HomeMy WebLinkAbout(0037) M&C 20-0368City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 06/02/20 M&C FILE NUMBER: M&C 20-0368
LOG NAME: 21 PMD TF DIRECT SALE 4105 JACKSON ST
SUBJECT
Authorize Direct Sale of a Tax -Foreclosed Property Located at 4105 Jackson Street, for a Total Cost of $11,541.88, to Financial Freedom
Investment Group, LLC in Accordance with Section 34.05 of the Texas Property Tax Code (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the direct sale of a tax -foreclosed property located at 4105 Jackson Street, for a total cost of $11,541.88, to Financial Freedom
Investment Group, LLC in accordance with Section 34.05 of the Texas Property Tax Code; and
2. Authorize the City Manager or his designee to execute and record the appropriate instrument conveying the property to complete the sale.
DISCUSSION:
The interested buyer submitted a direct sale request to the Property Management Department to purchase the tax -foreclosed property referenced
below. The City of Fort Worth (City) received the property through a Constable Deed after a tax -foreclosure suit. The property has been offered
on at least three (3) previous sealed bid sales, but it did not sell. In accordance with Section 34.05 of the Texas Property Tax Code, the City is
authorized to conduct a direct sale of tax -foreclosed property to a buyer.
TAD
Constable
Total
CFW
Account
Property Address
Legal Description
Deed
Purchase
Zoning
Fees
#
Amount
Price
01047426
4105 Jackson St
Lot 4, Block 14, Glen Garden
$9 941.88
$1,600.00
$11,541.88
A-5
Addition
Staff recommends selling the referenced property to the buyer, who is responsible for all related costs, including providing proof of payment of the
post -judgment taxes prior to the conveyance of the property. The total cost includes the Constable Deed amount and City fees. The Development
Services Department has reviewed the current zoning of the property and determined the zoning classification of the property is compatible with
respect to the existing land use of the surrounding neighborhood and future land use designations indicated in the Comprehensive Plan.
Upon receipt, the amount of $11,541.88 will be deposited into the General Fund Tax -Foreclosed Property Maintenance Fee and Tax Foreclosed
Sales accounts for disbursement to the County for the purpose of distributing proceeds to the taxing entities and paying applicable fees.
The property is located in COUNCIL DISTRICT 8.
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 that upon approval of the above recommendations, funds will be deposited into the General Fund. The Property
Management Department (and Financial Management Services) is responsible for the collection and deposit of funds due to the City. Prior to any
expenditure being incurred, the Property Management Department has the responsibility of verifying the availability of funds.
Submitted for City Manager's Office by: Kevin Gunn 2015
Originating Business Unit Head:
Steve Cooke 5134
Additional Information Contact: Roger Venables 6334