HomeMy WebLinkAboutContract 29829 APR-13-2004 TUE 09:11 FM U U F W - HUUS1NU hHA NU. b1f Jile IMi r. ue
04-26-04A09 : 02 RCVD
CITY SECRETARY mr�
ASSIGNMENT OF TAX ABATEMENT AGREEMENT CONTRACT NO.
oCh�
This Assignment of Tax Abatement Agree is made and entered into by and
between Fort Worth Housing Finance Corporation ("Assignor") and Annie R. Stevenson,
("Assignee')and the City of Fort Worth,C"City")
RECITALS
A. Fort Worth Housing Finance Corporation (FWHFC) and the City of Fort Worth,
Texas (the "City") entered into that certain Tax Abatement Agreement
("Agreement") for Property Located at 3112 Easterest Ct. Block 1, Lot 7,
Eastcrest Addition ("Property") which is located in the Stop Six Neighborhood
Empowerment Zone, such Agreement approved by the City Council of Fort
Worth September 10, 2002, City Secretary Contract Number 28119
("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 — 2H6+
recorded under Tarrant County Deed Records, Instrument Number
Assignor conveyed the Property to Annie R. Stevenson
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 Y../ —
C"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.
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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. 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 Throckmorton
Fort Worth,Texas 76102
ASSIGNEE:
Annie R. Stevenson
3112 Eastcrest Ct
Fort Worth, TX 76102
ASSIGNOR:
Fort Worth Housing Finance Corporation
1000 Throckmorton
Fort Worth, Texas 76102
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 ar! c
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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: Fort Worth Housing Finance Corporation.
N&: Jerome C. Walker
ASSIGNEE: Annie R. Stevenson
Name: Annie R. Stevenson
CRY A
R. YEN.
hVN-13-?UU4 TUL U4: 18 FM U U h W - MUU61NU hHA NU. til l sae MUO r. Uo
CITY OF FORT WORTH
&4;—
Reid
Rector
Assistant City Manager
ATTEST:
aibCity S cmtary
APPR ED AS TO FORM AND LEGALITY:
7
Cynthia 6arcia
Assistant City Attorney
M & C: C-19235
4
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STATE OF TEXAS §
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
CTI'Y 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 2 Oat ay of
2004.
,s� I
Notary Public in and for
the State of Texas
ICE
5 �
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Jerome C.
Walker of Fort Worth Housing Finance Corporation, 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 Port Worth Housing Finance Corporation.
GIVEN UNDER MY IIAND AND SEAL OF OFFICE this a&�eay of
2004.
Notary Public in an
eiy Sf•:,;:>?,a.WIC
the State of Texas =` >_: cc>MlAi.sl� EXP1f�ES
November 5,2007
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Annie R.
Stevenson 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.
GI;v;N' UivDER INlY HA YTD AND SEAL OF OFFICE this 0day of
2004.
(::i;01
lic >n an for C. MILHART
'Texas ;c�' '"__ Notary Public,state of Texas
My Commission Expires
j.'•.;;q 4. April 18,2005
777-7
;2
City of Fort Worth, Texas
4velvor And Commit Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 C-19235 05NEZ 1 of 3
SUBJECT AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH THE
FORT WORTH HOUSING FINANCE CORPORATION FOR THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST SUBDIVISION LOCATED
IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the Fort Worth Housing Finance Corporation (FWHFC) application for Municipal Property
Tax Abatement for the Eastcrest Subdivision; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreements (the
Agreements) with FWHFC are true and correct; and
3. Authorize the City Manager to enter into tax abatement agreements with FWHFC for the development
of sixteen single-family homes in the Eastcrest Subdivision located in the Stop Six Neighborhood
Empowerment Zone (NEZ), in accordance with the NEZ Basic Incentives.
DISCUSSION:
The FWHFC is the developer/owner of the Eastcrest Subdivision in the 4700 Block of East Berry Street
and Eastcrest Court located in NEZ No. 1.
The FWHFC applied for municipal property tax abatement under the NEZ Basic Incentives (M&C G-
13208R dated June 5, 2002, M&C G-13580 dated April 2, 2002, as amended, and M&C G-13662R
dated July 23, 2002, as amended). The Housing Department has reviewed the application and certified
that the property meets the eligibility criteria to receive NEZ municipal property tax abatement. The
NEZ Basic Incentives offers a five-year municipal property tax abatement of the increased value of
improvements to a developer/owner of any new home constructed within a NEZ.
Upon execution of the Agreements, the total assessed value of each home in the Eastcrest Subdivision
used for calculating municipal property tax will be frozen for a five-year period, starting on January 1, of
the year following the year in which the home is sold, at the pre-improvement value of each lot as defined
by the Tarrant Appraisal District (TAD) on January 1, 2002, as follows:
• Pre-Improvement TAD Value of Improvements $ -0-
• Pre-Improvement TAD Value of Land $1,000 per lot
• Total Pre-Improvement TAD Value $1,000 per lot
City of Fort Worth, Texas
qV01yor And coun"R Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 C-19235 05NEZ 2 of 3
SUBJECT AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH THE
FORT WORTH HOUSING FINANCE CORPORATION FOR THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST SUBDIVISION LOCATED
IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE
Address Legal Description
3100 Eastcrest Court Lot 10, Block 1, Eastcrest Addition
3101 Eastcrest Court Lot 6, Block 2, Eastcrest Addition
3104 Eastcrest Court Lot 9, Block 1, Eastcrest Addition
3105 Eastcrest Court Lot 5, Block 2, Eastcrest Addition
3108 Eastcrest Court Lot 8, Block 1, Eastcrest Addition
3109 Eastcrest Court Lot 4, Block 2, Eastcrest Addition
3112 Eastcrest Court Lot 7, Block 1, Eastcrest Addition
3113 Eastcrest Court Lot 3, Block 2, Eastcrest Addition
3116 Eastcrest Court Lot 6, Block 1, Eastcrest Addition
3120 Eastcrest Court Lot 5, Block 1, Eastcrest Addition
3124 Eastcrest Court Lot 4, Block 1, Eastcrest Addition
3128 Eastcrest Court Lot 3, Block 1, Eastcrest Addition
3132 Eastcrest Court Lot 2, Block 1, Eastcrest Addition
3133 Eastcrest Court Lot 2, Block 2, Eastcrest Addition
3136 Eastcrest Court Lot 1, Block 1, Eastcrest Addition
3137 Eastcrest Court Lot 1, Block 2, Eastcrest Addition
FWHFC expects to complete construction on or before June 30, 2003, and sell the sixteen homes to
new owners. Upon the sale of each home by FWHFC, the Housing Department staff will present the
proposed assessment of the tax abatement agreements to the City Council for approval if the new
owner meets all eligible criteria as stated in the NEZ Basic Incentives.
FWHFC will invest $1,600,000 to construct sixteen single-family homes in the Eastcrest Subdivision.
The location of the proposed development, typical elevation, and project description are attached to this
Mayor and Council Communication. The municipal property tax on the improved value is estimated at
$558 per house per year or a total of $44,640 over the five-year period.
On August 13, 2002, the above proposal was endorsed by the Economic and Community Development
Committee for City Council approval.
The Eastcrest Subdivision is located in COUNCIL DISTRICT 5.
City of Fort Worth, Texas
4"Soffor And coun"R Communication
DATE REFERENCE NUMBER LOG NAME PAGE
9/10/02 C-19235 05NEZ 3 of 3
SUBJECT AUTHORIZATION TO ENTER INTO TAX ABATEMENT AGREEMENTS WITH THE
FORT WORTH HOUSING FINANCE CORPORATION FOR THE DEVELOPMENT OF
SIXTEEN SINGLE-FAMILY HOMES FOR THE EASTCREST SUBDIVISION LOCATED
IN THE STOP SIX NEIGHBORHOOD EMPOWERMENT ZONE
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on City funds.
RR:n
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Jerome Walker 7537 (from)
Additional Information Contact:
Jerome Walker 7537