2001-11-12 Regular Meeting - Laserfiche WebLink

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. e REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: November 12 2001 Appropriation Requested By: Cynthia Alexander, Director of Financ Source of Funds: 036 Department: FINANCE/TAX Account Number: 5014 Report: Resolution: :xx Ordinance: Amount Budgeted: $30.000 Exhibits: Amount Requested: $13.800 Exhibits: Budgeted Item: YES NO Exhibits: SUMMARY & RECOMMENDATION The La Porte Tax Office is Trustee for the City of La Porte, the La Porte Independent School District and Harris County for several tax properties where title to the property has reverted to the taxing entities because the previous property owner did not pay taxes on the property, they were offered for public bid via a "Sheriffs Sale" and no one purchased them. The La Porte Tax Office actively markets these resale properties. When a bid is received that is greater than either the amount due on the property or the HCAD appraised value, the Tax Office is able to complete the sale. If a bid is received that is less than either the amount due or the HCAD appraised value, then the sale requires the approval of all three taxing entities. Tonight, we are bringing five lots before you for your consideration. In this case, the bid amount is equal to the appraised value. We are recommending the City Council approve all the purchase of these five lots by the City. Offer from the City of La Porte for Lots 8-12 Block 88 Town of La Porte Bid Amount Appraised Value Approximate Amount Due $13,800 $13,800 $18,860 Bid Amount is 100% of the Appraised Value. All five of the lots were presented to the Finance/Audit Committee for their approval. They agreed with staffs recommendation for purchase by the City. Action Required by Council: Approve or disapprove Resolution approving the purchase of tax resale properties by the City of La Porte. Auuroyed for City Council A2enda Q~~~ \. ~~~'<~ Robert T. Herrera, City Manager \l-~-()\ Date