Title
Resolution Authorizing the Conveyance of City Property Located at 2100 Martin Luther King, Jr. Boulevard
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: Walter Simmons, 373-2302
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of selling vacant surplus property located at 2100 Martin Luther King, Jr. Boulevard (parcel #0011266). City Council approval is requested to proceed with the sale of the property to the highest bidder.
BACKGROUND:
Property Management first advertised this vacant lot for sale in August 2014. We have accepted the highest bid from Dennis Jay Fate in accordance with Section 4:122 of the City Code of Ordinances, "Sale of Real Property by Advertisement for Bid". The property was recently appraised by Lynn R. Ritchy, an independent appraiser, with a value of $10,000. The highest and final bid of $10,000 was accepted and was advertised in the News & Record with a 10 day upset period which has expired with no further bids.
The property, which includes a vacant commercial building, 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 property lot size is 24,506 Sq. Ft., (0.56 acre). The property zoning is C-M (Commercial, Medium Density). The value of this commercial property is impacted by the six underground storage tanks on the lot. The cost of removing the tanks and the environmental cleanup costs associated with this removal were taken into consideration when determining the final appraised value.
The accepted sales price complies with the Department's policy requiring sales prices to be at least 90% of the appraised value of properties.
BUDGET IMPACT:
The proceeds from the sale of this property will be credited against foreclosure accounts receivable (101-0000-00.0400). Once all costs related to advertising and property transfer are paid, any net remaining balance will be recorded as revenue or loss on the sale of foreclosed 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 2100 Martin Luther King Jr. Blvd. at the highest bid of $10,000.