Title
Resolution Authorizing the Conveyance of Property Located at 5002 Beale Avenue
Body
Department: Engineering & Inspections
Council District: 5
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 5002 Beale Avenue (tax parcel #0095770). 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 April 2014. We have accepted the highest bid from David Marcone 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. Ritchie, an independent appraiser, with a value of $20,000.00. The highest and final bid of $20,000.00 was accepted and was advertised in the News & Record with a 10 day upset period which has expired with no further bids.
The property, a vacant lot, 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 23,522 Sq. Ft. (0.54 acre). The property zoning is R-3 Residential.
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 Real Estate account (101-0000-00.0400) in the General Fund. Once all costs related to the advertising and property transfer are paid, any net remaining balance will be recorded as revenue from the sale of property.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends that the ...
Click here for full text