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11 - Private Re-Sale of a Tract of Tax Foreclosed Property - Westgate Apartments
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11 - Private Re-Sale of a Tract of Tax Foreclosed Property - Westgate Apartments
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Item No. 11 <br />TO: Mayor & City Council <br />Grayson Path, City Manager <br />FROM: Carla Easton, PE, Engineering & Community Development Director <br />SUBJECT: WESTGATE APARTMENT PROPERTY SALE to <br />RAIN FINANCIAL SERVICES, INC. <br />DATE: June 8, 2020 <br />BACKGROUND: The Westgate Apartments are located at 635 7th N.W. in Paris, Texas. The <br />apartments have been abandoned for several years and are in a state of disrepair. The City has <br />been working diligently to address this issue including abating the property on three different <br />occasions. Working with the City's Delinquent Tax Attorney Tracy Pounders of The Pounders <br />Law Firm, the property was filed in court for delinquent taxes and, pursuant to approval of the <br />Judge, put up for sale. In January 2020, an attempt was made to auction the property at a tax sale, <br />but no buyers presented an offer so the property was bid -off to the City as trustee for itself, Paris <br />Junior College, Lamar County, and Paris ISD, each of whom are owed delinquent taxes on said <br />property. Since that time, the property has been advertised for sale by the Pounders Law Firm, in <br />hopes of finding a buyer. <br />Over the past four months, several investors have shown an interest in the property, but were <br />discouraged by the condition of the property and estimated cost to revitalize it. Most wanted to <br />acquire the property for low cost/no cost through an agreement with the city rather than purchase <br />outright. <br />STATUS OF ISSUE: On May 10th, a formal written offer to purchase the property was received <br />from Rain Financial Services, Inc. in the amount of $75,000.00. This is the only actual offer to <br />purchase the property to date. Mr. Pounders has reviewed the judgment and tax liens, and he <br />estimates the city to receive a prorated amount of $14,000, assuming all taxing entities accept this <br />offer. <br />The Rain Financial Services, Inc. is a group of motivated investors from the Paris Area who want <br />to give back to the community by restoring the property as an affordable housing development. <br />
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