M&C Review


COUNCIL ACTION:  Approved on 9/11/2018 

DATE: 9/11/2018 REFERENCE NO.: **L-16140 LOG NAME: 21TAX FORECLOSED JULY 2018 SEALED BID SALE
CODE: L TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Authorize Sale of Sixty-Four Tax-Foreclosed Properties to Various Purchasers in the Aggregate Amount of $1,054,849.34, 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, 7, 8 and 9)

RECOMMENDATION:

It is recommended that the City Council:

1.  Authorize the sale of the sixty-four tax-foreclosed properties, as described in the attached list, in the amount of $1,054,849.34, 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 June 29, 2018, July 6, 2018, July 13, 2018 and July 20, 2018, the Property Management Department advertised a list of tax-foreclosed properties for a sealed bid sale for the constable deed amount.  On July 26, 2018, 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, 7, 8 and 9.

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 $1,054,849.34 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.

TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Jay Chapa (5804)
Originating Department Head:
Steve Cooke (5134)
Additional Information Contact:
Cloyde Jordan (2388)
Jill Griffin (6253)

 
 
ATTACHMENTS
  July 26 2018 Sealed Bid Sale qry.pdf