HomeMy WebLinkAboutContract 30008 CITY SECRETARY
CONTRACT No. S
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agree is made and entered into by and
between Edward Prioleau, and Condie Prioleau ("Assignor") and Sharon Perkins ,
("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Edward Prioleau, and Condie Prioleau ("Owner") and the City of Fort Worth,
Texas (the "City") entered into that certain Tax Abatement Agreement
("Agreement") for Property Located 1208 E. Davis Ave. ("Property") which is
located in the Evans and Rosedale Neighborhood Empowerment Zone, such
Agreement approved by the City Council of Fort Worth September 16, 2003 City
Secretary Contract Number 29250 ("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 ,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Sharon Perkins 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 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 ithin.-.this -
Assignment, Assignor will be discharged from any and all further cb11
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the Agreement as of the Effective Date. Assignor must surrender the Property to
the Assignee on or before 11:59 p. in. 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 Throckm.orton
Fort Worth, Texas 76102
ASSIGNEE:
Sharon Perkins
1208 E. Davis Ave.
Fort Worth, Texas 76104
ASSIGNOR:
Edward Prioleau
3508 South Dr.
Fort Worth, Texas 76109
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
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 togetheir 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.
AS SIGNOR: -'
si -
Name: Edward Prioleau
Title: Owner
signature
Name: Condie Prioleau
Title: Owner
ASSIGNEE: Purchaser
EW.clog r Si nature r
Name: u
LTJ�.:.•ir:� �i�::E: r._
CITY OF FORT WORTH
r -
Reid Rector
Assistant City Manager
ATTEST:
City ecretary
APPRO D AS TO FORM AND LEGALITY:
C cia
Assistant City Attorney
M&C:C-19749
MICA,
i
STATE OF TERAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on�this day personally appeared Reid
Rector, Assistant City Manager of the CITY OF FORT WORTH, a municipal
corporation, known to me to be the person and officer whose name is subscribed to the
foregoing instrument, and acknowledged to me that the same was the act of the said
CITY OF FORT WORTH, TEXAS, a municipal corporation, that he was duly authorized
to perform the same by appropriate Mayor and Council 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 day of
—57 ,2004.
Notary Public in and for
the State of Texas
Y,I YNf P4'jb KAREN EDWARDS-FISHER
Notary Public, State of Texas
?., My Commission Expires
L May 07 2008
hin.M
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this: day personally appeared Edward
Prioleau, ("Owner') 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 rapacity therein stated and as the act
and deed of Owner.
GIVEN UNDER MY HAND AND SEAR OF OFFICE this I& day of
►` 112004.
�,.t,c- ,t.-,. '��,L �-- .���Y .��•.v DEE D0._._..�„_.�.,�
N HERPECHE
= Nota Public
Notary Public in an Or STATE OF TEXAS
the State of Texas i+y
)�? d��' Commisslon Expires 11/01/04
STATE OF TEXAS §
COUNTY OF TARR.ANT §
BEFORE ME, the undersigned authority, on this, day personally appeared Condie
PrioIeau, ("Owner") 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 Owner.
N UNDER MY HAND AND SEALS OF OFFICE this day of
i' 2404.
Notary Public in and f )t ;o'�+ DEE DON HERPECHE j
l ::; Notary Public
the State of Texas ..r.�:�.
' STATE OF TEXAS
l��r�o�tc�°�• Commission Expires 11/01/04
= c
6
STATE OF TEXAS §
COUNTY OF TARRANT §
B FORE ME, the undersigned authority, on, this day personally appeared
rte, purchaser,Down to me to be the person whose name is subscribed to
the foregoing instrument, and acknowledged to me Ithat he executed the same for the
purposes and consideration therein expressed,in the capacity therein stated.
GWEN UNDER MY HAND AND SEAQ, OF OFFICE this/?- day of
2004. '
Notary Public in arA for
the State of Texas
i Y P1
BOBBIE JEAN CORTEZ
r. 1�Y COMMISSION EXPIRES
JUf 27,20GE
i
.. .
City of Fort Worth, Texas
imayar and CouncilCommunication
DATE REFERENCE NUMBER LOG NAMEPAGE
9/16/03 **C-19748 05PRIOLEAUTAAG 1 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH EDWARD PRIOLEAU FOR 6
SCATTERED PROPERTIES LOCATED IN THE EVANS/ROSEDALE NEIGHBORHOOD
EMPOWERMENT ZONE
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for 6 properties listed on Exhibit "A", owned
by Edward Prioleau and located in the Evans/Rosedale Neighborhood Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with Edward Prioleau are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Edward
Prioleau for each one of the properties listed on Exhibit "A" in accordance with the NEZ Tax
Abatement Policy and Basic Incentives.
DISCUSSION:
Edward Prioleau is the owner of the 6 properties listed in Exhibit "A". The properties are located in the
Evans/Rosedale NEZ and Neighborhood Empowerment Reinvestment Zone No. 4. Mr. Prioleau
applied for a five-year municipal property tax abatement under the NEZ Basic Incentives (M&C G-
13208 R, M&C G-13580 and M&C G-13662, as amended). The Housing Department has 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.
Mr. Prioleau will invest at a minimum $390,000 to construct 6 single-family homes in the
Evans/Rosedale NEZ. A 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 pre-improvement
value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, for each property as
follows:
Pre-improvement TAD Value of Improvements $0
Pre-improvement Estimated Value of Land $2,000
Total Pre-improvement Estimated Value $2,000
The municipal property tax on the improved value of the homes is estimated at $454 per year on each
property for a total of $13,620 over the five-year period for the six 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.
City of Fort Worth, Texas
"affor And izouncif izommunication
DATE REFERENCE NUMBER LOG NAME PAGE
9/16/03 **C-19748 05PRIOLEAUTAAG 2 of 2
SUBJECT APPROVAL OF TAX ABATEMENT AGREEMENT WITH EDWARD PRIOLEAU FOR 6
SCATTERED PROPERTIES LOCATED IN THE EVANS/.ROSEDALE NEIGHBORHOOD
EMPOWERMENT ZONE
Upon the sale of the home to the homeowner, 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 Edward Prioleau'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.
FISCAL INFORMATION/CERTIFICATION-
The Finance Director certifies that this action will have no material effect on City funds.
RR:r
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Jerome Walker 7537 (from) APPROVED 09/16/03
Additional Information Contact:
Jerome Walker 7537
f •
1208 E. Davis Ave. Block 3, Lot 3, Vickery SE Addition
1329 E. Powell Ave. Block 9, Lot 23, Vickery SE Addition
1325 E. Powell Ave. Block 9, Lot 24, Vickery SE Addition
1125 E. Harvey Block 36, Lot 19, Southland Subdivision
1313 E. Powell Ave. Block 9, Lot 27, Vickery SE Additionl,//
After the M&C was approved one of the properties was pulled leaving 5 for Tax
Abatement.