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CONTRACT NO .
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between United Riverside Rebuilding Corporation ("Assignor") and Rosie Brown
Ward, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Rosie Brown Ward and the City of Fort Worth, Texas (the "City") entered into
that certain Tax Abatement Agreement ("Agreement") for Property Located 2901
Ennis Ave.; Block 81, Lots 5 and 6; Riverside Addition ("Property") which is
located in the Riverside Neighborhood Empowerment Zone, such Agreement
approved by the City Council of Fort Worth December 9, 2003, City Secretary
Contract Number 29425 ("Agreement"):
B. Pursuant to that certain Special Warranty Deed dated as of 12-23-2003, recorded
under Tarrant County Deed Records, Rosie Brown Ward conveyed the Property
to Assignor and Assignor acquired title to the Property which is the subject of the
Agreement:
C. Section 5 of the Agreement permits Rosie Brown Ward to assign all of its rights
under the Agreement to United Riverside Rebuilding Corporation ("United
Riverside") without obtaining the prior consent of the City Council:
D. Rosie Brown Ward assigned the Agreement to United Riverside Assignor, such
Agreement is dated December 23, 2003, City Secretary Contract Number
E. Pursuant to that certain Special Warranty Deed dated as of_November 10, 2004,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Rosie Brown Ward and Assignee acquired title to the real property, which is the
subject of the Agreement.
F. 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:
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.
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R WORTH, TEX,
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 November 10, 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 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:
Rosie Brown Ward
2901 Ennis Ave.
Fort Worth, TX 76111
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ASSIGNOR:
United Riverside Rebuilding Corporation
201 South Sylvania Ave.
Fort Worth, TX 76111
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.
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 abo e written.
ASS OR. ted Riverside Rebuilding Corporation
Name: Kelly All ray
Title: Executive Director
ASSIGNEE: Rosie Brown Ward
Name: Rosie Brown Ward
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CITY OF FORT WORTH
Dale Fisseler
Assistant City Manager
ATTEST:
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City Secretary
APP VED AS TO FORM AND LEGALITY:
L4
thia Garcia
Assistant City Attorney
M & C: C-19893
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 2kday of
`711A�,eh , 2005.
Notary Public ki and for
the State of Texas
KATHY F.DURHAM
'e MY COMMISSION EXPIRES
January 24,2009
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Kelly Allen
Gray, Executive Director of United Riverside Rebuilding 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 the United Riverside Rebuilding
Corporation.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this /If'day of
V1 , 2005.
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Not Public in and for
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the St tp of Texas
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STATE OF TEXAS
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§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Rosie Brown
Ward, 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.
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/9/2003
DATE: Tuesday, December 09, 2003
LOG NAME: 05RIVERNEZ REFERENCE NO.: C-19893
SUBJECT:
Approval of Tax Abatement Agreement with Rosie Brown Ward for Property Located in the
Riverside Neighborhood Empowerment Zone at 2901 Ennis Avenue
RECOMMENDATION:
It is recommended that the City Council
1. Approve the application of Rosie Brown Ward, owner of the property located at 2901 Ennis Avenue for
a five-year Municipal Property Tax Abatement for the above mentioned property in the Riverside
Neighborhood Empowerment Zone (NEZ); and
2. Find that the statements set forth in the recitals of the attached Tax Abatement Agreement (the
Agreement) with Rosie Brown Ward are true and correct; and
3. Authorize the City Manager to enter into a separate Tax Abatement Agreement with Rosie Brown Ward
for each property in the Riverside NEZ in accordance with the NEZ Tax Abatement Policy and Basic
Incentives.
DISCUSSION:
Rosie Brown Ward is the owner of the property at 2901 Ennis Avenue (Riverside Addition, Block 81, W90
feet, Lots 5 and 6). The property is located in the Riverside NEZ and Neighborhood Empowerment
Reinvestment Zone (NERZ No. 11).
Rosie Brown Ward applied for a five-year municipal property tax abatement under the NEZ Basic
Incentives (M&C G-13208R, M&C G-13580, M&C G-13662, and M&C C-19551, 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.
Rosie Brown Ward will invest $74,000 to demolish the current structure and construct one new single-
family home in the Riverside NEZ. A description of the home to be constructed is attached as Exhibit
A. The form of the agreement is attached as Exhibit B.
Upon execution of the agreement, the total assessed value of the improvement used for calculating
municipal property tax will be frozen for five years at the most recent pre-improvement value as defined by
the Tarrant Appraisal District (TAD). The tax abatement only applies to the improvement value, not the
land. The term of the abatement was completed and, unless sooner terminated, shall end on December 31
immediately preceding the fifth anniversary of the beginning date. On January 1, 2003, TAD estimated the
pre-improvement value as follows:
Logname: 05RIVERNEZ Page 1 of 2
Pre-improvement estimated TAD value of land $ 2,000
Pre-improvement TAD value of improvements $21,800
Total pre-improvement estimated value $23,800
The municipal property tax on the improved value of the new home is estimated at $338 per year on the
property for a total of $1,692 over the five-year period. 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 Rosie Brown Ward's first mortgagee, or to a homebuyer 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.
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 b Reid Rector (6140)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Chris Anderson (7331)
Logname: 05RIVERNEZ Page 2 of 2