File #: 13-767    Name: Warranty Deed 402 Rice Street
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 8/5/2013 Final action: 8/5/2013
Title: Consider/Discuss/Act on a Resolution Authorizing the City Manager to Participate in Execution of Deed without Warranty for 402 Rice Street
Attachments: 1. Agenda Item Summary, 2. Resolution, 3. Deed without Warranty, 4. Land Disposition Policy
Title
 
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Participate in Execution of Deed without Warranty for 402 Rice Street
Summary
 
MEETING DATE:      August 5, 2013
 
DEPARTMENT:       Housing and Community Development Department/Housing Services Division
 
CONTACT:        Cristel Todd, Affordable Housing Administrator
 
 
RECOMMENDED CITY COUNCIL ACTION:            
·      Adopt resolution
 
ITEM SUMMARY:  
  • This resolution authorizes the City Manager to execute a Deed without Warranty in the disposition of a vacant residential property owned by the City of McKinney located at 402 Rice Street.
  • The City of McKinney has received an offer from Ronald Lustig with Bungalow Company to purchase 402 Rice Street.
  • A Deed without Warranty begins the process for disposition of property.
  • Brown & Hofmeister, L.L.P, prepared the Deed without Warranty.      
      
BACKGROUND INFORMATION:  
·      The sale of this property is in accordance with the Land Disposition Policy directed and approved by City Council on December 2, 2003.
            
FINANCIAL SUMMARY:  
·      The Housing Services Division agrees to participate in the sale of the above mentioned property at a price not greater than $10,000.00.
  • Back taxes in the amount of $262.23 are owed on this property and will be paid with proceeds from the sale.
 
BOARD OR COMMISSION RECOMMENDATION:
·      N/A