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 5, Block 2, Plan 8021895 (Roll 386008) in the amount of $190,000.
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 2011 auction, after which, the County took title and possession of the unoccupied property, obtained an appraisal, and put it on the market for $193,500. Three offers were presented to administration on August 31, 2012. The Offer to Purchase for $190,000 was the best offer as it was for the highest amount, with no conditions (on the part of the buyer).
Strategic Plan/Policy/Legal/Staff Implications
The Municipal Government Act provides the requirements and options for municipalities with regards to tax recovery properties. This $190,000 offer to purchase this tax recovery property complies with the requirements of the Municipal Government Act.
Financial Impact:
Cost: $190,000.00
Source of Funding: Other Revenue - General Municipal
Other