HomeMy WebLinkAbout12. 14-475
OCTOBER 28, 2014 14-475 RESOLUTION
(CARRIED__7-0_____LOST_______LAID OVER_______WITHDRAWN_______)
PURPOSE: APPROVE DISPOSITION/SALE OF SURPLUS PROPERTY TO
PIE INVESTMENTS, LLC; 114 EAST IRVING AVENUE
($40,000.00)
INITIATED BY: COMMUNITY DEVELOPMENT
BE IT RESOLVED by the Common Council of the City of Oshkosh that 114 East
Irving Avenue is hereby declared surplus and the proper City officials are hereby
authorized and directed to execute any and all documents necessary to sell said
property to PIE Investments, LLC.
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TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis,
Community Development Director
DATE: October 23, 2014
RE: Approve Disposition/Sale of Surplus Property at 114 East Irving Avenue to
PIE Investments
BACKGROUND
In 1999 the City approved an owner occupied housing rehabilitation project on this property.
The owner passed away in 2012. The City foreclosed on this property in 2013 after several
attempts by staff to resolve repayment of the outstanding housing improvement loan
mortgage on the property with the former owner's descendants. The City paid $24,857.50 for �
the property at the Sheriff's Sale.
PIE Investments approached staff about the availability of the property and expressed their
interest in acquiring it. PIE Investments submitted an offer to purchase in the amount of
$40,000. This is a 2 or 3 bedroom two-story single family home. Staff's inspection of the
house indicates at least $30,000 worth of interior and exterior improvements are needed.
Based on the current assessed value of$59,500 and the amount of work required on the
house, staff believes the $40,000 offer is fair.
PIE Investments intends to rehabilitate the house and sell it for and owner-occupied house.
FISCAL IMPACT
The City will recoup its original investment in the property and the property will be back on the
tax roll. Improvements to the interior and exterior should increase the assessed value of the
home as well as the tax base. Funds will be returned to the CDBG Housing Improvement
program to be used on future owner occupied rehab projects.
RECOMMENDATION
Council authorizes the disposition/sale of the property at 114 East Irving Avenue to PIE
Investments.
Respectfully submitted,
.. ' t�---__.,1�?`-�����
MARK A. ROHLOFF
City Manager
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The City of Oshkosh creates and maintains GIS maps and data for its own use. They may show the
approximate relative location of property, boundaries and other feature from a variety of sources. printing Date: 10/20I2014 O,fHKOlH
These map(s)/datasets are provided for information purposes only and may not be sufficient or
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J:�,GIS\GIS_Base_MapslPlanning Base Map.mxd Usec andreas