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