HomeMy WebLinkAbout2020/10/27-Attachments-M&C 20-0799City of Fort Worth, Texas
Mayor and Council Communication
DATE: 10/27/20 M&C FILE NUMBER: M&C 20-0799
LOG NAME: 21 PMD TF AUGUST 2020 SEALED BID SALE
SUBJECT
(CD 2, CD 3, CD 5, CD 7, CD 8 and CD 9) Authorize Sale of Eighteen (18) Tax -Foreclosed Properties to Various Purchasers in the Aggregate
Amount of $382,248.98 in Accordance with Section 272.001 of the Texas Local Government Code and Section 34.05 of the Texas Tax Code
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the sale of eighteen (18) tax -foreclosed properties, as described in the attached list, to various purchasers in the aggregate
amount of $382,248.98 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 July 31, 2020, August 7, 2020, August 14, 2020 and
August 21, 2020 the Property Management Department advertised a list of tax -foreclosed properties for a sealed bid sale. On August 27, 2020
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 included on the attached list.
The tax -foreclosed properties described in the attached list will be conveyed through Tax Resale Deeds Without Warranty to the highest bidders
upon full payment for the properties. The bidders will be responsible for all closing costs related to these transactions, as well as any accrued
post -judgment taxes. A program administrative free will be collected from the proceeds of the sale of each property.
Upon receipt, the amount of $382,248.98 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.
The Development Services Department has reviewed the current zoning of the properties and has determined that the zoning classifications 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, 7, 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 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. Dana Burghdoff 8018
Originating Business Unit Head: Steve Cooke 5134
Additional Information Contact: Ricardo Salazar 111 8379