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HomeMy WebLinkAboutContract 40101w w •LMI'' • CONTRACT OF SALE AND PURCHASE (Sale by City of Fort Worth of Tax Foreclosed Property) THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, a home rule municipal corporation acting by and through T.M. Higgins, its duly authorized Assistant City Manager, acting for the use and benefit of itself and the County of Tarrant, JPS Hospital District, Tarrant County College District, Tarrant County Right of Way District, Tarrant County Regional Water District, Fort Worth Independent School District and the Tarrant County Education District ("Seller") and Minh L. Bui ("Purchaser") as of the date on which this Contract is executed by the last to sign of Seller and Purchaser ("Effective Date"). RECITALS 1. Seller is the owner of Block 2, Lot 5, Homewood Addition, situated in the City of Fort Worth, Tarrant County, Texas as shown by a Deed of Record in Volume 6884, Page 212 of the Deed Records of Tarrant County, Texas. Account Number 01358553, together with any easements, rights -of -way, licenses, interests, benefits, privileges and rights appurtenant thereto (collectively, the "Property"), as shown and more particularly described on the attached Exhibit "A", incorporated herein for all purposes. 2. Seller desires to sell the Property for the adjudged value specified in the Judgment dated April 4, 2006 in (Cause No. 13-31822-02). 3. Purchaser desires to acquire the Property for the purpose of developing a Strip Mall consisting of a Convenience Store, a Laundromat, a Donut Shop and a Barber Shop, 4. Seller will convey the Property through direct sale in accordance with Section 34.05 of the Texas Tax Code AGREEMENT In consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Purchaser agree as follows: Section 1. Agreement of Sale and Purchase. (a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to purchase and accept the Property from Seller, for the purchase price (as defined below), subject to the terms and conditions set forth in this Contract. CFW Tax Foreclosed Sale 4611 Miller Avenue Oft=ICiALRECORD CITY SECRETARY FT. ,Fs<"'RTH, TX Page 1 of 13 11/18/2009 (b) Seller shall convey the Property to Purchaser in AS IS" condition free and clear of all City liens, but subject to ad valorem taxes accruing after the Judgment, if any. Section 2. Purchase Price. The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller in cash at Closing (defined below), is Twenty -Six Thousand Two Hundred Eighty and 89/100 Dollars ($26,280.89). Section 3. Title Commitment and Survey. (a) Within thirty (30) days after the Effective Date, Purchaser may obtain at Purchaser's sole cost and expense (i) a Commitment for Title Insurance and Title Policy ("Title Commitment") from the Title Company of Purchaser's choice ("Title Company"), setting forth the status of the title of the Property and showing all claims, easements, rights -of -way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to, plats, reservations, restrictions, and easements. (b) Purchaser may, at its sole cost and expense obtain a survey ("Survey") of the Property.. (c) If the Title Commitment discloses any Encumbrances or other matters that are not acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give Seller written notice thereof within fifteen (15) days after receipt of the Title Commitment and all documents referred to in the Title Commitment, specifying Purchaser's objections ("Objections"), if any. Seller has no obligation to cure the objections. (d) If Purchaser gives notice of Objections and Seller does not cure the Objections, cause the Title Commitment to be amended to give effect to matters that are cured, and give Purchaser written notice thereof within the fifteen (15) day period following receipt of the notice from Purchaser ("Cure Period"), Purchaser shall have the right either (1) to terminate this Contract by giving written notice thereof to Seller at any time after the expiration of such Cure Period. Upon such termination, or (ii) to waive the Objections and consummate the purchase of the Property subject to the Objections which shall be deemed to be Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is diligently prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then Purchaser in Purchaser's sole discretion may extend the Cure Period for an amount of time Purchaser deems necessary for Seller to cure the same. Section 4. Representations, Warranties, "AS IS" CFW Tax Foreclosed Sale 4611 Miller Avenue Page 2 of 13 11/18/2009 (a) EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE, AS DEFINED BY THE U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 19809 AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER, AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT PURCHASER IS TAKING THE PROPERTY "AS IS" WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE, PURCHASER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATIONS, STATEMENTS, ASSERTIONS OR NON -ASSERTIONS BY THE SELLER WITH RESPECT TO THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION OF THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). UPON CONVEYANCE, AS CFW Tax Foreclosed Sale 4611 Miller Avenue Page 3 of 13 11/18/2009 BETWEEN SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT ("CERCLA"), THE RESOURCE CONSERVATION AND RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE TEXAS WATER CODE, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES, BUT NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE HEREOF. b. The provisions of Section 4(a) shall be incorporated into the Tax Resale Deed Without Warranty c. The provisions of Section 4(a) shall survive the closing (as defined below). Section 5. Closing Contingencies. (a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the office of the Title Company if any, or at Seller's offices no more than (15) days after the satisfaction of the following contingencies to Closing ("Closing Contingencies"), but not later than The Closing Contingencies are as follows: CFW Tax Foreclosed Sale 4611 Miller Avenue Page 4 of 13 11/18/2009 1. Zoning. Purchaser intends to develop the Property as part of a neighborhood commercial restricted, generally to consist of service and retail (the "Project"). Purchaser shall provide to Seller a rendition of the elevation of the Project prior to Closing. Purchaser shall apply for and obtain the approvals necessary to change the zoning classification of the Property to a PDSU for service and retail ("Zoning Change") in accordance with the Near Southside Development Standards and Guidelines adopted by the Fort Worth City Council and in accordance with the attached site plan attached as Exhibit "B" and made apart hereof for all purposes. Purchaser shall make an application with the City of Fort Worth for the Zoning Change. Purchaser agrees to pursue the approval of the Zoning Change with reasonable diligence, and in connection therewith, Seller agrees to cooperate fully with Purchaser so long as the Zoning Change is for construction of the Project, which cooperation may include appointing Purchaser as Seller's authorized agent to apply for the Zoning Change; provided, however, Purchaser acknowledges and agrees that the Zoning Change is subject to the approval of the Fort Worth City Council. 2. Renlatting. Purchaser, at its expense, will have the responsibility for replatting the Property, along with the adjacent lot owned by Purchaser known as 461'7 and 4621 Miller Avenue, Fort Worth, Texas, together in one plat, and such replatting will be a condition to Closing. As part of the replat process, Purchaser and Seller must agree upon the location of any sanitary sewer, water, storm drainage, or other right-of-way easements located on the Property necessary for its development, and by the recording of such replat, Purchaser shall dedicate such easements to the public at no cost to the Seller. Purchaser agrees to pursue the replat of the Property with reasonable diligence, and in connection therewith, Seller agrees to fully cooperate with Purchaser, which cooperation may include appointing Purchaser as Seller's authorized agent to apply for the replat. Purchaser shall obtain all necessary approvals for the replat prior to Closing, but shall not file the replat until the date of Closing. (b) Purchaser agrees to pursue the approvals and agreements described in the Closing Contingencies above with reasonable diligence. Seller agrees to cooperate fully with Purchaser in connection with Purchaser's pursuit of the above approvals. (c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction so that Purchaser is prepared to close on or before April 1, 2010, then Purchaser may terminate this Contract. Section 6. Closing. (a) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: CFW Tax Foreclosed Sale 4611 Miller Avenue Page 5 of 13 11/18/2009 (i) A Tax Resale Deed Without Warranty ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser title to the Property subject to existing easements, rights -of -way, and prescriptive rights, whether of record or not, with the precise form of the Deed to be determined pursuant to Section 11 below, (ii) Any other instrument or document necessary for any Title Company to issue the Owner Policy in accordance with Section 9(a)(3) below. (2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Seller through the Title Company federally wired funds or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. (3) The Title Company shall issue to Purchaser, at Purchaser's sole cost and expense, a Texas Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Purchaser is the owner of title to the Property, subject only to the Permitted Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted Encumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read. "Standby Fees and Taxes for [the year of Closing] and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership". (4) Seller and Purchaser shall each pay their respective attorneys' fees. (5) Except as otherwise provided herein, all costs and expenses in connection with Closing shall be paid or borne by Purchaser including without limitation, filing fees, Title Company attorney and escrow or settlement fees, costs of tax certificates, survey costs, and title insurance policy costs. (b) Ad valorem and similar taxes and assessments which are subsequent to and not included in the Judgment, if any, relating to the Property shall paid by Purchaser as of the Closing Section 7. Agents. Seller and Purchaser each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction except the following: NONE CFW Tax Foreclosed Sale 4611 Miller Avenue Page 6 of 13 11/18/2009 Section 8. Closing Documents. No later than fifteen (15) days prior to the Closing, Seller shall deliver to Purchaser a copy of the Tax Resale Deed Without Warranty. Section 9. Notices. (a) Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the party to whom the notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing), (iii) placed in the United States mail, return receipt requested, addressed to such party at the address specified below, (iv) deposited into the custody of Federal Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below, or (v) telecopied to the party at the telecopy number listed below, provided that the transmission is confirmed by telephone on the date of the transmission. (b) The address of Seller under this Contract is: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Real Property Division Cloyde Jordan Telephone: 817-3 92-23 8 8 Fax (817) 392-7328 (c) The address of Purchaser under this Contract is: Minh L. Bui 6000 Cripple Creek Trail North Richland Hills, TX 76180 (817) 41M578 Fax (817) 983-9066 Cell With a copy to: Leann D. Guzman City Attorney's Office City of Fort Worth 1000 Throckmorton Fort Worth, Texas 76102 (817) 392-7600 Fax (817) 392-8359 (d) From time to time either party may designate another address or telecopy number under this Contract by giving the other party advance written notice of the change. Section 10. Termination, Default, and Remedies. (a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other than termination of this Contract by Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive CFW Tax Foreclosed Sale 4611 Miller Avenue Page 7 of 13 11/18/2009 remedy, shall have the right to terminate this Contract by giving written notice thereof to Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations hereunder, and Title Company shall deliver any Earnest Money to Seller as liquidated damages, free of any claims by Purchaser or any other person with respect thereto. It is agreed that any Earnest Money to which the Seller is entitled hereunder is a reasonable forecast of just compensation for the harm that would be caused by Purchaser's breach and that the harm that would be caused by such breach is one that is incapable or very difficult of accurate estimation, and that the payment of these sums upon such breach shall constitute full satisfaction of Purchaser's obligations hereunder. (b) If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a right so to terminate expressly set forth in this Contract or Purchaser's failure to perform Purchaser's obligations under this Contract, then Purchaser shall have the right to terminate this Contract by giving written notice thereof to Seller prior to or at the Closing whereupon any Earnest Money shall be returned to Purchaser and neither party hereto shall have any further rights or obligations hereunder. (c) If either Seller or Purchaser becomes entitled to any Earnest Money upon cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and agree to deliver a letter of instruction to the Title Company directing disbursement of any Earnest Money to the party entitled thereto. Section 11. Entire Contract. This Contract (including the attached exhibits) contains the entire contract between Seller and Purchaser, and no oral statements or prior written matter not specifically incorporated herein is of any force and effect. No modifications are binding on either party unless set forth in a document executed by that party. Section 12. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Any attempted assignment shall be void. Section 13. Time of the Essence. It is expressly agreed that time is of the essence with respect to this Contract. Section 14. Taking Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's sole discretion, either (i) terminate this Contract whereupon any Earnest Money shall be returned to Purchaser, and neither party shall have any further rights or obligations hereunder, or (ii) proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect the net square footage of the Property after the taking. CFW Tax Foreclosed Sale 4611 Miller Avenue Page 8 of 13 11/18/2009 Section 15. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 16. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and any and all payments under the terms of the Contract are to be made in Tarrant County, Texas, Section 17. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. Section 18. Severability. If any provision of this Contract is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. Section 19. Business Days. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday for the City of Fort Worth or federal holiday, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. Section 20. Multiple Counterparts. This Contract may be executed in any number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes, and all such counterparts shall, collectively, constitute one agreement, but, in making proof of this Contract, it shall not be necessary to produce or account for more than one such counterpart. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] CFW Tax Foreclosed Sale 4611 Miller Avenue Page 9 of 13 11/18/2009 This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TEXAS T. M. Higgins, Date: Marty Hendrix City Secretary Date: oi;lo 10 City Manager �� Approved as to Legality and Form PURCHASER: Minh L. Bui By: II Name: Title: CFW Tax Foreclosed Sale 4611 Miller Avenue OFFIClA�. RECORD CITY SECRETARY Page 10 of 13 11/18/2009 By its execution below, Title Company acknowledges receipt of any Earnest Money described in this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY: sy: Name• Title: Date: Phone Fax CFW Tax Foreclosed Sale 4611 Miller Avenue Page 11 of 13 11/18/2009 EXHIBIT Description of Property BLOCK 25 LOT 5, HOMEWOOD ADDITION, SITUATED IN THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS AS SHOWN BY A DEED OF RECORD IN VOLUME 6884, PAGE 212 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS, ACCOUNT NUMBER 01358553. 461 IMILLERAVESALES CONTRACT TEMPLATE -WITHOUT OPTION.DOC 4611MILLERAVESALES CONTRACT TEMPLATE -WITHOUT OPTION.DOC Joy City of Fort Worth, Texas Mayor and Council Communication DATE: Tuesday, January 26, 2010 LOG NAME: 174611 MILLER REFERENCE NO.: **L-14915 SUBJECT: Authorize the Direct Sale of a Tax Foreclosed Property Located at 4611 Miller Avenue to Minh L. Bui for a Sales Price of $26,280.89 (COUNCIL DISTRICT 5) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the direct sale of tax foreclosed property located at 4611 Miller Avenue, Fort Worth, Texas, to Minh L. Bui in accordance with Section 34.05 of the Texas Tax Code for a sales price of $26,280.89; and 2. Authorize the City Manager, or his designee, to execute and record the appropriate instruments conveying the property to complete the sale. DISCUSSION: On April 4, 2006, the City received the below referenced property through a Constable's Sale as a result of a tax -foreclosure. The City is authorized to conduct a direct sale of tax foreclosed property to a buyer for the lesser of the market value specified in the judgment amount of foreclosure or the tax judgment amount plus any accrued court costs. A written confirmation of intent to purchase the property was received from Minh L. Bui for the purpose of developing a strip mall consisting of a convenience store, a laundromat, a donut shop and a barber shop. Staff recommends selling the property to Minh L. Bui. As part of the property sale, staff will request the release of all existing City liens. Staff will also request that the Financial Management Services Revenue Office prorate labor charges attributable to the property described below so that the property may be conveyed free of encumbrances. The purchaser shall apply for and obtain the approvals necessary to change the zoning classification of the property from "E" to "Planned Development Specific Use," (PDSU) for service and retail. The purchaser, at its expense, will have the responsibility for replatting the property, along with the adjacent lots owned by the purchaser known as 4617 and 4621 Miller Avenue. The purchaser shall obtain all necessary approvals for the replat prior to closing but shall not file the replat until the date of closing. Address Legal Description Price Zoning 4611 Miller Avenue Lot 2, Block 5, $26,280.89 E Homewood Addition This property is located in COUNCIL DISTRICT 5, Mapsco 92D. FISCAL INFORMATION /CERTIFICATION: Logname: 174611 MILLER Page 1 of 2 The Financial Management Services Director certifies that the Housing and Economic Development department is responsible for the collection and deposit of funds due to the City. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers GC10 444573 030023001000 $26,280.89 CERTIFICATIONS: Submitted for City Manager's Office bv: Originating Department Head: Additional Information Contact: ATTACHMENTS 1. 4611 Mi1lerAv�df (Public) 2. FAC VERIFICATION.doc (CFW Internal) Thomas Higgins (6140) Jay Chapa (6192) Cynthia Garcia (8187) Cloyde Jordan (2388) Logname: 174611 MILLER Page 2 of 2