Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Participate in Execution of Special Warranty Deed for 1100 W. Louisiana Street
Summary
MEETING DATE: November 18, 2014
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 Interim City Manager to execute a Special Warranty Deed with local taxing entities (McKinney ISD, Collin County and Collin County Community College) in the disposition of tax-delinquent vacant residential property held by all taxing entities located at 1100 W. Louisiana Street.
· The City of McKinney has received an offer from Ronald Lustig with Bungalow Company to purchase 1100 W Louisiana Street.
· A Special Warranty Deed prepared by City tax attorneys Gay, McCall, Isaacks, Gordon & Roberts, P.C., begins the process for disposition of tax-delinquent property held by all taxing entities.
· The property was acquired having been "struck off" to the taxing entities subsequent to a Sheriff's sale.
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 less than the combination of court costs, Constable fees, and cost of publication notices which total $4,149.50 and an amount not greater than $60,500.00.
BOARD OR COMMISSION RECOMMENDATION:
· N/A