Title
2023 Tax Recovery Public Auction Revised Reserve Bids
Proposed Motion
That Council approve the Revised Reserve Bids for properties being offered for sale at the public auction on Wednesday November 8th, 2023 at 2:30 p.m., as presented.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
Section 419 Municipal Government Action (MGA) stipulates that Council must set a reserve bid that is as close as reasonably possible to the market value of each parcel, and any conditions that apply to the sale.
Summary
Council approved the 2023 Reserve Auction Bids on August 22, 2023 for the 2023 Public Auction on Wednesday, September 20th, 2023. Administration makes every effort to contact each resident and review properties prior to auction. After the reserve bids were approved, administration identified that 2 properties had been vacant for an extended period and the condition of the properties reflected that.
As a result of this new information, the auction was adjourned as per section 422(1) of the MGA to Wednesday November 8th, 2023, at 2:30 p.m. This allowed administration time to investigate and adjust the conditions of the property to ensure the reserve bid accurately reflects the current market value.
These properties have also been reviewed and adjusted to ensure the reserve bid accurately reflects the current market value.
Strategic Plan/Policy/Legal/Staff Implications
Section 419 Municipal Government Action (MGA) stipulates that Council must set a reserve bid that is as close as reasonably possible to the market value of each parcel, and any conditions that apply to the sale.
In compliance with Section 422(1) of the MGA, the municipality may adjourn the holding of a public auction to any date within 2 months after the advertised date.
Financial Impact:
Cost: N/A
Source of Funding: N/A