1999-25 Land Sale Number 131.
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KODIAK ISLAND BOROUGH
RESOLUTION NO. 99 -25
4, Block 1, Selief Estates
5, Block 1, Selief Estates
6, Block 1, Selief Estates
7, Block 1, Selief Estates
8, Block 1, Selief Estates
9, Block 1, Selief Estates
Introduced by:
Requested by:
Drafted by:
Introduced:
Amended:
Adopted:
A RESOLUTION AUTHORIZING LAND SALE NUMBER THIRTEEN
AND ESTABLISHING TERMS AND CONDITIONS
Manager Jensen
Manager Jensen
Borough Assessor
11/02/99
11/02/99
11/02/99
WHEREAS, Kodiak Island Borough Code 18.30.20 requires the Borough Assembly to set the
terms and conditions of sale for the disposition of public lands; and
WHEREAS, The Planning and Zoning Commission has recommended and the Borough
Assembly has determined that certain lands are surplus to the Borough's need.
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: The Kodiak Island Borough Assembly, in accordance with Title 18 of the Kodiak
Island Borough Code, authorizes the Manager or his designee to offer the
following lots for disposal by public outcry auction on December 11, 1999 at
1:00 p.m. in the Borough Assembly Chambers:
7. Lot 10, Block 1, Selief Estates
8. Lot 11, Block 1, Selief Estates
9. Lot 12, Block 1, Selief Estates
10. Lot 13, Block 1, Selief Estates
11. Lot 14, Block 1, Selief Estates
Section 2: Parcels sold at Land Sale Number Thirteen shall be subject to the following
terms and conditions.
1. Said parcels shall be appraised at fair market value as determined by the
Borough Assessor and the minimum acceptable bid at the auction shall not be
less than eighty -five percent (85 %) of the appraised value.
2. A deposit of ten percent (10 %) of the winning bid amount will be required
to be deposited with the auctioneer at the auction. The deposit shall be
verified funds in the form of a cashiers check or money order or any form
acceptable to the auctioneer as approved by the Borough manager. The
deposit shall be credited to the down payment at the closing of the land sale
and kept by the seller should the transaction not be completed as required by
this resolution.
3. The term of the contract for the unpaid balance shall be ten (10) years.
4. The interest rate on the unpaid principal balance shall be twelve (12)
percent, amortized monthly.
Kodiak Island Borough, Alaska Resolution No. 99 -25
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ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SECOND DAY OF NOVEMBER, 1999
th A. Nielsen, C
Kodiak Island Borough, Alaska
5. Payments on the unpaid principal shall be made on a monthly bask. The
Borough Finance Department will calculate equal payments amortized
monthly, with the uneven payment if any being the last payment due. All
payments are due beginning on the 15th of the month following the date of
recording with a late penalty of ten percent (10 %) of the payment after ten
(10) days from the due date. There is no penalty for prepayment of all or part
of the deed of trust and all prepayments shall be credited to outstanding
interest and then principal.
6. The purchaser shall execute a deed of trust for the unpaid balance plus
interest to secure payment of the note. The borough attorney shall hold the
deed of trust unless the buyer desires it to be held by a trustee in conjunction
with an escrow account. In that event the buyer shall be responsible for all
costs associated with the trustee and the escrow account. The time and place
of the closing will be set by the Borough manager but shall be not less than
ten (10) working days and not more than twenty (20) working days after the
signing of the purchase commitment. The seller and buyer shall evenly split
the expense of the closing and recording fees.
7. Successful bidders will receive a ten percent (10 %) discount off the
purchase price if payment is made in full at closing.
8. Any remaining unsold parcels shall be offered for sale, "over the counter ",
beginning at 8:00 am on the fifth working day following the public outcry
auction at the office of the Borough clerk on a first come, first serve basis.
The minimum sales price shall be no less than ninety percent (90 %) of the
appraised value.
9. Any remaining unsold parcels not disposed of within six (6) months of the
sale date will be revalued.
10. All parcels will be conveyed by Quit Claim Deed subject to easements,
reservations, and restrictions of record. Under no circumstance may a lot be
further subdivided, but subject to Borough approval, lot lines may be moved
or vacated so long as no additional lots are created.
11. Each entity (entity is defined as an unmarried individual, a married
couple, or a corporation) is limited to the purchase of two lots at the public
outcry auction. Any entity wishing to buy more lots will be allowed to do so
not sooner than 8:00 am on the sixth working day after the outcry auction. At
that time any entity may purchase any or all lots offered on a first come first
serve basis, with a minimum sales price of ninety percent (90 %) of the
appraised value.
ens, Borough Mayor
Resolution No. 99 -25
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