M&C Review

COUNCIL ACTION:  Approved on 3/20/2018 
DATE: 3/20/2018 REFERENCE NO.: **C-28618 LOG NAME: 19SPARKLEASSIGN
CODE: C TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Authorize Execution of Consent to Assignment of City Secretary Contract No. 44145, a Tax Abatement Agreement with Sparkle Express, LLC, to DFW Auto Care, LLC, in the Hemphill/Berry Neighborhood Empowerment Zone (COUNCIL DISTRICT 9)
RECOMMENDATION:

It is recommended that the City Council authorize the execution of a Consent to Assignment of City Secretary Contract No. 44145, a Tax Abatement Agreement between the City and Sparkle Express, LLC, to DFW Auto Care, LLC, in the Hemphill/Berry Neighborhood Empowerment Zone.

 
DISCUSSION:

On January 15, 2013, the City Council approved a five-year Tax Abatement Agreement (Agreement) with Sparkle Express, LLC (Company) related to the construction of an exterior express car wash on property located at 113 Thornhill Drive in the Hemphill/Berry Neighborhood Empowerment Zone (M&C C-26061), City Secretary Contract No. 44145).

The Company now wishes to transfer the project to DFW Auto Care, LLC (Criterion). Under the Agreement, the Company is prohibited from assigning the Agreement to another party without the City Council's consent. In order to facilitate the transaction, a Consent to Assignment Agreement between the City, the Company and the purchaser will be required. All terms of the Agreement remain the same.

DFW Auto Care will be required to meet all obligations of the Company under the Agreement. The City will continue to receive the public benefits resulting from development of this project.

The project is located in COUNCIL DISTRICT 9.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that upon approval of the above recommendations an estimated $10,966.00 in property taxes will be abated over the two years left in the abatement period from 2018-2019. This amount will be included in the City's five year financial forecast.  
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FROM
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ID		 Account Project
ID		 Program Activity Budget
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Submitted for City Manager's Office by:
Fernando Costa (6122)
Originating Department Head:
Aubrey Thagard (8187)
Additional Information Contact:
Sarah Odle (7316)
 
 
ATTACHMENTS
  113Thornhill_NEZMapsforCouncil.pdf
  Form 1295 DFW Auto Care.pdf