City Council Regular Session Agenda
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Agenda Item 4.
Resale of Tax Foreclosed Property - 5706 Marina Dr.
Summary of Request/Problem
At the July 17, 2017 City Council Work Session, Council was briefed on the potential sale of property located at 5706 Marina Dr. Building "A" Unit #3. The City of Garland has received an unsolicited offer from Mr. Manuel Ignacio related to the purchase of the property. The City obtained this property through Sheriff's Sale and Mr. Ignacio has offered $41,451.95 to purchase the property. The net proceeds from the offer to the City of Garland would be $1,500 for post administration and $9,294.19 for City property taxes. In addition to the offer Mr. Ignacio will pay post-judgment taxes of approximately $4,448.05 of which the City of Garland will receive approximately $1,247.64.
Recommendation/Action Requested and Justification
Staff recommends Council accept the offer with an executed deed without warranty. This property was struck-off to the City of Garland in 2010 and pursuant to section 34.05 of the Texas Property Tax Code may be resold to a private entity with the approval of the governing body.
5706 Marina Dr. - Offer to Purchase
5706 Marina Dr. - Resolution
5706 Marina Dr. - Deed
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