Title
Consider/Discuss/Act on a Resolution to Authorize City Manager to Participate in Execution of Special Warranty Deed for 407 S Kentucky Street
Summary
MEETING DATE: December 4, 2012
DEPARTMENT: Housing and Community Development/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 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 407 S Kentucky Street.
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- The City of McKinney has received an offer from Ronald Lustig with Bungalow Company to purchase 407 S Kentucky Street.
- A Special Warranty Deed begins the process for disposition of tax-delinquent property held by all taxing entities.
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- City tax attorneys Gay, McCall, Isaacks, Gordon & Roberts, P.C, prepared the Special Warranty Deed.
- All the other taxing entities have signed off on the Special Warranty Deed.
- The property was acquired having been "struck off" to the taxing entities subsequent to sheriff's sales.
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 of not less than the court cost and costs of sale amount and not greater than $10,000.00.
- The court cost and cost of sale total $2,343.61.
BOARD OR COMMISSION RECOMMENDATION:
· N/A