HomeMy WebLinkAbout(0061) M&C 21-0984City of Fort Worth, Texas
Mayor and Council Communication
DATE: 12/14/21 M&C FILE NUMBER: M&C 21-0984
LOG NAME: 21 PMD TF SEPTEMBER 2021 SEALED BID SALE
SUBJECT
(CD 2, CD 3, CD 5, CD 8 and CD 9) Authorize the Sale of Twenty -Five Tax -Foreclosed Properties to Various Purchasers in the Aggregate
Amount of $866,663.74 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 twenty-five tax -foreclosed properties, as described in the attached list, to various purchasers in the aggregate amount
of $866,663.74 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 August 22, 2021, August 29, 2021, September 5, 2021
and September 12, 2021, the Property Management Department advertised a list of tax -foreclosed properties for a sealed bid sale. On
September 16, 2021, 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 properties advertised for sale and
associated bid results are included in the tax -foreclosure sale list attached to this M&C.
Each tax -foreclosed property described in the attached list will be conveyed through a Tax Resale Deed Without Warranty to the highest
bidder upon full payment for the property. The bidders will be responsible for all closing costs related to these transactions, as well as any accrued
post -judgment taxes. A program administrative fee will be collected from the proceeds of the sale of each property.
Upon receipt, the aggregate amount of $866,663.74 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, 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 and the authorization of the sale of property, the funds will be
deposited into the General Fund. The Property Management Department (and Financial Management Services) is responsible for the collection,
deposit and reimbursement of funds.
Submitted for City Manager's Office by. Dana Burghdoff 8018
Originating Business Unit Head: Steve Cooke 5134
Additional Information Contact: Andrea McIntosh 6253
Ricardo Salazar 8379