HomeMy WebLinkAboutContract 36841-CA3 .....
CITY SECRErAR
CONTRACT W. U I r
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
EEMENT �
This Assignment of Tax Abatement Agreement is made and entered into
by and between Impression Hones, L.L.C., ("Assignor") and Brandon Becker,
("Assignee")and the City of Fort Worth,(f`C?ty")
&EC TALS I�
I
A. Waterview Estates, L.P., Marrs Investment, Inc., general Partner ("Waterview")
and the City of Fort Worth, Texas (the "City") entered into that curtain Tax ;
A.batmnent A greement ("Agreement-") for Pro ort Located 5432 Grenada Drive; �
Lot 23; Block 3; Waterfront at Enchanted Bay; t�n Addition to the City of foil
Worth, Tarrant County, Texas, according to the plat recorded and filed in Cabinet
A; Aide No. 11723, Plat Records, Tarrant County, Texas (`Property") which is
located in the Lake Arliiagton Neighborhood Empowerment ZQ110, such
Agreement approved by the City Council of Foit Werth November 6, 2007, City
Secretary Contract Number 36841 ClAgroement"):
13. Section 5 of t w Agreoinent permits Waterview to assign. all of its rights under the
Agreement to C`1NIGT Waterview Estates FL-1, LLC ("CTMOT"), without
obtaining the prior consent of the City Council, such Agreement is dated
September 27,2013,City Secretary Contract Number 36841-CAL
C. Section 5 of the Agreement permits CMGT to assign all of its rights under the
Agreement to Impression Homes; L.L.C. ("Impress' n"), without obtaining the
prior consent of the City Council:
D. CIYIGT assigned the Agreement to Improssion (Assignor), such Agreement is
dated March 17,2014, City Secretary Contract Number 368 41-CA2:
E, Section S of the A.greenient pminits Assignor to assign all of its rights under the
Agreement to Assignee, without obtedining the prior consent of the City Council:
F. Pursuant to that certain Specigl Warranty Deed dated as of July 29, 2014,
recorded under Tarrant County Deed Records,,Assignor conveyed the Property to
Brandon Becker and Assignee acquired title to the real property which is the
subject of the Agreement.
AGREEMENT
NOW THEREFORE, in consideration of the mutual teens and condition.s herein
contained and other good and valuable consideration,the receipt and sufficiency of which
are hereby ac knciwledged,the parties hereby agree as follows:
ca r8ma RK-0 RD
Assignmont of Tax.Abatement Contract#36841-CA2
from Impression Hoilies,LLC,to Bran&n Becker. �T.�'d�1 7 i`i, T.
1 ,
1, AssigMeqt. 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 Da _ The effective date of this Assignment is July 29, 2014, ("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 411
rights, duties and obligations arising, accruing or relating to the period thereafter
shall be allocated to Assignee.
4. Release and Surrender of Assit„xtor. 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 tho.Property to
the Assignee on or before 11:59 p. m. on the date prior to the Effcctive Date in its
present conditioix. Assignor relinquishes any right to any improvements, fixtures or
equipment on the Property.
i
5. Representations, Assignor represents, warrmts and covenants with Assignee that j
as of the Effe�ivo Date, that Assignor is not in default under any of its obligations
contained in the Agreement,
i
b. C tv of Fort Worth's Consent. City of Fort Worth hereby consents to this
Assignment upon the torms 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 farther 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, Notice§. 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&Economic Development Department
Neighborhood Empowerment Zone Program
1000 Throckmorton
Fort Worth,Texas 76102
Assignment of Tax Abatement Contract##36841MC:A.2
from Impression Homes, LLC,to Brandon l3ecker,
7
i
ASSIGNOR: ASSIGNEE:
Impression Homes,L.L.C. Brandon Becker
F.O.Box 1838 5432 Grenada Drive
Feller,Texas 76244 Fort Worth,Texas 76119 f
8. Successors, Except as herein otherwise provided, this Assiment will be binding
upon and inure to the benefit of the panties, and their respective heirs, executors,
administrators,successors and assigns.
9. Cou.ter ar s, This Assignment rlaay 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, coustitute one and the same
agreement.
10. Binding Offer, Ibis 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.
ASSICrN . Impr ssi mes,I ,I ,C
Title: .
STATE QE TEXAS
COUNTY OF TA.RItANT �
BEFORE ME, the undersigned authority, on this day personally appeared Bra'
of Impression Homes, L.L,C.known to in to. be the
ac
person whose name is subscribed to the foregoing insttu;xient, and acknowl..edged 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 the Impression I3omes, L.L.C. a'Texas
limited liability company.
GIVEN UNDER MY RANI'_) AND SEAL OF OFFICE this�7 day of
2014.
ri�pPYpw NIKKI JACKSON
4n
p�' Notary Public,State of Texas
Notary Public in and for 1%. My Commission Expires
bo
February 16. 2016
the State of Texas # "
Assip—Mont of Tax Abatow—,af Contract#36841-CA1
from Impression Homes,LLC,to:Brandon Becl cr,
3
ASSIGNEE: Brandon Becker
Name: Brandon Becker
STATE OF TEXAS
COUNT' CAF 'TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Brandon
Becker, known to me to be the persons whose names are 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
J , 2014.
Notary Pa lic in and for
the State of Texas •;;wYPy;,, NIKKI JACKSON
Notary Public,state of Texas
ac My Commission Expires
February 16, 2016
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
o �
ATTEST: �°°4
�o
a$ p�
Mary KaysW1eSecv6&ry °o°°aflp9n°°`
APPROVED AS TO FORM AND LEGALITY:
� L
Melinda Ramos
Sr. Assistant City Attorney
FOIFFFICIAL EC®R®
M & C: C-22514 Ell'A��RY
Mg Il DU
Assignment of Tax Abatement Contract#36841-CA2
from Impression I- times, LLC,to Brandon Becker, —
4
STATE OF TEXAS
COUNTY OF TARRANT �
13EFORE ME, the undersigned authority, on this day personally appealed
Fernando Costa, Assistant City Manager of the CITY OF FORT WORTH, a municipal
corporation, known to me to be the parson and officer whose name is subscribed to the {
foregoing instniment, and acknowledge-d to me that the same was the act of the said
CITY OF FORT WORTH,TEXAS,a municipal corporations,that he was duly authorized
to perform the same by appropriate Mayor anal Council Communication of the City
Council of the City of Fort Worth and that be executed tW saino as the act of the said
City for the purposes and con sideration therein expressed and in the capacity therein
stated.
GIVEN UNDER MY HASID AND SEAL OF OFFICE this day of
2014.
otary public i21 and for
�.lV.�V Pop EVONIA DANIELS
e of Tex
the State Of TBXOS yy ?_ Notary Public,Statas
7 ` My Commission Expires
July 10, 2011 I
c
Assignment of Tax Abatement Contract 06841-CA2
from Impression pontes,LLC,to k�randQn Becker.
5
K&C Review
FORT;i`YORTH
COUNCIL ACTION: Approved As Amended on 11/6/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NO.:
CODE: C TYPE: CONSENT HEARING: NO
SUBJECT: Authorize Execution of a Five Year Tax Abatement Agreement with Waterview Estates,
L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, Located in the Lake Arlington Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council
1. Authorize the City Manager to enter into a five year Tax Abatement Agreement with Waterview
Estates, L.P., a Texas Limited Partnership, and Woodhaven Homes, L.P., a Texas Limited
Partnership, located in the Lake Arlington Neighborhood Empowerment Zone; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with
Waterview Estates, L.P., and Woodhaven Homes, L.P., are true and correct.
DISCUSSION:
Waterview Estates, L.P., and Woodhaven Homes, L.P., are the owners/developers of the 118
properties listed in Exhibit "A". This real property is located in the Lake Arlington NEZ and
Neighborhood Empowerment Reinvestment Zone (NERZ No. 16). Waterview Estates, L.P. and
Woodhaven Homes, L.P. have applied for a five-year municipal property tax abatement under the
NEZ Tax Abatement Policy and Basic Incentives (M&C G-14947), as amended. The NEZ
Program offers a five-year municipal property tax abatement on the increased value of
improvements to the qualified owner of any new construction within a NEZ. The Housing
Department has reviewed the application and certified that the property meets the eligibility criteria
to receive NEZ municipal property tax abatement.
Waterview Estates, L.P., and Woodhaven Homes, L.P., will invest a minimum of$15,200,000.00
to construct 118 single-family homes in the Lake Arlington NEZ. In order for Woodhaven Homes,
L.P., or any other developer or builder approved by the City Manager or his designee to qualify for
the tax abatement, they must construct homes with a minimum of 1200 square feet of living space
with at least three bedrooms, one and one-half baths and 70% mortared brick which will appraise
for a minimum of$100,000.00. A more detailed description of the homes to be constructed and
httpa/apps.cfwnet.org/council_packet/mc_review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Pro&C Review
sample drawings are attached as Exhibit "B". The Agreement is attached as Exhibit "C".
Upon execution of the tax abatement agreement, the total assessed value of each home used for
calculating municipal property tax will be frozen for a five-year period, starting on the date the
home is sold to a homebuyer to be used as a primary residence, at the pre-improvement value as
defined by the Tarrant Appraisal District (TAD) on January 1, 2007, as follows:
Pre-improvement TAD Value of Improvements $ 0.00
Pre-improvement Estimated Value of Land $2,025.04
Total Pre-improvement Estimated Value $ 2025.00
The municipal property tax on the improved value is estimated at$550.00 per house, per year, for
a total of
$2,750.00 over the five-year period for each house. 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.
The tax abatement agreement provides that the agreement may be assigned without subsequent
City Council approval to Woodhaven Homes, L.P., or another builder approved by the City
Manager or his designee or the developer's first mortgage, or to a homebuyer who will use the
required improvements as his/her primary residence, or to the homeowner's mortgagee. All other
assignments must be approved by City Council. The agreement also provides that the failure of
the owner to send the City notification of the sale of the required improvements and the executed
assignment of the agreement with the new owner within 30 days of the transfer of ownership of the
required improvements shall result in the automatic termination of the Agreement.
This property is located in COUNCIL DISTRICT 5.
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: Dale Fisseler (6140)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PK
M&C Review
ATTACHMENTS
Continued Exhibit B for M&C.udf.
Exhibit A for M&C.xls
Exhibit B for M& ,doc
Final TA Agreement for M&C doc
Location Map for M&C.pdf
http://apps.cfwnet.org/council_packet/me review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Exhibit "A"
WATERFRONT AT ENCHANTED BAY
PHASE IA
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County,Texas
118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084
Filed in Cabinet A, Slide No.11723, Plat Records, Tarrant Co., Texas on 02/23/07
Block Lot Street Address I Subdivision
1 1 5641 Grenada Drive Iwaterfront At Enchanted Bay
1 2 5637 Grenada Drive Iwaterfront At Enchanted Bay
1 4 5629 Grenada Drive Iwaterfront At Enchanted Bay
1 6 5621 Grenada Drive Iwaterfront At Enchanted Bay
1 7 5617 Grenada Drive Waterfront At Enchanted Bay
1 9 5609 Grenada Drive Waterfront At Enchanted Bay
1 10 5605 Grenada Drive Waterfront At Enchanted Bay
1 11 5601 Grenada Drive Waterfront At Enchanted Bay
1 12 5549 Grenada Drive Waterfront At Enchanted Bay
1 13 5545 Grenada Drive Waterfront At Enchanted Bay
1 14 5541 Grenada Drive Waterfront At Enchanted Bay
1 15 5537 Grenada Drive Waterfront At Enchanted Bay
1 16 5533 Grenada Drive Waterfront At Enchanted Bay
1 17 5529 Grenada Drive Waterfront At Enchanted Bay
1 18 5525 Grenada Drive Waterfront At Enchanted Bay
1 21 5513 Grenada Drive Waterfront At Enchanted Bay
1 22 5509 Grenada Drive Waterfront At Enchanted Bay
1 26 5441 Grenada Drive Waterfront At Enchanted Bay
1 27 5437 Grenada Drive Waterfront At Enchanted Bay
1 28 5429 Grenada Drive Waterfront At Enchanted Bay
1 29 5425 Grenada Drive Waterfront At Enchanted Bay
1 30 5421 Grenada Drive Waterfront At Enchanted Bay
1 31 5417 Grenada Drive Waterfront At Enchanted Bay
1 33 5409 Grenada Drive Waterfront At Enchanted Bay
1 35 5401 Grenada Drive Waterfront At Enchanted Bay
1 37 5365 Grenada Drive Waterfront At Enchanted Bay
2 1 5640 Grenada Drive Waterfront At Enchanted Bay
2 2 5636 Grenada Drive Waterfront At Enchanted Bay
2 3 5628 Grenada Drive Waterfront At Enchanted Bay
2 4 5808 Grenada Court Waterfront At Enchanted Bay
2 5 5804 Grenada Court Waterfront At Enchanted Bay
2 6 5800 Grenada Court Waterfront At Enchanted Bay
2 7 5801 Grenada Court Waterfront At Enchanted Bay
2 8 5805 Grenada Court Waterfront At Enchanted Bay
2 9 5809 Grenada Court Waterfront At Enchanted Bay
2 10 5813 Grenada Court Waterfront At Enchanted Bay
2 11 5620 Thunder Bay Dr. Waterfront At Enchanted Bay
2 12 5616 Thunder Bay Dr. Waterfront At Enchanted Bay
2 13 5612 Thunder Bay Dr. Waterfront At Enchanted Bay
2 14 5608 Thunder Bay Dr. Waterfront At Enchanted Bay
2 15 5604 Thunder Bay Dr. Waterfront At Enchanted Bay
2 16 5600 Thunder Bay Dr. Waterfront At Enchanted Bay
Page 1 of 3
WATERFRONT AT ENCHANTED BAY
PHASE IA
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County, Texas
118 Residential Lots, 22.159 Acres Final Plat No. FP 04-084
Filed in Cabinet A, Slide No.11723, PIat Records, Tarrant Co., Texas on 02/23/07
Block Lot Street Address I Subdivision
2 17 5572 Thunder Bay Dr. I Waterfront At Enchanted Bay
2 18 5568 Thunder Bay Dr. Iwaterfront At Enchanted Bay
2 19 5564 Thunder Bay Dr. Iwaterfront At Enchanted Bay
2 20 5560 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 21 5556 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 22 5552 Thunder Bay Dr. Iwaterfront At Enchanted Bay
2 23 5548 Thunder Bay Dr: lWaterfront At Enchanted Bay
2 24 5544 Thunder Bay Dr. Iwaterfront At Enchanted Bay
2 25 5540 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 26 5536 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 27 5532 Thunder Bay Dr. I Waterfront At Enchanted Bay
2 28 5528 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 29 5524 Thunder Bay Dr. lWaterfront At Enchanted Bay
2 30 5516 Thunder Bay Dr. I Waterfront At Enchanted Bay
3 1 5621 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 2 5617 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 3 5613 Thunder Bay Dr. Iwaterfront At Enchanted Bay
3 4 5609 Thunder Bay Dr. I Waterfront At Enchanted Bay
3 5 5601 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 6 5561 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 7 5553 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 8 5549 Thunder Bay Dr. Waterfront At Enchanted Bay
3 9 5545 Thunder Bay Dr. lWaterfront At Enchanted Bay
3 10 5541 Thunder Bay Dr. Iwaterfront At Enchanted Bay
3 11 5537 Thunder Bay Dr. Waterfront At Enchanted Bay
3 12 5533 Thunder Bay Dr. Waterfront At Enchanted Bay
3 13 5529 Thunder Bay Dr. Waterfront At Enchanted Bay
3 14 5525 Thunder Bay Dr. Waterfront At Enchanted Bay
3 15 5521 Thunder Bay Dr. Waterfront At Enchanted Bay
3 16 5517 Thunder Bay Dr. Waterfront At Enchanted Bay
3 17 5513 Thunder Bay Dr. Waterfront At Enchanted Bay
3 18 5509 Thunder Bay Dr. Waterfront At Enchanted Bay
3 19 5505 Thunder Bay Dr. Waterfront At Enchanted Bay
3 20 5501 Thunder Bay Dr. Waterfront At Enchanted Bay
3 21 5424 Grenada Drive Waterfront At Enchanted Bay
3 22 5428 Grenada Drive I Waterfront At Enchanted Bay
3 23 5432 Grenada Drive Iwaterfront At Enchanted Bay
3 24 5436 Grenada Drive Iwaterfront At Enchanted Bay
3 25 5440 Grenada Drive Waterfront At Enchanted Bay
3 26 5444 Grenada Drive Waterfront At Enchanted Bay
3 27 5448 Grenada Drive lWaterfront At Enchanted Bay
3 28 5500 Grenada Drive Waterfront At Enchanted Bay
3 29 5504 Grenada Drive Waterfront At Enchanted Bay
3 30 5508 Grenada Drive Waterfront At Enchanted Bay
Page 2 of 3
WATERFRONT AT ENCHANTED BAY
PHASE lA
David Strickland Survey, Abstract No. 1376
City of Fort Worth, Tarrant County, Texas
118 Residential Lots, 22.159 Acres Final Plat No.FP 04-084
Filed in Cabinet A, Slide No.11723, Plat Records,Tarrant Co., Texas on 02/23/07
Block Lot Street Address Subdivision
3 31 5512 Grenada Drive Waterfront At Enchanted Bay
3 32 5516 Grenada Drive Waterfront At Enchanted Bay
3 33 5520 Grenada Drive Waterfront At Enchanted Bay
3 34 5524 Grenada Drive Waterfront At Enchanted Bay
3 35 5528 Grenada Drive Waterfront At Enchanted Bay
3 36 5532 Grenada Drive Waterfront At Enchanted Bay
4 32 5748 Maui Drive Waterfront At Enchanted Bay
4 33 5752 Maui Drive Waterfront At Enchanted Bay
5 9 5749 Maui Drive Waterfront At Enchanted Bay
5 10 5753 Maui Drive Waterfront At Enchanted Bay
5 11 5801 Maui Drive Waterfront At Enchanted Bay
5 12 5805 Maui Drive Waterfront At Enchanted Bay
5 13 5809 Maui Drive Waterfront At Enchanted Bay
5 14 5813 Maui Drive Waterfront At Enchanted Bay
5 15 5817 Maui Drive Waterfront At Enchanted Bay
5 16 5821 Maui Drive Waterfront At Enchanted Bay
5 17 5428 Saba Drive Waterfront At Enchanted Bay
5 18 5424 Saba Drive Waterfront At Enchanted Bay
5 19 5420 Saba Drive Waterfront At Enchanted Bay
5 20 5416 Saba Drive Waterfront At Enchanted Bay
5 21 5412 Saba Drive Waterfront At Enchanted Bay
5 22 5408 Saba Drive Waterfront At Enchanted Bay
5 23 5404 Saba Drive Waterfront At Enchanted Bay
5 24 5400 Saba Drive Waterfront At Enchanted Bay
6 12 5361 Saba Drive Waterfront At Enchanted Bay
6 13 5365 Saba Drive Waterfront At Enchanted Bay
6 14 5369 Saba Drive Waterfront At Enchanted Bay
6 15 5373 Saba Drive Waterfront At Enchanted Bay
6 16 5368 Grenada Drive Waterfront At Enchanted Bay
6 17 5364 Grenada Drive Waterfront At Enchanted Bay
6 18 5360 Grenada Drive Waterfront At Enchanted Bay
6 19 5356 Grenada Drive Waterfront At Enchanted Bay
Page 3 of 3