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Title
Resolution approving the sale of tax foreclosure property at 3300 East Abram Street to Sargent Investments, LLC, for $150,000
Presenter
Bill Crolley, Director of Planning and Development
Recommended Action
Approve
Analysis
This property was previously struck off to Arlington Independent School District (AISD) at a tax foreclosure sale on October 2, 2001. The appraisal at the time of strike off was $350,000 and now the current appraisal is $437,500.
AISD has now received a bid in the amount of $150,000 from Sargent Investments, LLC. This bid was approved by AISD on October 4, 2012.
For this sale to be completed, all taxing agencies must agree to the sale by passage of a Resolution and execution of a Tax Resale Deed.
A bid letter dated October 9, 2012, from Stephen T. Meeks with Linebarger is attached with more information and requesting the item be placed on the next agenda for approval.
Financial Consideration
This property is currently off the tax roll. After the sale it will return to the tax roll and the new owner will be responsible for maintenance. The City will share in the proceeds of the sale with the other jurisdictions on a prorata basis after payment of court costs, realtor fees and post judgment taxes for 2001.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING THE SALE OF CERTAIN REAL PROPERTY (ALL THOSE CERTAIN LOTS 1 THRU 8, BOTH INCLUSIVE, IN BLOCK A, COX & HINES RESUBDIVISION OF PART OF BLOCK B, MIDWAY SUBURBAN ADDITION, AN ADDITION IN THE JOHN M. ROSS SURVEY, CITY OF GRAND PRAIRIE, TARRANT COUNTY, TEXAS. (3300 E ABRAM ST)
Whereas, ARLINGTON INDEPENDENT SCHOOL DISTSRICT, for itself and the use and benefit of TARRANT COUNTY and the CITY OF GRAND PRAIRIE has acquired title to a certain tract of real estate at a Tax Sale held on October 2, 2001 in Cause No. L17761-00, ARLINGTON I.S.D. vs. Lots 1 Thru 8, Block A, Cox & Hines Subdv, Et Al; and
WHEREAS, the subject tract of land is described as being ALL THOSE CERTAIN LOTS 1 THRU 8, BOTH INCLUSIVE, IN BLOCK A, COX & HINES RESUBDIVISION OF PART OF BLOCK B, MIDWAY SUBURBAN ADDITION, AN ADDITION IN THE JOHN M. ROSS SURVEY, CITY OF GRAND PRAIRIE, TARRANT COUNTY, TEXAS. (3300 E ABRAM ST)
WHEREAS, Section 34.05(a), Texas Property Tax Code, authorizes the City of Grand Prairie, by and through its governing body, to resell the property; and
WHEREAS, it is in the best interest of the City of Grand Prairie and its taxpayers to return this property to a productive use; and
WHEREAS, an offer has been made by SARGENT INVESTMENTS, LLC to purchase the property for the sum of ONE HUNDRED FIFTY THOUSAND and No/100 Dollars ($150,000.00);
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that: the City Council of the City of Grand Prairie is authorized to sell, convey and transfer that certain tract of real estate acquired at the above described tax sale for the sum of $150,000.00, as authorized by Section 34.05, Texas Property Tax Code. Said proceeds of the sale to be accepted as payment in full for tax years through 2001.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 6TH DAY OF NOVEMBER, 2012.