12 - Release of Lien-Waiver Request - 1567 S. Main Street

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as the accumulated interest, with the release of the lien on the property so that she can sell it. She has though offered to pay up to $500.00 in interest if requested (did not say how she came to that number). There was a closing date of July 24th to Rosa Salazar, but the lien came up and so they have extended the date until this can be resolved. The selling price is $9,500.00. Ms. Salazar wishes to purchase the property and hold as an investment property. The property is currently valued at $1,130.00 on LCAD. Pursuant to City Code 4.03.009, only the City Council can consider waiving a Structure Lien. BUDGET: There is no new expense to the City in this situation to agree to releasing the lien. The principal of the lien is $1,469.65. The accumulated interest is approximately $6,129.34 (as of 9/11/23). The total of the lien is therefore approximately $7,598.99. The value of the property is $1,130.00 according to LCAD. There are no delinquent taxes and no other liens (according to our records). OPTIONS: The City Manager has developed a process he goes through for considering when (if) to forgive principal and/or interest for Nuisance Liens (liens that he is tasked with reviewing). It is not perfect, but this procedure allows him to remain fairly consistent each time. Given there are so many different factors and scenarios involved with properties all over town, the City Manager attempts to adhere to two goals: 1. Protect the taxpayer dollar — resist forgiving liens (at least the principle) whenever possible given taxpayers had expense in maintaining the property, while 2. Finding a way to get the property in to the hands of someone who will maintain — possibly develop — the property, thus alleviating the taxpayers of having to further maintain the property (note: this has not been an issue in this specific situation). Taking in to consideration both goals, the City Manager's analysis in this situation is as follows: the value of the lien (principal + interest) greatly exceeds the value of the property. Information that we do not always have is the selling price, which in this situation exceeds the value of the principal and interest. This property was allegedly the home of a grandmother, purchased by the current listed owners in 1989 (LCAD). One of these listed owners, the mother, passed in 2005 (a year prior to the BSC) and the remaining owner claims that all notices likely went to her. We have records going back to 2011 that all yard and grass notices that went out were addressed by the owner. All taxes and any other nuisance liens — only one other made it to a lien — have all been paid, therefore this property is not eligible for foreclosure and given the last remaining owner resides in California, it is likely to assume the property will sit vacant.