Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Enter into a Real Estate Purchase Agreement and Any Other Documents Related Thereto, for Property Located at Park Place Tract 1, McKinney, Texas
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: April 4, 2017
DEPARTMENT: Purchasing
CONTACT: Lisa Littrell, Purchasing Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution
ITEM SUMMARY:
• The property was obtained in a tax foreclosure sale in February 2016.
• The Purchasing Department held an online auction for the sale of real property located at Park Place Tract 1, McKinney, Texas.
• Online auction closed on March 21, 2017.
• Highest bid was received from Billy Tate in the amount of $200,000.00.
BACKGROUND INFORMATION:
• The property was sold at a Sheriff’s Sale on December 4, 2012. There were no bidders and the property was struck off to the City for itself and on behalf of the other taxing jurisdictions.
• A contract was negotiated with Rene’ Bates Auctioneer, Inc. to perform an online auction for 5% of the gross sales price as the agreed compensation.
FINANCIAL SUMMARY:
• Proceeds from the auction will be applied to outstanding taxes and fees, $13,912.51. The remaining proceeds after taxes and fees will be distributed to each taxing jurisdiction proportional to their taxable stake in the property:
MISD: $116,379.16
City: $ 44,632.93
County: $ 18,479.50
CCCCD: $ 6,595.90
Total: $186,087.49
BOARD OR COMMISSION RECOMMENDATION: N/A