CC MEETING: May 7, 2013
DATE: April 18, 2013
TO: Leonard Martin, City Manager
FROM: Bob Scott, Assistant City Manager
Title
Consider A Resolution Authorizing Sale of Foreclosed Property (Lot 2 of Advanced Car Wash - Rosemeade Addition).
Body
BACKGROUND:
On October 2, 2009, the District Court granted a judgment for foreclosure of the Advance Car Wash at 2631 E. Rosemeade Parkway. On November 1, 2011, this property was offered for sale by the Sheriff of Denton County and did not receive sufficient bids as set by law. At this time, the property was struck off to Denton County as trustee for all the taxing entities.
The Denton County's delinquent tax attorneys, McCreary Veselka, Bragg & Allen, P.C., have requested that the City Council approve the sale of this property to the highest bidder even if the bid is less than the market value of the land or the total amount of the tax judgment against the property.
FINANCIAL IMPLICATIONS:
While the attached resolution will allow the sale of the property for less than the taxes owed, a sale will bring the property back on the tax rolls.
STAFF RECOMMENDATION/ACTION DESIRED:
Approval of the attached resolution.