HomeMy WebLinkAbout(0040) M&C 19-0232City of Fort Worth, Texas
Mayor and Council Communication
DATE: 10/15/19 M&C FILE NUMBER: M&C 19-0232
LOG NAME: 21TAX FORECLOSED MAY 2019 SEALED BID SALE
SUBJECT
Authorize Sale of Thirty Four (34) Tax -Foreclosed Properties to Various Purchasers in the Aggregate Amount of $516,372.88, in Accordance with
Section 272.001 of the Texas Local Government Code and Section 34.05 of the Texas Tax Code (COUNCIL DISTRICTS 2, 3, 5, 8 and 9)
RECOMMENDATION:
It is recommended that the City Council:
1.Authorize the sale of the thirty four tax -foreclosed properties, as described in the attached list, in the amount of $516,372.88, in accordance with
Section 272.001 of the Texas Local Government Code and Section 34.05 of the Texas Tax Code; and
2. Authorize the City Manager or his designee to execute and record the appropriate instruments conveying the properties to the highest bidders,
in compliance with the bid form specifications to complete the sale.
DISCUSSION:
The City of Fort Worth is authorized, under Section 34.05 of the Texas Tax Code, to conduct a sale of tax -foreclosed properties through a sealed
bid sale, in accordance with Section 272.001 of the Texas Local Government Code. On April 26, 2019, May 3, 2019, May 10, 2019, and May 17,
2019, the Property Management Department advertised a list of tax -foreclosed properties for a sealed bid sale. On May 23, 2019, the bids were
received and opened, in accordance with the policies regulating the sale of tax -foreclosed properties. The bidding procedures require that a bank
certified funds available letter be included with any bid. In the event full payment is not made on these bids, staff will contact the next highest bidder
and proceed in that manner until full payment is received. The list of properties advertised for sale and associated bid results are on the attached
exhibit.
The tax -foreclosed properties will be conveyed through a Tax Resale Deed Without Warranty to the highest bidder upon full payment for the
properties. The bidder will be responsible for all closing costs related to this transaction, as well as any accrued post -judgment taxes. A program
administrative fee will be collected from the proceeds of the sale of each property.
The Planning and Development Department has reviewed the current zoning of these properties and has determined that the zoning classifications
of the properties are compatible with respect to existing land uses of the surrounding neighborhood and future land use designations indicated in
the Comprehensive Plan.
The properties are located in COUNCIL DISTRICTS 2, 3, 5, 8, and 9.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies the Property Management Department is responsible for the collection, deposit and disbursement of funds. Upon
receipt, the amount of $516,372.88 will be deposited into the General Fund, Tax Foreclosed Property Sale Fee account for disbursement to the
county for the purpose of distributing proceeds to the taxing entities and paying applicable fees.
Submitted for City Manager's Office by. Kevin Gunn 2015
Originating Business Unit Head: Steve Cooke 5134
Additional Information Contact: Roger Venables 6334