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FY2020-26 Authorizing Terms And Conditions For Sale Of A Tax Foreclosed Property1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Introduced by: Borough Manager Drafted by: Finance Director Introduced on: 05/07/2020 Adopted on: 05/07/2020 KODIAK ISLAND BOROUGH RESOLUTION NO. FY2020-26 A RESOLUTION OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH AUTHORIZING TERMS AND CONDITIONS FOR SALE OF A TAX FORECLOSED PROPERTY LEGALLY DESCRIBED AS THE FRACTIONAL W % E 1/2 NE '/4 SE '/4 SE %; W % NE '/4 SE '/4 SE '/4 AND FRACTIONAL NW % SE '/4 SE '/4 OF PROTRACTED SECTION 14, TOWNSHIP 31 SOUTH RANGE 29 WEST SEWARD MERIDAN; TL 1404 AMOOK ISLAND AT BOROUGH LAND SALE NUMBER NINETEEN. WHEREAS, the Kodiak Island Borough has acquired parcel number 18386/R5312901404 located at the FRACTIONAL W '/2 E '/2 NE '/4 SE '/4 SE '/4; W '/2 NE '/4 SE '/4 SE Y4 AND FRACTIONAL NW 1/4 SE % SE Y4 OF PROTRACTED SECTION 14, T31S R29W SEWARD MERIDAN; TL 1404 AMOOK ISLAND formally owned by the Estate of Willie Norell by Clerk's Deed case number 3KO-08-27 Cl signed June 22, 2009, recorded as Document 2009-001136-0 date June 26, 2009 as a result of the tax foreclosure procedure; and WHEREAS, the Assembly adopted Ordinance No. FY2020-14 which determined that a public need does not exist for tax foreclosed THE FRACTIONAL W'/z E'/z NE'/4 SE'/4 SE'/4; W Yz NE '/4 SE'/4 SE Y4 AND FRACTIONAL NW'/4 SE'/4 SE'/4 OF PROTRACTED SECTION 14, T31S R29W SEWARD MERIDAN; TL 1404 AMOOK ISLAND and that it be sold; and WHEREAS, Ordinance No. FY2020-14 directed the finance director to offer the property by sealed bid auction with the highest bidder taking ownership, and the specific terms of sale. NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: Section 1: To be eligible for consideration, all sealed bids must be received in the cashier's office by the date set by the finance director. Bidder is to enclose a 10% deposit ($1,463.00) based on the minimum bid amount shown in the bid packet. This payment must be in the form of cash, a cashier's check, bank draft, certified check, or other form acceptable to the Borough Finance Director. The remaining balance must be paid within thirty (30) days. Section 2: This property has been appraised by the Borough Assessor within a fair market value range of $15,400 - $30,000, with recommendation that the property's estimated sale price as is: $19,500. Kodiak Island Borough, Alaska Resolution No. FY2020-26 Page 1 of 2 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Section 3: The minimum acceptable bid at auction shall be not less than ninety-five percent (95%) if the low range of fair market appraised value (not less than $14,630). If no qualifying bids are received the property may be listed on-line for sale for at least the minimum bid cost. Section 4: Any right of repurchase by the previous owner has expired under AS 29.25.470. If the property is sold for more than the amount of taxes, penalties, interests and other related costs, the Kodiak Island Borough is entitled to retain proceeds and is relieved of any requirement to notify the previous owner of any excess proceeds from the sale. Section 5: The Borough will execute and deliver to the buyer of the property a quitclaim deed, without warranty, which will convey any and all interest the Borough might have in the real property, subject to any state or federal liens in accordance with AS 29.45.450 and subject to easements, reservations and restrictions of record including zoning ordinances and any plat requirements and covenants. Prospective buyers shall also be advised in the public notice that the Borough reserves the right to withdraw the parcel from sale and that, pursuant to law, the property may NOT be repurchased by the previous owner, or their assigns or heirs, at any time before the sale. ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THIS SEVENTH DAY OF MAY, 2020. KODIAK ISLAND BOROUGH ATTE T: William Roberts, Mayor ra Welinsky, Clerk VOTES: Ayes: Schroeder, Skinner, Symmons, Turner, Arndt, Dvorak, Kavanaugh Noes: Kodiak Island Borough, Alaska Resolution No. FY2020-26 Page 2 of 2