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RESOLUTION NO. 369
CONSENT TO SALE OF FORECLOSURE PROPERTY
LOCATED AT 7000 E. KENNEDALE PARKWAY, KENNEDALE,
TEXAS, HELD IN TRUST BY THE CITY OF KENNEDALE, AT
LESS THAN MARKET VALUE, JUDGMENT OF FORECLOSURE,
OR TAXES DUE
WHEREAS, the City of Kennedale acquired this property through the
delinquent tax foreclosure process and holds the property in trust for itself and
the other taxing entities to whom taxes are owed; and
WHEREAS, as per Section 34 of the State Tax Code addressing tax sales
and redemption, the City of Kennedale seeks to sale the foreclosed property
located at the legally described as: 1000 E. Kennedale Parkway, Tracts 1 H and
11-101, E.C. Cannon Survey, Abstract No. 378, City of Kennedale, Tarrant
County, Texas; and
WHEREAS, the Kennedale Economic Development Corporation seeks to
purchase the property for the whole property value amount of $258,700 as
determined by an independent appraiser, which amount is less than the market
value, the judgment of foreclosure or less than the amount of taxes owed on the
property; and
WHEREAS, the City of Kennedale grants consent to the sale of said
property and acceptance of a lesser amount of taxed due on the property;
NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND
DECREED by the City Council of the City of Kennedale:
1. City Council consents to the sale of the property located at 1000 E.
Kennedale Parkway to the Kennedale Economic Development
Corporation at the purchase amount of $258,700, said purchase amount
being less than the market value, judgment of foreclosure or the total
amount of taxes due on the property.
2. The City Council will accept, as payment of all City taxes due on said
property, a proportional share of the purchase amount received on the
property, less court costs and fees, based on the percentage of city taxes
owed to that of the total judgment amount of taxes due on said property.
3. By providing this consent, the City Council finds that it is the intent of the
Kennedale Economic Development Corporation to provide for the use of
property listed herein for future taxable development, and directs that the
Kennedale Economic Development Corporation shall not retain ownership
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of the property in order to provide tax exemption on the said property once
it is redeveloped for private use.
4. City Council authorizes the Mayor, or his designee, to execute the Deed
conveying the properties as described herein on behalf of Tarrant County.
PASSED AND APPROVED, IN OPEN SESSION, the 11th day of August 2011.
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Bryan Lankhorst, Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
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City Attorney