14 - Private Re-Sale of Multiple Tracts of Foreclosed Properties

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Item No. 14 TO: Mayor & City Council FROM: Gene Anderson, Interim City Manager/Finance Director SUBJECT: PRIVATE TAX RE -SALES DATE: March 30, 2020 BACKGROUND: Through a previously rarely used provision of state law, The Pounders Law Firm has arranged for the private sale of six tax delinquent properties that failed to get bids during previous public tax sales. STATUS OF ISSUE: These three tracts were foreclosed upon and sold by tax warrant and struck -off to the City of Paris, Trustee, at the March 2017 tax sale. They have been offered for re -sale at three public auctions without a bid being offered. The offer of $2,550.00 from Blue Ocean Partners LLC is the only offer received for these three properties. The $2,500.00 purchase price has been received and is on deposit into The Pounders Law Firm trust account. Approval from the City of Paris, Paris Junior College, Lamar County and Paris ISD is required to move forward with private re -sale. BUDGET: The city will receive its prorated share of delinquent taxes. RECOMMENDATION: Approve Resolution Approving the Private Re -Sale of Three Tracts of Bid -Off Tax Foreclosed Properties.