HomeMy WebLinkAboutIR 9321 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9321
To the Mayor and Members of the City Council November 9, 2010
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SUBJECT: Consent to Assignment of Tax Abatement Agreement Contract No.
36458 with Alliance Gateway No. 11, Ltd to Allow Assignment of Real Property
Agreement to Future Property Owner
On September 18, 2007, the City Council entered into a Tax Abatement Agreement with Cinram
Wireless, LLC and Alliance Gateway No. 11, Ltd for a facility located at 4801 Westport Parkway.
The site is currently owned by Alliance Gateway No. 11, Ltd.
In October of 2010, Alliance Gateway No. 11, Ltd approached the City about their intention to sell
the facility to JPMorgan Chase Bank, N.A. or to an affiliate of JPMorgan Chase Bank, N.A. State
Law requires tax abatement agreements to be with the owner of the real property.
Consequently, Alliance Gateway No. 11, Ltd is asking the City of Fort Worth for the ability to
assign the benefits and obligations under the agreement to the future property owner. The
construction of the 788,160 square foot manufacturing center as outlined in the agreement has
been completed and the City will continue to receive the public benefits resulting from this facility
and its business operations.
Under the proposed consent to assignment, the future real property owner will be bound to all
obligations and requirements that are imposed on Alliance Gateway No. 11, Ltd under the
existing agreement.
Staff will bring forward an M&C on November 16th Council to authorize the execution of Consent
to Assignment of Tax Abatement Agreement City Secretary Contract No. 36458.
Dale A. Fisse r, P.E.
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS