Resolution - Community Development: Consider a resolution approving the price and conditions of sale for the Contract of Sale by the Urban Renewal Agency (URA) to BMC Holdings, LLC, for that certain parcel property located at 1512 East 14th Street, Lubbock, Texas, legally described as Lot 5, Block 5, Whitehead Addition to the City of Lubbock, Lubbock County, Texas.
Item Summary
This is a routine sale of a single-family residential property owned by the Urban Renewal Agency (URA) and located at 1512 East 14th Street, Lubbock, Texas.
The sale is to BMC Holdings, LLC, for acquisition of an "AS IS" single-family residential house, that will be rehabbed and made available as affordable housing.
The house at 1512 East 14th Street was built and financed by URA in a first-time homebuyer program. This property was forfeited to URA in May 2010, and this house is being sold "AS-IS".
The URA board approved the bid and sale of this property at the URA meeting on October 19, 2021.
Fiscal Impact
Sale of the property will generate $45,237 revenue to URA. There is no fiscal impact to the General Fund.
Staff/Board Recommending
Bill Howerton, Deputy City Manager Karen Murfee, Director of Community Development