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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />8/6/ 12 <br />Council Date: <br />City Manager <br />John Godwin, City Manager <br />20. <br />8/13/12 <br />RECOMMENDED MOTION: <br />Not an action item - update on proposed sale of tax foreclosed lots in the City of Paris <br />POLICY ISSUE(S): <br />BACKGROUND: <br />On July 26 Kent McIlyar and I met with the mayor to develop a tentative plan to try to sell as many tax <br />foreclosed properties as possible in one big, well-publicized sale. The hope is to get these properties <br />into private hands so that the city can stop taking care of them, and so individual property owners can <br />begin to return them to productive use. Last Thursday afternoon, August 2, Kent and i followed up with <br />two representatives from Linebarger, Goggan, Blair & Sampson, our tax attorneys. They saw no <br />problems with what we want to do, except they did not believe they could have all the properties ready <br />to go in conjunction with their next regular foreclosure sale, which is in October. They also suggested <br />we should have a separate sale for this purpose, with which I agreed. That way there is no confusion for <br />prospective buyers, and we have only one type property up for sale, all of which is "sponsored" by the <br />city. <br />They suggested they could be ready to go with approximately 75 properties on Tuesday, December <br />11. The sale would run from approximately 11:00 to 1:00 at the courthouse. Buyers would typically <br />pay $200 per lot, and would generally own the lots free and clear. Properties included in the regular <br />October tax sale that did not sell would be stricken from the tax roll and included in the December 11 <br />auction. The law firm would take care of all legal notices, but of course we would want to promote it a <br />few weeks out ourselves, with notices and hopefully stories in the local media. <br />BOARD/COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />N/A <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$ <br />❑ Department Report ❑ Resolution <br />Budgeted Amt. <br />$ <br />❑ Presentation ❑ Ordinance <br />- <br />y'I'D Actual <br />$ <br />I Public Hearing ❑ Other <br />F <br />Acct. Name <br />Acct. Number <br />FISCAL NOTES: <br />City of Paris 134 Revised 6/20/12 <br />