Title
Resolution Authorizing Conveyance of Surplus Foreclosure Property Located at 1008 North Raleigh Street
Body
Department: Engineering & Inspections
Council District: 2
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 property at 1008 N. Raleigh Street, parcel #0033609. 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 this property since August, 2014. The highest bid from Robert A. Jordan 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 Tonya Brady, an independent appraiser, at $55,000. The highest and final bid of $60,500 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 commissioner's deed through the foreclosure process. It has been determined that there is no municipal need for the property. The total area of all lots is 13,464 Sq. Ft., (0.31 acre). The property is zoned LI (Light Industrial). There is a building on the property that will require extensive repairs before it is occupied again.
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 to the foreclosure accounts receivable #101-0000-00.0400 of the General Fund. Once all costs related to the advertising, property transfer fees, and maintenance are paid, any net remaining amount will be recorded ...
Click here for full text