18 - Private Tax Re-Sales of Twenty-Four Tracts

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Item No. 18 Memorandum TO: Mayor & City Council FROM: Grayson Path, City Manager SUBJECT: PRIVATE TAX RE -SALES DATE: March 22, 2021 BACKGROUND: The Pounders Law Firm with Abernathy Roeder Boyd & Hullett PC has arranged for the private sale of twenty-four (24) tax delinquent properties that failed to get bids during previous public tax sales. STATUS OF ISSUE: On January 5, 2021, seventy-four (74) properties were put up for sale at the public tax sale, and fifty (50) of those properties were sold; the remaining twent-four (24) tracts were struck -off to the City of Paris, as trustee for itself, Paris Junior College, Lamar County and Paris ISD. Subsequent to the auction, the remaining properties were advertised for sale inviting private offers. The Pounders Law Firm with Abernathy Roeder Boyd & Hullett PC received offers to purchase all twenty-four (24) properties (see attached resolution). Consent from the City of Paris, Paris Junior College, Lamar County and Paris ISD is required to move forward with the private re -sale of these 24 tracts. BUDGET: The City will receive its prorated share of the proceeds of sale as required by the Texas Property Tax Code. RECOMMENDATION: Approve Resolution consenting to the Private Re -Sale of Twenty -Four Tracts of Bid -Off Tax Foreclosed Properties as proposed.