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.
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.
The Special Warranty Deeds have been signed by all of the other taxing entities.
A Special Warranty Deed begins the process for disposition of tax-delinquent property held by all taxing entities.
City tax attorneys Gay, McCall, Isaacks, Gordon & Roberts, P.C, prepared the Special Warranty Deeds.
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.
Statutory amounts paid prior to taxes: $12,492.23
Offer Disbursement: City $1,346.75; County $552.04; CCCCD $198.51 and MISD...
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