R2007-33 AUTHORIZING TRANSFER OF REAL ESTATE

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Economic and Urban Development Department Memorandum #07-27 February 27, 2007 TO: Honorable Mayor Osborne and City Council �I FROM: Steve G , City Manager II, Greg Crow irector of Economic and Urban Developme�� .''/ ----_. � Vickie Buckingham, Assistant Director of Economic and Urban Developm ri .r Richelle D. Irons,Neighborhood Redevelopment Manager�.1- I SUBJECT: Sale of property located at 1544 E. Hickory St. RECOMMENDATION: Staff recommends approval of the attached resolution regarding the sale of property located at 1544 E. Hickory St. The resolution states that the City of Decatur, who is the seller, will sell the property to Gary L. and Gloria J. Allison for the amount of$5,000.00. BACKGROUND: In June, 2000, the City of Decatur used HOME funding to assist with the purchase of property located at 1544 E. Hickory, through our Homebuyer Program. In July, 2004, we regained ownership of the property, through foreclosure due to lack of repayment. The unit will be used as a rental unit and will be rented to a low-mod resident for a minimum of 6 years, which is the amount remaining on the HOME affordability period. This sale has not been advertised through the 90-day process. Staff feels this qualifies as an exception, based on the buyers owning adjacent property and stated willingness to bring the property into code compliance. The appraisal conducted by Roby and Associates was in the amount of$5,000. A purchase agreement, in that amount, is attached. POTENTIAL OBJECTIONS: None known. , INPUT FROM OTHER SOURCES: Neighborhood Redevelopment Staff, HOME regulations and guidelines. STAFF REFERENCE: If City Council members have questions, they may contact Vickie Buckingham at 424-2777 or e- mail at vbuckingham@decaturnet.org. BUDGET/TIME IMPLICATIONS: Settlement shall occur no more than one month after the date of this agreement and will proceed upon City Council approval.