Title
Resolution Authorizing Conveyance of Surplus Foreclosure Property Located at 1605, 1605YY, 1609 and 1611 Randolph Avenue
Body
Department: Engineering & Inspections
Council District: 1
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Ted Partrick 373-2302
Contact 2 and Phone: Kenney McDowell 373-2302
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of selling surplus land consisting of vacant adjoining lots located at 1605, 1605yy, 1609 and 1611 Randolph Avenue (parcels 0008038, 0008037, 00088036 and 0008035). It has been determined that there is no municipal need for the property. City Council approval is requested to proceed with the sale of the property to the highest bidder.
BACKGROUND:
Property Management has advertised these vacant lots since June of 2013. The highest bid from Rodney O. Stewart was accepted in accordance with Section 4:122 of the City Code of Ordinances, "Sale of real property by advertisement for bid". The property was recently valued by Lynn R. Ritchie, an independent appraiser, at $9,900. The highest and final bid of $9,000 was accepted and was advertised in the News & Record with a 10 day upset period. This upset period has expired with no further bids.
The property was acquired by a commissioner's deed through the foreclosure process. It has been determined that there is no municipal need for the property. The total area of the lots is 41,382 Sq. Ft., (0.95 acre). The property is zoned R-5 (Residential) and is located next to a large Duke Energy power grid. One of the lots is land-locked. The buyer intends to combine the lots for the purpose of building a church.
The accepted sales price complies with the department's policy requiring that sales prices be at least 90% of the appraised value of properties.
BUDGET IMPACT:
The proceeds from the sale of this property will be credited to the foreclosure accounts receivable #101-0000-00.0400 of the General Fund. Once all costs related to advertising, property transfer fees, and maintenance are paid, any net remaining amount will be recorded as revenue from the sale of the property
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends that City Council approve and authorize this sale of surplus property at 1605, 1605yy, 1609 and 1611 Randolph Ave.