage 3.9' Foyer 8 4' Living Room 833'
5.9'
8.5'
6.7'
6.7'
17.9' 1.5' 17.9' 0.3'
8.2'
8.2'
I.:SUMMARY SQ;FT AREA,: F.ERIMETEf3.> AREA.GALCULATI.ON'DETAILS.
Living Area First Floor
First Floor 747 143 28.3 X 12.4 = 350.9
Second Floor 1290 159 26.8 X 4.6 = 123.2
Total 2037 302 20.4 X 3.5 = 71.4
6.9 X 8.9 = 61.4
Garage/Carport 7.9 X 9.9 = 78.2
Attached Garage 492 104 4.5 X 8.4 = 37.8
4.0 X 5.9 = 23.6
Total 746.5
Second Floor
33.0 X 27.9 = 920.7
0.5 X 15.5 = 7.7
23.1 X 14.7 = 339.5
3.0 X 6.7 = 20.1
5.2 X 0.3 = 1.5
Total 1289.5
property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the
adjusted sales price of the comparable.
2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of
market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal
report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are
true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and
conclusions,which are subject only to the contingent and limiting conditions specified in this form.
4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present
or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either
partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color,
religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject
property or of the present owners or occupants of the properties in the vicinity of the subject property.
5. 1 have no present or contemplated future interest in the subject property, and neither my current or future
employment nor my compensation for performing this appraisal is contingent on the appraised value of the property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or
any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a
subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not
base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific
mortgage loan.
7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were
adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as
of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does
not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in
the definition of market value and the estimate I developed is consistent with the marketing time noted in the
neighborhood section of this report,unless I have otherwise stated in the reconciliation section.
8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties
listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse
conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the
subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of
the property value to the extent that I had market evidence to support them. I have also commented about the
effect of the adverse 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 relied on significant professional assistance from any individual or individuals in the performance of the
appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks
performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is
qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore,
if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report,he or she
certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal
report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraisers certifications
numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 6114 Portrush Drive, Fort Worth, TX 76116
APPRAISER: SUPERVISORY APPRAISER (o 4Y-it
Signature: Signature:
Name: Robert C. Totten Name:
Date Signed: July 6, 2004 Date Signed:
I
State Certification#: TX-1321494-R State Certification#: f =
or State License#: or State License#:
by anyone associated with the sale.
'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments
are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area,
these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or
creative financing adjustments can be made to the comparable property by comparisons to financing terms offered
by a third party institutional lender that is not already involved in the property or transaction. Any adjustment
should not be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollar
amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraisers certification that appears in the appraisal report
is subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property 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 basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements
and the sketch is included only to assist the reader of the report in visualizing the property and understanding the
appraisers determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management
Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees,
express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in
question, unless specific arrangements to do so have been made beforehand.
S. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the
improvements at their contributory value. The separate valuations of the land and improvements must not be
used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that
he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated
in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would
make the property more or less valuable, and has assumed that there are no such conditions and makes no
guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be
responsible for any such conditions that do exist or for any engineering or testing that might be required to discover
whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the
appraisal report must not be considered as an environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from
sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not
assume responsibility for the accuracy of such items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform
Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for 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.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal
report can distribute the appraisal report (including conclusions about the property value, the appraisers identity
and professional designations, and references to any professional appraisal organizations or the firm with which the
appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage
insurer; consultants: professional appraisal organizations: any stale or federally approved financial institution; or any
ADepreciation _$
C Depreciated Value of Improvements ........................... .. =$ 205,815
H -As-is'Value of Site Improvements ............................... =$ 15,000
INDICATED VALUE BY COST APPROACH 245 815 =$ 245 815 Remaining Economic Life:60 Remaining Ph sicat Life: 100
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
6114 Portrush Drive 3813 Westridge Avenue 5207 Byers Avenue 360 Salix Ct.
Address Fort Worth Fort Worth Fort Worth Fort Worth
Proximity to Subject 1 Block Southwest 1 Mile Northeast 4 Miles Southeast
Sales Price $ 243,510 $ 226.776 $ 274,500 $ 260.000
Price/Gross Lw.Area $ 119.54 U $ 112.49171 $ 108.50 U I $ 108.15
Data and/or Physical Insp. LS/Agent/Tax Records NILS/Agent/Tax Records MLS/Agent/Tax Records
Verification Source
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .()5 Adjustment DESCRIPTION •(-)$Adjustment DESCRIPTION (-)$Adjustment
Sales or Financing Conventional Conventional Conventional
Concessions 0-B 0-S 0-B 0-S 0-B 0-S
Date of Salerrime 06/25/04 12/05/03 12/29/03
Location Ridglea Place Ridglea Place Art. Hts. Willow Lake
Leasehold/Fee Simple Fee Simple Fee Simple ee Sim le Fee Simple
Site Average Average _Average Average
View Typical/Houses Typical/Houses ical/Houses ical/Houses
ADesign and AppealAttached/Avg. ttached/Av . Attachei Attached/Ave.
L quality of Construction BricIdAveraize Brick/Avera e Brick/Avera e Brick/Avera e
E Age New New 6 years +2,50029 years/updated' +2,50
S Condition New New. Very Good +2 50 e Good +2,500
c Above Grade Total Bdms Baths Total Bdms, Baths Total Bdms• Baths Total Bdms• Baths
0 Room count 6 2 2.50 6 2 ' 2.50 ' 7 3 2.50 7 4 ' 3.00 ' -2,00
M Gross Living Area F2,037 Sq.Ft. 2,016 Sq.Ft. +840 2,530 sq.Ft. -19,720 2.404 Sq.Fl. -14,680
P
A Basement&Finished one None None None
R Rooms Below Grade
I Functional Utility Average Averne Average —Average
S Heating/Cooling Central IVA Central H/A Central H/A Central H/A
R Energy Efficient Items Typical Typical Typical TVDical
Garage/Carport 2 Car Gara e 2 Car Gara e 2 Car Garage 2 Car Gara e
A Porch,Patio,Deck, Porch/PatioPorch/PatioPorch/Patio Porch/Patio
AFireplace(s),etc. I Gas -2,00 2 WBFP -4,000
L Fence,Pool,etc.
Y S rte./Sec. rk./Sec. S rk./Sec./Jzi. -2,00 Srk./Sec./Jzi. -2,000
S Net Adj.(total) X $ 840 + X $ -18-72 + X • r $ -17,680
I
S Adjusted Sales Price I Gross 0.4% Gross 10.5% Gross 10.6%
of Comparable Net 0.4% $ 227,61 Net-6.8% $ 255,780 Net-6.8% $ 242,32
Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): The subject property is a new townhome
located in a new development of a well established neighborhood. Onlyone sale has closed in this development as it was only
recently completed. Research revealed few recent sales similar to the subiect making it necessary to ex and the normal research
boundaries. Sale #1 is a new home and sales #2 and #3 are re-owned homes. These sales are considered to Provide a reasonabl
indication of value.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Date,Price and Data /A /A /A /A
Source,for prior sales
within year of appraisal Tax Records Tax Records fax Records Tax Records
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the dale of appraisal:
The subject is a new home that is under contract for$243,510.00 and has not sold within the previous three years.
INDICATED VALUE BY SALES COMPARISON APPROACH .................................................................................... $ 244,00
INDICATED VALUE BY INCOME APPROACH (If Applicable)Estimated Markel Rent$ /Mo.x Gross Rent Multiplier = $
This appraisal is made I x{ -as is' subject to the repairs,alterations,inspections or conditions listed below subject to completion per plans and specifications.
Conditions of Appraisal: N/A
R
E Final Reconciliation: In the final reconciliation primary emphasis is laced on the sales comparison analysis. The income approach is
C not utilized as single family residences are not typicaily purchased for income producing capabilities. Support is obtained throu
0 the Cost Approach.
C The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised 6/93 )•
I ,..._. �.._....�� _,.- ......,�� ......- ,.� _.,� ..-., �.,.� _.... .......�..� ,.- �.,- ------ -- T....- — �nnn
Apo4ser Robert U. Totten Address :SLUU Kfverlront Drive,Suite lois tort Worth 1X 76107
Location Urban X Suburban Rural Predominant Single family housing Present land use% Land use change
Built up 100 l XJ Over 75% 17 25.75% E Under 25% occupancy ${00 0 PRIC AGE y
s One Family 95 �Not Likely ukel
Growth rale Rapid a Stable El Slow AlOwner 75 Low New 24 fam 2 El In process
Property values u Increasing a Stable E] Declining 1:1 Tenant 750 High 50 Multi-family 3 To:
Demand/supply ❑ ShortageIn balance Over supply Vacant(0-5%) Predominant Commercial
Marketing time Under 3 mos. X 3-6 mos. Over 6 mos. Vacant(over 5%) 175 35
N Note:Race and the racial composition of the neighborhood are not appraisal factors.
E Neighborhood boundaries and characteristics: The subject neighborhood is located south of Cam,p Bowie Boulevard west of Bryant Irvin
1 Road north Of Vickery Boulevard and east of Highway 183.
G
H Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
B The sub-ect neighborhood is located in west Tarrant County within the Fort Worth City Limits. This neighborhood is located
R approximately five miles west of the Fort Worth Central Business District. Municipal services includingpolice, fire rotection
H and hositals are located within Proximity. Homes within this neighborhood differ in regard to size design, quality, age,
o condition and amenities. No unfavorable factors affectinp, the marketability of homes in this neighborhood were observed.
0
D Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time
-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.(:
ProperPropeqy values in this neighborhood are considered to be stable. Conventional FHA and VA funds are available. Financing
concessions are not typically made in this area. Interest rates are favorable and morta e money is in ample supply.
P Project Information for PVDs (If applicable)--Is the developer/builder in control of the Home Owners'Association(HOA)? X Yes Li No
U Approximate total number of units in the subject project 55 Approximate total number of units for sale in the subject project 55
D Describe common elements and recreational facilities: entry Qate fence swimming poo 1, common area rounds maintenance
Dimensions Rely on Survey Topography Level to sloping
Site area Average Corner i-ol Yes _X No Size Average
Specific zoning classification and description B-Multi Famil Shape Rectangular
Zoning compliance a Legal D Legal nonconforming(Grandfathered use) Illegal No zoning Drainage A ears adequate
Highest&best use as improved: X Present use FI Other use(explain) View Typical/Hous.es
S Utilities Public Other Off-site Improvements Type Public Pnvale Landscaping Average
I Electricity 0 Street Concrete ❑3{ ED Driveway Surface Concrete
T Gas a Curb/gutter Concrete X Apparent easements itv
E Water Sidewalk Concrete a ❑ FEMA Special Flood Hazard Area Yes X No
Sanitary sewer a Street lights Electric 1XI El FEMA Zone X Map Date 08/23/00
Stone sewer }{ Alley Concrete X FEMA Map No. 48439CO385 J
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): Normal utility
easements are resent. No adverse easements or encroachments were observed. Rely on survey for final determination.
D GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
E No,of Units One Foundation Concrete Slab Concrete Area Sq.Ft. Roof
S No.of Stories Two Exterior Walls Brick Crawl Space None %Finished Ceiling Q
RType(Det.lAtt.) Attached Roof Surface Composition Basement NOrie Ceiling Walls
I Design(Style) Traditional Gutters&Dwnspls. Metal Sump Pump None Walls Floor
P Existing/Proposed Existing Window Type S/H Alum. Dampness None Floor None
T Age(Yrs.) 2004/New storm/Screens
Dual-Panes Settlement None Outside Entry Unknown
I Effective Age(Yrs.) New Manufactured House N/A Infestation None
N ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec.Rm. Bedrooms #Baths Laundry Other Area Sq.Ft.
Basement
0 Level i 1 1 1 1 747
Level 2 1 1 1 1 1.5 1240
I
M Finished area above grade contains: 6 Rooms; 2 Bedroom(s); 2,50 Bath(s); 2,037 Square Feet of Gross Living Area
P
R INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:
Q Floors Car et/Tile/Hdwd. Type Central Refrigerator E None Fireplace(s)# None 171
V Walls Drywall Fuel Gas Range/oven E Stairs Patio Open X Garage #of cars
E Trim/Finish
Wood/Painted Condition New Disposal Xprop Stair Deck Ba1C017V _X 1 AttaeheA
E Bath Floor Tile COOLING Dishwasher L_A J Scuttle El Porch Covered X Detached
N Bath wains— Tile Central Central Fan/Hood X] Floor Fence LJ Built-in 2
SDoors Wood/Hollow Other N/A Microwave � Healed Pool ❑ Carport
Interior is in new condition. Condition New Washer/pryer Finished Driveway 2
Additional features (special energy efficient items, etc.): Sprinklers, Security System, Custom Built-ins, Breakfast Bar. Granite Counters
"LAND TITLE SURVEY"
8EING LOT 28, IN BLOCK 1R OF RIOGLE► PLACE ADDITION, AN
ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS,
ACCORDING TO THE REYISEO PLAT OF SAID ADDITION RECORDED IN
CABINET A. SLIOE 8638, PLAT RECORDS OF TARRA14T COUNTY, TEXAS.
LOT I, BLOCK 2R
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CSTAMPED R.P.LS. NO. 7963.
2)(P.P.) R4.10.1,INDICATES THAT BUILOINC UMCS. EASEMENTSR4R4.10.1,. , ETC AS SHOWN ((
ON THIS SURVEY ARE PER PUT RECEACNCLD IN LEGAL OESCRIPTION NERr�OH.
3)ALL BOUNDARY DIMEN5WNS SHOWN HEREON ARE PER PUT UNLESS OTHERWISE
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4)THE PROPERTY SHOWN HEREON 15 SUBJECT TO THE CASEMENT RECORDED V
IN THE FOLLOWING:
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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
Logname: 05BLVD BUILDERS Pagel 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 by: Reid Rector (6140)
Originating Department Head: Jerome C Walker (7537)
Additional Information Contact: Jerome C Walker (7537)Elizee Michel (7336)
Logname: 05BLVD BUILDERS Page 2 of 2