HomeMy WebLinkAboutContract 36803-CA3 CITY SECRETARY-
CONTRACT NO. S - A,
ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Impression Homes, L.L.C., ("Assignor") and Maria L. Arroyo, Michael
J. Guerrero and Isabel M. Guerrero, ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Waterview Estates, L.P., Pars Investment, Inc., General Partner ("Waterview")
and the City of Fort Worth, Texas (the "City") entered into that certain Tax
Abatement Agreement("Agreement") for Property Located 5805 Maui Drive; Lot
12; Block 5; Waterfront at Enchanted Bay; an Addition to the City of Fort Worth,
Tarrant County, Texas, according to the plat recorded and filed in Cabinet A;
Slide No. 11723, Plat Records, Tarrant County, Texas ("Property") which is
located in the Lake Arlington Neighborhood Empowerment Zone, such
Agreement approved by the City Council of Fort Worth November 6, 2007, City
Secretary Contract Number 36803 ("Agreement"):
B. Section 5 of the Agreement permits Waterview to assign all of its rights under the
Agreement to CTMGT Waterview Estates FL-1, LLC ("CTMGT"), without
obtaining the prior consent of the City Council, such Agreement is dated
September 27, 2013, City Secretary Contract Number 36803-CAL
C. Section 5 of the Agreement permits CMGT to assign all of its rights under the
Agreement to Impression Homes, L.L.C. ("Impression"), without obtaining the
prior consent of the City Council:
D. CMGT assigned the Agreement to Impression (Assignor), such Agreement is
dated November 21, 2014, City Secretary Contract Number 36803-CA2:
E. 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:
F. Pursuant to that certain Special Warranty Deed dated as of February 13, 2015,
recorded under Tarrant County Deed Records, Assignor conveyed the Property to
Maria L. Arroyo, Michael J. Guerrero and Isabel M. Guerrero 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
rrnn contained and other good and valuable consideration,the receipt and sufficiency of which
n are hereby acknowledged,the parties hereby agree as follows:
m
rn
Assignment of Tax Abatement Contract#36803-CA2
from Impression Homes, LLC,to Maria L. Arroyo, Michael J. Guerrero
c and Isabel M. Guerrero. OFFICIAL RECORD
°O 1 CITY SECRETARY
FT.WORTH, TX
1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all
rights, duties, obligations, title and interest under the Agreement to Assignee.
I
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 February 13, 2015,
("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&Economic Development Department
Neighborhood Empowerment Zone Program
1000 Throckmorton
Fort Worth, Texas 76102
Assignment of Tax Abatement Contract#36803-CA2
from Impression Homes, LLC,to Maria L. Arroyo, Michael J. Guerrero
and Isabel M. Guerrero.
2
ASSIGNOR: ASSIGNEE:
Impression Homes, L.L.C. Maria L. Arroyo, Michael J.Guerrero
P.O. Box 92726 Isabel M. Guerrero
Southlake, Texas 76092 5805 Maui Drive
Fort Worth, Texas 76119
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 above written.
ASSIGNOR: Imp ssi n Hom ,
Name: n 1�
Title: _ n ember
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appearedea-�
�ry -Hzikkimn, MaRaging MevAbax of Impression Homes, L.L.C.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 Impression Homes, L.L.C. a Texas
limited liability company.
!—� GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
2015.
v"' ASHLEY MARIE HAMMACK
MY COMMISSION EXPIRES
I_ :;�..�� October 17,2016
(kPublic in and for
the State of Texas
Assignment of Tax Abatement Contract#36803-CA2
from Impression Homes, LLC,to Maria L. Arroyo, Michael J. Guerrero
and Isabel M. Guerrero.
3
ASSIGNEE: Maria L. Arroyo
C-flu G -'00( I�
Name: Maria L. Arr o
ASSIGNEE: el J. Guerrero
N Michael J. Guerrero
ASSIGNEE: Isabel M. Guerrero
1) AtkfkrT
-
ame: Isabel M. Guerrero
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Maria L.
Arroyo, 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 1�911�— ay of
2015.
Potarvy�Public in and for
the State of Texas �+ ASHLEY MARIE HAMMACK
MY COMMISSION EMPIRE"'
zvyt s October 17,2^t
CITY OF FORT WORTH SIGN
HERE
Fernando Costa ;•: •:•:
Assistant City Manager
Assignment of Tax Abatement Contract#36803-CA2
from Impression Homes, LLC, to Maria L. Arroyo, Michael J. Guerrero
and Isabel M. Guerrero.
4
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ATTEST: °° 0
C�
iV42"�— 0" a
Aay Kays i y SecreI4 0000osaCA
APPROVED AS TO FORM AND LEGALITY:
Melinda Ramos
Sr. Assistant City Attorney
M & C: C-22514
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
Fernando Costa, 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 ICNDER MY H ND AND SEAL OF OFFICE this , 'day of
Notary Publiqlnand
TRIKiNYA L. JOHNSON
the State of Texas =' �= Notary Public,State of Texas
J� h: My Commission Expires
April 17, 2018
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH,TX
Assignment of Tax Abatement Contract 436803-CA2
from Impression Homes, LLC, to Maria L. Arroyo, Michael J. Guerrero
and Isabel M. Guerrero.
5
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Michael J.
Guerrero, 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
, 4
L0
otuy Pu lic in and or (` _
the State of Texas
i ' ' ASHLEY MARIE HAMMA- CiC
MY COMMISSION EXPIRES
October 17,2016
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Isabel M.
Guerrero, 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 M7Y HAND AND SEAL OF OFFICE this ( '' day of
19T4. �D
otary Public in and for *;'A `<:=ARIEthe State of Texas ' =
Assignment of Tax Abatement Contract#36803-CA2
from Impression Homes, LLC,to Maria L. Arroyo,Michael J. Guerrero
and Isabel M. Guerrero.
6
a
M&C Review
Official
CITY COUNCIL_AGENDA FORTY _WORTH
COUNCIL ACTION: Approved As Amended on 11/6/2007
DATE: 11/6/2007 REFERENCE C-22514 LOG NAME: 05ENCHANTEDBAY
NO..
NOW PUBLIC
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
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
M&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 $2,025.00
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 f'or City Manager's Office bv: Dale Fisseler (6140)
Originating Department Head: Jerome Walker (7537)
Additional Information Contact: Sarah Odle (7316)
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M&C Review
ATTACHMENTS
Continued Exhibit B for M&C. -df
Exhibit A for M&C.xls
Exhibit B for M&C.doc
Final TA Agreement for M&C.doc
Location Map for M&C.pdf
http://apps.cfwnet.org/council_packet/mc review.asp?ID=8145&councildate=11/6/2007[09/19/2013 3:35:54 PM]
Exhibit "A"
WATERFRONT AT ENCHANTED BAY
PHASE 1A
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
1,910k- Lqa S r#qt dress SwJbdly !�ia.n
1 1 5641 Grenada Drive Waterfront At Enchanted Bay
1 2 5637 Grenada Drive Waterfront At Enchanted Bay
1 4 5629 Grenada Drive Waterfront At Enchanted Bay
1 6 5621 Grenada Drive Waterfront 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
J
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
Stock Lot Street Add"
2 17 5572 Thunder Bay Dr. Waterfront At Enchanted Bay
2 18 5568 Thunder Bay Dr. Waterfront At Enchanted Bay
2 19 5564 Thunder Bay Dr. Waterfront At Enchanted Bay
2 20 5560 Thunder Bay Dr. Waterfront At Enchanted Bay
2 21 5556 Thunder Bay Dr. Waterfront At Enchanted Bay
2 22 5552 Thunder Bay Dr. Waterfront At Enchanted Bay
2 23 5548 Thunder Bay Dr. Waterfront At Enchanted Bay
2 24 5544 Thunder Bay Dr. Waterfront At Enchanted Bay
2 25 5540 Thunder Bay Dr. Waterfront At Enchanted Bay
2 26 5536 Thunder Bay Dr. Waterfront At Enchanted Bay
2 27 5532 Thunder Bay Dr. Waterfront At Enchanted Bay
2 28 5528 Thunder Bay Dr. Waterfront At Enchanted Bay
2 29 5524 Thunder Bay Dr. Waterfront At Enchanted Bay
2 30 5516 Thunder Bay Dr. Waterfront At Enchanted Bay
3 1 5621 Thunder Bay Dr. Waterfront At Enchanted Bay
3 2 5617 Thunder Bay Dr. Waterfront At Enchanted Bay
3 3 5613 Thunder Bay Dr. Waterfront At Enchanted Bay
3 4 5609 Thunder Bay Dr. Waterfront At Enchanted Bay
3 5 5601 Thunder Bay Dr. Waterfront At Enchanted Bay
3 6 5561 Thunder Bay Dr. Waterfront At Enchanted Bay
3 7 5553 Thunder Bay Dr. Waterfront At Enchanted Bay
3 8 5549 Thunder Bay Dr. Waterfront At Enchanted Bay
3 9 5545 Thunder Bay Dr. Waterfront At Enchanted Bay
3 10 5541 Thunder Bay Dr. Waterfront 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 Waterfront At Enchanted Bay
3 23 5432 Grenada Drive Waterfront At Enchanted Bay
3 24 5436 Grenada Drive Waterfront 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 Waterfront 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 1A
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
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 Ba
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 1 19 5356 Grenada Drive Waterfront At Enchanted Ba
Page 3 of 3