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<br />~ , . <br />f(' <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: December 8. 2003 <br /> <br />Approoriation <br /> <br />Requested By: C:ynthiSll AI"'I'lIndlP.r <br /> <br />Source of Funds: N/A <br /> <br />Department: Finanr." <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: XX Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />HCAD Map <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Prooerty Offer <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />HCAD Appraisal Record <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />On July 3, 2001, property located at 321 N First Street was offered for public bid via a "Sheriffs Sale". <br />This property was offered because the property owner had not paid taxes on the property for several <br />years. When no one bid on the property, the title to the property reverted to the La Porte Tax Office as <br />Trustee for the City of La Porte, the La Porte Independent School District and Harris County. <br /> <br />The property comprises 3 city lots and is approximately 75' by 125', or 9,375 square feet. The property <br />also contained an abandoned house, which was removed by the city on April 2,1989. <br /> <br />The La Porte Tax Office received an offer from Bayou Housing Partners in the amount of $7,500, which <br />is the value of a typical lot in this area. <br /> <br />The property is on the Harris County Appraisal District Roll with an appraised value of $11,300. <br />Delinquent Taxes and costs on the property total approximately $11,628 (12 years worth). Since the offer <br />received for the resale is less than either of these values, it requires approval by each of the three taxing <br />entities before the resale can take place. If all three entities approve, the sale will occur with each entity <br />receiving its pro-rata share of the tax distribution. <br /> <br />Even though we are reselling this property for less than is due on the property, staff believes the <br />absorption of the loss is necessary to get the property into the hands of a owner who has the intentions to <br />rebuild, care for and maintain the property as well as pay taxes on it in the future. <br /> <br />ACTION REQUIRED BY COUNcn.: <br /> <br />Approve resolution authorizing the resale of the tax properties to Bayou Housing Partners. <br /> <br />FUND <br /> <br />N/A <br /> <br />ACCT NUM: <br /> <br />FUNDS A V ATI..ABLE <br /> <br /> <br />/~-3-d3 <br />DATE <br />