File #: 12-1085    Name: Special Warranty Deed 407 S Kentucky
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 12/4/2012 Final action: 12/4/2012
Title: Consider/Discuss/Act on a Resolution to Authorize City Manager to Participate in Execution of Special Warranty Deed for 407 S Kentucky Street
Attachments: 1. Agenda Item Summary, 2. Resolution, 3. Special Warranty Deed, 4. Land Disposition Policy
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.
    • 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.
    • 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