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