HomeMy WebLinkAboutContract 30270 CITY SECRETARY .
CONTRACT NO .
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Ridglea Place, L.P. ("Assignor") and David A. Armata, ("Assignee")
and the City of Fort Worth, ("City")
RECITALS
A. Ridglea Place, L.P. ("Ridglea") and the City of Fort Worth, Texas (the "City")
entered into that certain Tax Abatement Agreement ("Agreement") for Property
Located 3813 Westridge Blvd. ("Property") under Property Identification
Number 29886 which is located in the Ridglea Village and Como Neighborhood
Empowerment Zone, such Agreement approved by the City Council of Fort
Worth November 18, 2003 City Secretary Contract Number C-19864
("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 June 25, 2004,
Assignor conveyed the Property to David A. Armata 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 June 25, 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 set forth in this
Assignment, Assignor will be discharged from any and all further o ns-under
the Agreement as of the Effective Date. Assignor must surrender the Property to
the Assignee on or before 11:59 p. m. 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:
David A. Armata
3813 Westridge
Fort Worth, Texas 76116
ASSIGNOR:
Michael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
4809 Cole Avenue Suite 345
Dallas, Texas 75205
S. 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 rp~
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: Ridglea Place, L.P.
4", aj Z��k
Name: Michael Vick, President
Boulevard Builders, LLC
General Partner for Ridglea Place, LP
ASSIGNEE: David A. Armata
Name:
3
Evi" -Iinoi
CITY OF FORT WORTH
Dale Fisseler
Acting Assistant City Manager
ATTEST:
City ecretary
APPROVED AS TO FORM AND LEGALITY:
Cynthia Gar '-
Assistant City Attorney
M & C: C-19864 —
4
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, Acting 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
2004.
6::i��
Notary Public in and for
the State of Texas
KAREN EDWARDS-FISH
ER
,o`.'• ``�: Pubtic.State of Texas
Notary Caston Exp,res
MY may 07 2005
5
STATE OFT XAS §
COUNTY OF §
BEFORE ME, the undersigned authority, on this day personally appeared Michael Vick,
President of Boulevard Builders, LLC, General Partner for Ridglea Place, L.P., 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 Ridglea Place, L.P.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
j ahP_
) 2004.
DAVID WOMACK FREEZE
Notary Public,State of Texas
Notary Public in and for ;�. '�: My Commission Expires
° ` August 22,2007
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared David A.
Armata, 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 t y day of
32004.
Notar ublic in and for
the State of Texas
JAMES B.SHACKELFORD
NOTARY PUBLIC
h STATE OF TEXAS
j'F My Comm.Exp.05-10-2006
June 23, 2004
W.R. Starkey Mortgage
2813 S Hulen Street
Suite 200
Fort Worth,TX 76109
Property - 3813 Weslridge Ax!enue
Fort Worth, TX 76116
Borrower- Dave Arrnata
F ile No. - 74(2604
Case No. - Armata
Dear Ms. Calhoun:
In accordance with your request, I have made a Complete Appraisal and prepared a Summary
Appraisal Report of the real property located at 3813 Westridge Avenue, Fort Worth, TX.
The purpose of the Summary Appraisal is to estimate the marl<et v,.ilue of'the property described in
the body ol'this report.
Fnclosed, please find the Sumni.i:-v Appraisal which describes certain data gathered during our
investigation of the propert,\ . I he methods of approach and reasoning in the valuation of the various
1,1-vsical and economic factors of the subject property are contained in this report.
An in.spoction of u,e property and a study of pertinent factors, including valuation trends and an
analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of June
21, 2004 is
$230,000
- e opinion of vaiu,: expressed in this report is contingent upon the Limiting Conditions attached to
this report,
It has been a pleasure to assist you. If 1 may be of further service to you in the future, please let me
know.
Respectfully submitted,
Tutten & Company
Robert C.Totten
"IX Certification 8T`C-1321494-R
COMPLETE SUMMARY APPRAISAL REPORT OF
THE PROPERTY LOCATED AT
3813 West ridge Avenue
I
+ Fort Worth, TX 76116
i
as of
June 21, 2004
I
I
for
W.R. Starkey Mortgage
2813 S Hulen Street
Suite 200
Fort Worth, TX 76109
by
Totten & Company
I� 3200 Riverfront Drive, Suite 108
Fort Worth, TX 76107
`f
1
Robert C. �1-otten _ Address 3200 Rivertront Drive Sutte 108 Fort Worth 1 X 76107
r(�MSF"
urban L, Suburban Li Rural Sin le famil housin Present land use% Land use change
Predominant 9 Y 9t up ]QQ Over 75% �� 25-75% Under 25% occupancy PRICE AGE �
(yrs) One Family `)5 I.`- Not Likelywth rate ] Rapid A l Stable J Slow F Owner 75 Low Ne 2-4 tam 2 l In process
p- y ,i:;es I J Increasing Stable Declining Tenant 750 High 5Q Multi-(amity 3 To:
Demandrsupf'y � Shortage NJ In balance Over supply L^)Vacant(0-5%) Predominant Cominercidl
Marketing time Under 3 mos. X 3-6 mos. r Over 6 mos. l Vacant tv•,rr 5'.+l1175 35
N Note:Race and the racial composition of the neighborhood are not appraisal factors.
E Neighborhood boundaries and characteristics The aubiect neighborhood is located south of Canip Bowie Boulevard, west of Bryant Irvin
Road, north of Vickery Boulevard and east of Highway 183.
H i a .ors that affect the marketability of the properties in the neighborhood (proximity to employment ai.J amenities, employment stability, d!:real to market, etc.):
B The subject neighborhood is located in west Tarrant COUnty-within the Fort Worth City Limits. This neij;hborhUo�l is
Rlocated a roximately five miles west of the Fort Worth Central Business District. Municipal services including olice
H lireprotection and hospitals are located within proximity. Homes within this nei ahborhood differ in regard to size
o �lesig`=dual: ,_;kge, cundition and amenities. No unfavorable factors affectii r the marketability of homes in this
0 nei hhorhood were observed.
1.tarket ., :,(.ons in the subject nean<,orhood (including support for une above conclusions related to the tiNnd of property valuer, demandrsupply, and mdr!e+Ung time
- such as data on competitive properties for sale in the neighborhood, descripi i of the prevalence of sales and financing concessions, etc.):
Property values in this neighborhood are considered to-he stable. Conventional, FHA and VA funds are available.
Fiu in�i �� concessions are not typically made in this,atca. lntcrest rate:_. ire Cavorable and mortgage money is In ,:m le
p Project Information for FUDs If applicable)--Is the develr.p„ uuilder in control of the Home Owners'A-•.;,•!anon fHOA)? `ti Yes No
V A,pfoximate total number of units in bit subject project 55 Approximate total number of units for sale in the subject project 55
D Describe common elemei,:,and recreational facwtie; CntrV lizate. fence swimmin g pool, coronion arca =rounds maintenance
Dimensions Rely on Survey Topography Level to sloping _
Sae a:ed Average Corner lot I Yes I X No Size Avera 1,c
Specific zoning classificallon and descnplion B-Multi Family_ _ Shape Rectangular
Zoning compliance Fcirl
h l Legal El Legal nonconforming(Grandfathered use) LJ Illegal No zoning Drainage Appears adequate _
Highest&be 'use as improved: X Present use r 0' r use(explain) View Typical/Houses
S Utilities Public Other OH-site Improvements Type Public Private Lands aping Avcrage
I Electricity
Street Asphalt AJ F1, Driveway Surface Concrett _
T Gas Curb/gutter Concrete � Li
Apparent easements Utility
E Water u Sidewalk Concrete � ❑ FEMA Special Flood Hazard Area Yes }(�Pio
Jcdry sever �X Street lights Electric LAJ FEMA Zone X Map I .te 08/23/00
atorm sewer X I Alley Concrete X F FEMA Map No. 48439CO385 I _
(':mments td✓i' -i t adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): Normal ut1lit
I casements are present. No adverse easements or encroachments were observed. Rely on survey for (trial determination._
D GEN: ZAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
E No of Units title Foundation Concrete Slab Concrete Area Sq.Ft. Roof
S No,of Stones Three Exterior Walis Brick Crawl Space None %Finished Ceiling X
RType(Det.lAti.) Attached Roof Surface CUi11�0�It10n Basement None Ceiling 1Nnds X
( Design(Style) Traditional Gutters&Dwnspls. Metal Sump Pump None Walls Floor
P Existing/Proposed Existina Window Type S/H Alum. Dampness None __ Floor None
T Age(Yrs.) 200VNew Storm/Screens Dual-Panes Settlement Nont Outside Entry Unknown
OEffective Age(Yrs-) New Manufactured House N/A Infestation Non;.:
N ROOMS Foyer Living Dining Kitchen _ Den Family Rm. Kee.Ro Bedrooms #Baths Laundry Other Area Sq.Ft.
Basement
OF Level t 1 1 393
Level ] 1 I .5 _ 831
1 Level 3 _ 1 1 11 Stud 796
M (inished area above grade contains: 6 Rooms; 2 Bedroou•,,! 2.50 Balh(s); 2,020 Square Feet of Gross Lrnng Area
P
R INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:
Q Floors Carpet/Tile/Hdwd. Type Central Refrigerator L � None L 1 Fireplace(s)# rr _I Ilone 1
V Walls Drywall _ Fuel (iati Range/oven L_X I Stairs I Patio Open I fl #of ea r, _
EI m,'F•n yh Wood/Painted Condition Nc%v _ Dr i. .ii (Xl Drop Stair �XJ Deck Balcoriy
EBath Floor Tile COOLING 1,shwasher XII Scuttle —, Porch Covered gitiaa chAd —�
-
N 2.1in wainscot Tile _ Central Central Fan/Hood FloorFence _ ��iR'-Irt c
T Dour Wood./Hollow Other N/A Microwave I Xi Heated Pool
S Interior is in new COndllJOn. Condition New LN.uner/Dryer _—J t=niched -� � w•iy t'l"2
/additional features (special energy efficient warts, etc.): Sprinklers,_'Leurity System,C usitim Built-ins. BreakG si. Bar, rantte Countcr>. _
AI ;,eaalion _ _$
C Depreciated Value of Improvements ............. 202 200
FII As-is"Value of Site Improvements ............................... =$ _15.000
_
t INDICATED VALUE BY COST APPROACH 242.200 =$ 242200 Rernn ining Economic Life:60 Remaining Ph sical Life: IOU
ITEM I SUBJECT COMPARABLE N0,1 COMPARABLE NO,2 COMPARABLE NO.3
3813 Westridge Avenue 5207 Byers Avenue 205 Greenwav 91 4360 Salix Ct.
Address Fort North Fort Worth Fort Worth Fort Worth _
Proximity Ir Subject 1 Mile Northeast 4 Blocks North 4 Miles Southeast
Sales Fr.ce _ $ 226.776, $ 274 50 $ 192,50 $ '60 00
Price/Gross Liv Area $ 112.27 1 $ ]08.50 UT 98.72 U $ 1()8.15 41
Vo .cation Source --
andlor Physical Insp. LS/AgenuTax Records MLS/Agent/Tax Records MLS/Ager,.'Tax Records
VAi.Ji i)JUSTMENTS DESCRIPTION DESCRIP HON i O S n l)usunenl DESCRIrTION S Adjustment _DESCRIPTIONSales or (-)S Adfusm,em
Concessions
onventional ( ash Com'cutional
Concessions _ 0-B 0-S — 0-13 0-5_-- — O-B O-`i
ilate ct e'elniue _ 12/o5/03 11/00,03 _ _ 12/29/03 _
=ntipn Rid len Place Arl. Hts. _ Rid lea Greenwav fW.tiow Lake
Leasehold/Fee Simple 'Fee Simple Fee Sim le Fee Simple Fee Simple
Site vera e Average _ Avera e vcrage _
S view "f icai/Houses ypicaL`Houses _ ica /House:, _ Dical/Houses_
A Deign and Appe,,l ` Attached/Av . Attached/Ava. .T ttached/Avg. Attached/Av .
L (7.r., i of Conslructior_ Brick/Avera e rick,/Avera e BriclJAvera e _ Brick/Avera e
E _Age Neµ_ 6 ears +2,50 6 ears +10_00029 years/updated' +2,50_
S
New -— cry Good +2,500 vera e +1 U OOOVery (good +2,500
L, Above Grace Total Bd its Baths Total Bdms Baths Total Bdms. Baths T,tal Bdms, Baths
c�,m 6 2 ; 2.50 7 3 ' 2.50 ' 5 2 ' 2.00_- +2,000 7 4 ' 3.00 ' -2.000
M l nn Area _ -19 20(
I g 2 020 sq.Ft. 2 530 sq.Ft. -25 500 1950 sq.Ft. +3.50 2 404 Sq.Ft. ,
Rcerement 8 r one one None None
Rooms Below Gr.;,
final ut'I't, wera�e Average _ _ Avera2e Averape
oHeau ylcc_• g Central WA Central H/A Central WA Central H/A
N F ay Fff ;nl ms ypik:,d Typical Typical
Garage/Ca,[ 2 Car Gara e 2 Car Gara e 2 Car Gara e 2 Car Gara e
A Porch,Patio,Deck, orch/P;a-10Porch/PatioPorch/Patio Porch/Patio
A Fireplace(s),etc. I Gas _ -2,00 _ 2 WBF'P -4,000
L Fence,Pool,etc.
V _ S rk./Sec. Npr1:.!Scc./Jzi. -2 000 ' rk./Sec. S rk./Sec./Jzi. -2,00
'" NelAdj.+,ISS:til
X1- $ -24-500 l X - • $ 25,50 X - $ -22,200
t
S Ad)usto 1 Sales Price Gross 12.6% Gross 13.2% Gross 12.4%
of Comparable Net -8.9% $ 250,000 Net 13.2% $ 218.00 NeL-8.5% $ 237,80C
C nrnls on Sales Comparison „i a the subject property's compatibility to the neighborhood, etc.): The sub ect property is a new townhome
located in a new development of a well established neighborhood. No sales have closed in this develo ment as it was
only recently com Ip eted. Research revealed no recent sales similar.Lo the subject making it necessary to expand the
normal research boundaries. Sale 42 closed in excess of 6 months but within the previous 12 months and sales 41 and 43
1W more recent transactions. Due to disparities in size between the subject and sale 91, larger than normally desired
ad-mustments arc necessar . These sales are considered to provide a-reasonable indication of value.
ITEM_ SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Date,Price and D.,la /A /A /A N/A
Source,for prior sales
within yea of appraisal Tax Records Tax Records ax Records Tax records
Analysis of any (..,:reid agreement of sale, option, or listing of the subject property and analysis of any prior sates of subp::_t and comparables within one year of the date of appraisal:
The subject is a new home that is under contract for$226,776.OU and has not sold within the previous three years.
INDICATED VALUE BY SALES COMPARISON APPROACH ............I... ...............I............. $ 230) OO(
INDICATED VALUE BY INCOME APPROACH (If Applicable)Estimated Markel Rent$ ___ It.fo.x Gross Rent Multiplier __ = $ _
This appraisal is made ,X I "as is, _ subject to the repairs,alterations,inspections or condition:,listed!:• .:: subject to completion per plans and specifications.
Conditions of Appr: i. N/A
El i �a.,ieconcoaiwrr in the final reconciliation primary emphasis is placed on the sales com ari okt!fi -Si ?l )i o rte
c approach is not utilized .Ls sin le family residences arc not ry icak urchased for incon e �ltg- dui + ilii s.
0; Sis obtained through the Cost Ai)oroach. _
N
C .urpose of this ippialsai is ; omimate the rn.,,kel value of the real property that is the subj—t of this r:;wrt, based on the above cc yen,
I ane limitingcondition, „r,'I market .r."definition that are slated o, the attached^Fred .; Mac Farm 439,^, w%ie L'ae-Favni 10048-(Revi—d
by anyone associated with the sale.
`Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments
are necessary for those costs which are normally paid by sellers as cj result of tradition or law ..i a market area:
these costs are readily i.i,;,tifiable since the seller pays these costs in virtually all sales transactions. Special or
creative financing adjusr,ucnts can be made to the comparable property by comparisons to financing terms offered
by a third party institutional lender that is riot already involved in the property or transaction. Any adjustment
should riot be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollar
amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgment.
STA"I EMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIi11TING CONDITIONS: The appraiser's certification that appears in the appraisal report
is subject to the following conditions:
t. The appraiser will not be rc,porsit>L. for matters of a legal nature that affect either the property being appraised
or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will nut render any
opinions about the title.The property is appraised on the basis of it being under responsible ownership.
[. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements
anu the sketch is included only to assist the reader of the repor? in visualizing the property and understanding the
appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by u..; Federal Emergency Management
Agency (or other data sources) and has noted in the apprai%al report whether the subject site is located in an
;dernlrfied Special Flood Hazard Area. Because the appraiser is riot a surveyor, he or she makes no guarantees,
express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made: an appraisal of the property in
question, unless specific arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the
improvements at their contributory value. The separate valuations of the land and improvements must not be
used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (>uch as, needed repairs, depreciation, the
presence o' hazardous wastes, toxic substances, etc.) observed during the rnspr�cliun of the subject property or that
he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated
in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of thu property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would
nn, the property more or less valuable, and has assumed that there ant , •a srr.h conditions and makes no
guarantees or warranties, ,prest- ur implied, regarding the coudilion of the: f.;oputty. The appraiser will not be
responsible fur any such conditions that do exist or for any engineering of testing that might be required to discover
wh, Cher such coriditions exist. Because the appraiser is not an expert in the Field of environmental hazards, the
appraisal report niust not be..onsidered as an environmental assessment of the property.
7. The appraiser obl..ined the jnformai ri, estimates. and opinions that war.: expressed rn the appraisal report from
souses that he or she considers to tw reliable ami believes them to be ime and correct The appraiser does not
assume.esponsibilily for the acr;uracy of such items that were lurnisheu by other parties
The appraiser will not disclose The contents of t,t- appraisal report except as provided for it. the Uniform
Starrdar.!s of Prnbasional Appraisal r'rachc.:
9 The appraiser has based his or tier appraisal ref::. t and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations an the assumption that compl�t,un of the improvements will be
performed in a workmanlike manner.
10 Tl-.e appraiser mu,t provide his or her prior written consent before the lender/client specified ;n the appraisal
report can distribute the appraisal report (including re.,;clusions about the property value, the appraiser's identity
;,, ; i,,.tcssion-1 designations, grid ru: f,rices to any professional appraisal organizations or the firm with whicrr the
appraiser is assoc;nt,e'.) to anvone other than the borrower, the inn!! ;;,,- : or il5 rssors and assigns; the mortgage
'I,rrur, consultants. , appraisal e,rganizations: any state: or led,:.11y approved financial institution; nr any
property is inferior to, or less favorable than the subject 1 toperty, I have made a positive adjustment to increase the
adju;ted sales price of the comparable.
2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of
market value tit the appraisal report. I have not knowingly withheld any significant information from the appraisal
ration and I believe, to the best '„r my kno"I.Age, that all statements and information in the appraisal report ate
Inde and correct.
3. 1 ataled to the appraisal report only mV own personal, unbiased, and professional analysis, opinions, and
(;(mctusi,rr,s,which ate s,ibject unly to the contingent arid (miting conditions specified in thus itirrn.
•J 1 ha,,,! no present or prwq,.:caive nletast in the properly that is the subject to this report, acid I have no pr,
or pri),peciive personal interest or bias with respect to the participants in the transaction. I did not base, either
I)WI1,tly c,r r•,,ipletely, my analyse and/or the estimate of market value in the appraisal report on the race, color,
reuy on, aex, handicap. familial status, or national origin of either ilia prospective o,iners or occupants of the subject
property or of the present owners or occ ipants of the properties in the vicinity of the subject property.
5. ! have no present or contemplated future intern t in the std le, l property, and neither my current or future
empi—_ -:nt nor my compensation for performing this apprais;,: is contingent un the appraised value of the property
6. 1 was not required to report a predetermined value or direction in valno that favors the cause of the client or
any related party, the amount of the value :istimate, the .ill.yinineiit of a specific result, or the occurrence of a
subsequent event in order to receive my compensation and/or employment for performing the a;,praisal. I did not
baste the appraisal report on a requested minimurn valuation, a specific valuation, or the need to apurove a specific
mcirtyagt loan.
7. 1 per-tormed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were
adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were to place as
of the effective date: of this appraisal, with the exception of the dep ,tire provision of those Standards, which does
not .ipply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in
Ih(. !NN,ition of market value and the estimate I developed is consistent with the marketing time noted in the
neighborhood sect m of Elns report,unless I have otherwise stated in the reconciliation section.
8 1 have personally inspected the interiw and exterior areas of the subject property and the exterior of ,SII properties
listed as cumparables to the appraisal report_ I further certify that I have noted any apparent or known adverse
conditions to the subject unprovemetits, on the subject site, or on any site within the immediate vicinity of the
subject property of which I am aware arid have made adjustments for these adverse conditions in my analysis of
the property value to the extent that I had market evidence to support them. I have also commented about the
effect of the adverse coitus. .n )n the marketability of the subject properly.
9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report.
If I relied an significant professional assistance from any individual or individuals in the performance of the
appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific• tasks
performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is
qualified to perform-, the tasks. I have not aulhonzud -anyone to make a change to any item in the report; therefore,
if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory apprro cr signed the appraisal report,he or she
cerahes and agrees that: I directly supervise the appraiser who prepared the appraisal report, hay,, reviewed the appraisal
report, agree with the statements and conclusions of the appraiser. agree to be bound by the appraiser's certifications
numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 3813 Westrid . Avenuc, Fort Worth, TX 76116
APPRAISER: SUPERVISORY APPRAISER (only if required).
Signature: --'+>?--. Signature:
cs;�� — -
Name: Robert C. Totten Name.
Date Signed: June 23, 2004 Date Signed: _
State Certification-#: TX-1321494-R State Cenificaiion
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Bedroom Living Room CLI, ige 20.2'
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45' 7'
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13' 13'
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-SUMMARY. . .. :. SQ FT:AREA PERIMETER AREA`CALCULATION DETAILS �
Living Area Firs,Floor
F rst Floor 393 85 12.0 X 23.4 = 280.8
jr_!1- wr 831 128 7.0 X 15.4 = 107.8
Third Fiuur 796 128 1.0 X 4.0 = 4.0
Total 2020 341 Total 392.6
Second Floor
Garage/C:.,t w 19.0 X 41 0 = 77'4.0
Attacried Garage 412 86 13.0 .,, 4.0 = °,2.0
Tot— 831 0
Third Floor
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13.0 X 9.8 = 127.4
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PLAT SHOWING
BEING Lot 2 , in Block 1R of Ridglea Place, on Addition to the City of
Fort Worth, Tarrant County, Texas according to the Revised Plat of said addition
recorded in Cabinet A, Slide 8638, Plat records of Tarrant County, Texas.
3813 WESTRIDGE AVENUE
LOT 3 )3'1.
town WAW)N B8°43'23"59.53'
WALKaa145.0S 88°43'23"
LOT 1
III
"FLOOD CERTIFICATION"
Subject property is located in
Zone X according to the Fload
Insurance Rate Map Community
Panel Map N 48439CO381 H
Dated: AUGUST 2, 1995
"Zone X" (unshaded)
Areas determined to be outside
500—year floodplain. KR
k
"The Plat hereon Is a true,correct and accurate representation
of the propert( as being
as determined by survey,the
the lines and dimensions T TAT BARROW
BROW I
of said proper bein as indicated b the Plat, the size, location 1 �v f.]H yd
and type of buildings and improvements are as shown, all
improvements being within the boundaries of the property,except
OF TTS as shown, set back from the property lines the distances indicated REGISTERED PROFESSIONAL
�F �1sTEand that the distance from the nearest intersecting street or road
R a
GJf4 ` t, is as shown on said Plat. There are no encroachments, conflicts, LAND SURVEYOR
protrusions or apparent easements,except as shown:"
..:.....................
T.W. BARW
1994RO,,:' 7104 GRAPEVINE HIGHWAY
Ir.
r9.�0 Cg�O?�o 05-26-2004 FORT WORTH, TEXAS 76118..F.
.... .. DATE:
(817) 268-0200
0 .................................................................IRON ROD
X--X-- ..-.........................................FENCE LINE
T--E-- ........................................UTILITY LINE SCALE: 1" = 20' RP 1-1 R-02
'��• I��• t� FORT WORT x
DepartmentsHome I Council Agenda I M&C I Employee Directory I Morning Report I Ads I PRS I Solution Zone
Print M&C
COUNCIL ACTION: Approves! on 11/18/2003
DATE: 11/18/2003 REFERENCE NO.: C-19864 LOG NAME: 05BLVD BUILDERS
CODE: C TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT: Approval of Tax Abatement Agreement with Ridglea Place, LP for 55 Real Estate Properties
Located in the Ridglea Village/Como Neighborhood Empowerment Zone
RECOMMENDATION:
It is recommended that the City Council:
1. Approve a five-year Municipal Property Tax Abatement for each of 55 Real properties listed in Exhibit "A",
owned by Ridglea Place, LP and located in the Ridglea Village/Como Neighborhood Empowerment Zone
(NEZ) for the development of townhomes; and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement with Ridglea
Place, LP are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Ridglea Place, LP for
each of the properties listed on Exhibit "A" in accordance with the NEZ Tax Abatement Policy and Basic
Incentives.
DISCUSSION:
Ridglea Place, LP is the owner of the 55 properties listed in Exhibit"A". The real properties are located in
the Ridglea Village/Como NEZ and Neighborhood Empowerment Reinvestment Zone No. 2. Ridglea Place,
LP applied for a five-year municipal property tax abatement under the NEZ Tax Abatement Policy and Basic
Incentives (M&C G-13208R, M&C G-13580 and M&C G-13662, as amended). The Housing Department
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.
Ridglea Place, LP will invest, at a minimum, $6,215,000 to construct 55 town homes in the Ridglea/Como
NEZ. In order for Ridglea Place, LP to qualify for the tax abatement, Ridglea Place, LP must construct the
townhomes with a minimum of 1700 square feet that will appraise for$140,000. A more detailed 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 estimated pre-
improvement value as defined by the Tarrant Appraisal District (TAD) on January 1, 2003, for each one of the
properties as follows:
Pre-improvement TAD Value of Improvements $0
Pre-improvement Estimated Value of Land $17,040
Total Pre-improvement Estimated Value $17,040
The municipal property tax on the improved value of the homes is estimated at $684 per year on each
property for a total of$188,100 over the five-year period for the 55 homes. However, this estimate maybe
different from the actual tax abatement value, which will be calculated based on the TAD appraised value of
the property. Upon the sale of the home, 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 Ridglea Place, LP'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.
Ridglea Place, LP is located in COUNCIL DISTRICT 3.
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 C Walker (7537)
Additional Information Contact: Jerome C Walker (7537)
Elizee Michel (7336)
ATTACHMENTS
Attach mentsTA.doc