Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Participate in the Execution of a Special Warranty Deed for the Property Being Lot 0003A, Block 2, of the Russell #01 Addition, aka 711 E. Standifer Street, City of McKinney, Collin County, Texas
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: April 19, 2016
DEPARTMENT: Housing and Community Development / Housing Services Division
CONTACT: Janay Tieken, Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution
ITEM SUMMARY:
• This Resolution authorizes the Interim City Manager to execute a Special Warranty Deed in the disposition of tax-delinquent vacant residential property held by all taxing entities being Lot 0003A, Block 2 of the Russell #01 Addition, aka 711 E. Standifer Street, City of McKinney, Collin County, Texas.
• The City of McKinney has received an offer from Robert Wakefield to purchase property being Lot 0003A, Block 2 of the Russell #01 Addition, aka 711 E. Standifer Street, City of McKinney, Collin County, Texas.
• A Special Warranty Deed prepared by City tax attorneys Gay, McCall, Isaacks & Roberts, P.C., begins the process for disposition of tax-delinquent property held by all taxing entities.
• This offer of $14,500.00 is for more than the minimum bid at the Sheriff’s Sale, if any taxing jurisdictions agree to accept, the property may be sold for that amount.
BACKGROUND INFORMATION:
• The property was “struck off” to the taxing entities subsequent to a Sheriff’s sale, for the total judgment amount, $14,383.47, which includes taxes, penalties, and interest, cost of court and costs of sale.
• Of that amount, $2,454.75 is for a City of McKinney demolition lien. This lien will be extinguished by the sale.
FINANCIAL SUMMARY:
• The Housing Services Division agrees to participate in the sale of the above mentioned property at a price not less than the combination of court costs, Constable fees, demolition lien, and cost of publication notices which total $9,079.52 and an amount not greater than $14,500.00.
BOARD OR COMMISSION RECOMMENDATION: N/A