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CONTRACT NQ.
03--,?G-05A JV: 11 d,CVD
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Danny Sneed ("Assignor") and Michelle Allen, ("Assignee") and the
City of Fort Worth, ("City")
RECITALS
A. Danny Sneed and the City of Fort Worth, Texas (the "City") entered into that
certain Tax Abatement Agreement ("Agreement") for Property Located at 5929
Blackmore Avenue, Block 412, Lots 15 & 16, Chamberlain Arlington Heights
2nd Addition ("Property") which is located in the Ridglea Village and Como
Neighborhood Empowerment Zone, such Agreement approved by the City
Council of Fort Worth October 7, 2003 City Secretary Contract Number 30979
("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 January 12, 2005,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Michelle Allen 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 January 12, 2005
("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:
Michelle Allen
5929 Blackmore Avenue
Fort Worth, Texas 76107
ASSIGNOR:
Danny Sneed
8529 Boat Club Road
Fort Worth, Texas 76179
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.
WORD
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.
i 0g , 0,
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Name: Danny Sneed
ASSIGNEE: Michelle Allen
Name: Michelle Allen
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CITY OF FORT WORTH
Date Fisse er
Assistant City Manager
ATTEST:
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City Secretary
APPROVED AS TO FORM AND LEGALITY:
Cynthia darcia
Assistant City Attorney
M & C: C-20038
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, 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
pts. ) 2005.
Notary Publit in and for
the State of Texas
KATHY F.DURHAM
*` MY COMMISSION EXPIRES
JanuM 24,2009
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Danny Sneed,
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
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
`"* 2005.
Notary Public in and for VIA LEE WEBB
W'7MISSION EXPIRES
the State of TexasEMBER 6,2006
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Michelle Allen,
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.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this /dav of
2005.
Notary Public in and for
the State of Texas OCTAVIA LEE WEBB
r MY COMMISSION EXPIRES
DECEMBER 6,2008
OFFICIAL REC®ID
CITY SECRETARY
Page 1 of 2
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 4/20/2004
DATE: Tuesday, April 20, 2004
LOG NAME: 05DSNEED REFERENCE NO.: C-20038
SUBJECT:
Approval of Tax Abatement Agreement with Danny Sneed for a Property Located in the
Ridglea/Como Neighborhood Empowerment Zone at 5929 Blackmore Avenue
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for a property located at 5929 Blackmore
Avenue owned by Danny Sneed in the Ridglea/Como Neighborhood Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with Danny Sneed are true and correct; and
3. Authorize the City Manager to enter into a Tax Abatement Agreement with Danny Sneed for 5929
Blackmore Avenue in the Ridglea/Como NEZ in accordance with the NEZ Tax Abatement Policy and Basic
Incentives.
DISCUSSION:
Danny Sneed is the owner of the property at 5929 Blackmore Avenue (Chamberlain Arlington Heights Block
412, Lots 15 and 16). The property is located in the Ridglea/Como NEZ and Neighborhood Empowerment
Reinvestment Zone (NERZ No. 2). Danny Sneed applied for a five-year municipal property tax abatement
under the NEZ Basic Incentives (M&C G-1 3208R, M&C G-13580, and M&C G-13662, 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 on the increased value of improvements to the qualified owner of any new home
constructed within a NEZ.
Danny Sneed will invest $92,000 to construct a single-family home in the Ridglea/Como NEZ. A
description of the home to be constructed is attached as Exhibit "A." The Agreement is attached as Exhibit
B „
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, as follows:
Pre-improvement TAD Value of Improvements $ 0.00
Pre-improvement Estimated Value of Land $ 2,500
Total Pre-improvement Estimated Value $ 2,500
The municipal property tax on the improved value of the home after its construction is estimated at $557.06
per year, for a total of$2,785.30 over the five year period. However, this estimate may be different from the
actual tax abatement value which will be calculated based on the Tarrant Appraisal District appraised value
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 03/15/2005
Page 2 of 2
of the property.
The tax abatement agreement provides that the agreement may be assigned without subsequent City
Council approval to Danny Sneed'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.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Reid Rector (6140)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Jerome Walker (7537)
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 03/15/2005