Union Pacific Railway submitted a direct sale request to the Property Management Department to purchase approximately 0.375 acres of tax-foreclosed land referenced below at appraised fair market value in the amount of $20,434.00 plus a $1,600.00 Administrative Fee for a Total Cost of $22,034.00. Union Pacific Railway needs the land to construct the associated drainage ditch to maintain positive drainage in the area. The City of Fort Worth (City) received the property through a Constable Sale after a tax-foreclosure suit. 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.
Appraised Fair Market Value
501 E. Rosedale
Franklin Richards Survey A-1297
0.375 Acres/16,347 Sq. Ft.
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Staff recommends selling the above referenced property to Union Pacific Railway, who is responsible for all related costs, including payment of the appraisal and payment of the post-judgment taxes, prior to the conveyance of the property. The total cost of the approximate 0.375 acres includes the appraised fair market value and City fees. The Planning and Development Department reviewed the current zoning of the property and determined 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.
The property is located in COUNCIL DISTRICT 8.
This M&C does not request approval of a contract with a business entity.