File #: 12-075    Name: Warranty Deeds 212 & 308 Lincoln St
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 2/7/2012 Final action: 2/7/2012
Title: Consider/Discuss/Act on a Resolution to Authorize City Manager to Participate in Execution of Special Warranty Deeds for 212 Lincoln Street and 308 Lincoln Street
Attachments: 1. Resolution, 2. Special Warranty Deed -212 Lincoln St, 3. Special Warranty Deed - 308 Lincoln St, 4. Land Disposition Policy

Title

Consider/Discuss/Act on a Resolution to Authorize City Manager to Participate in Execution of Special Warranty Deeds for 212 Lincoln Street and 308 Lincoln Street

 

Summary

 

MEETING DATE:                     February 7, 2012

 

DEPARTMENT:                      Community Services Department - Affordable Housing Services Office

 

CONTACT:                       Cristel Todd, Affordable Housing Administrator

 

 

RECOMMENDED CITY COUNCIL ACTION:                     

•                     Approve resolution

 

ITEM SUMMARY: 

  • This resolution authorizes the City Manager to execute Special Warranty Deeds with local taxing entities (McKinney ISD, Collin County and Collin County Community College) in the disposition of tax-delinquent vacant residential properties held by all taxing entities located at 212 Lincoln Street and 308 Lincoln Street.
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  • The City of McKinney has received an offer from Esperanza Tanguma of McKinney to purchase 212 Lincoln Street and 308 Lincoln Street for $20,000. This offer will cover the court costs and cost of sale; first out of the proceeds pursuant to the Texas Property Tax Code with the remainder distributed to the taxing jurisdictions pro rata.
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  • The Special Warranty Deeds have been signed by all of the other taxing entities.
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  • A Special Warranty Deed begins the process for disposition of tax-delinquent property held by all taxing entities.
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  • City tax attorneys Gay, McCall, Isaacks, Gordon & Roberts, P.C, prepared the Special Warranty Deeds.
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  • The properties were acquired having been struck off to the taxing entities subsequent to sheriff’s sale.

 

 

BACKGROUND INFORMATION: 

  • The sale of this property is a part of the Land Disposition Policy directed and approved by City Council on December 2, 2003.

 

 

FINANCIAL SUMMARY: 

  • The Affordable Housing Services Office agrees to participate in the sale of the above mentioned property at a price of not less than the court cost and costs of sale amount and not greater than $20,000.
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  • Statutory amounts paid prior to taxes: $12,492.23
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  • Offer Disbursement: City $1,346.75; County $552.04; CCCCD $198.51 and MISD $3,514.66. In addition, the City has a lien on the property in which $1,895.81 will be paid.

 

 

BOARD OR COMMISSION RECOMMENDATION:

•                     N/A