Title
Offer to Purchase Tax Recovery Property
Proposed Motion
That Council authorize administration to accept the offer to purchase for tax recovery property described as Lot 16, Block 5, Plan 6543X (Roll 4270095) in the amount of $17,525.00.
Body
Administration Recommendation
Administration supports the recommendation.
Purpose
Administration is presenting the Offer to Purchase for Council approval pursuant to Policy AD 003 - Sale of Properties.
Summary
The subject property was acquired by Parkland County as per the Municipal Government Act for the purpose of recovering taxes. The property did not sell at the 2012 auction, after which, the County took title and possession of the unoccupied property, obtained an appraisal, and put it on the market for $17,500. Two offers were presented to administration on January 30, 2013. The Offer to Purchase for $17,525 was the best offer as it was for the highest amount.
Strategic Plan/Policy/Legal/Staff Implications
The Municipal Government Act provides the requirements and options for municipalities with regards to tax recovery properties. The presented offer to purchase this tax recovery property complies with the requirements of the Municipal Government Act section 425(1)(a), by selling the property at a price that is as close as reasonably possible to the market value of the parcel.
Financial Impact:
Tax Sale Admin Fee Revenue - $876.25
Taxes Receivable - $5,133.31
Realtor Fees - $1,226.75
Tax Sale Surplus - $10,288.69
Other