HomeMy WebLinkAboutCouncil Resolution 510RESOLUTION NO. 510
A RESOLUTION EXEMPTING A CONTRACT OF SALE OF
FORECLOSED REAL PROPERTY FROM COMPETITIVE BIDDING
WHEREAS, the City of Central Point has foreclosed various
municipal liens upon real property in Jackson County Circuit
Court Cases No. 87-1598-NJ-3 and 87-1903-NJ-2, and
WHEREAS, the City of Central Point is desirous of recovering
the maximum amount against said judgments through the disposition
of said real properties, and further of liquidating any interest
acquired in said real properties in favor of payment of said
liens, and
WHEREAS, as to the property known as "Kingsland Manor Units
2 & 3", more particularly described in said suits, the City's
lien substantially exceeds the value of said real property, and
WHEREAS, the City has received an offer from one Ohannes
Korogluyan to purchase the Bear Creek Valley Sanitary Authority
liens which are prior to the City's interest in said foreclosure
suits, and to assign said lien rights to City, in order to enable
City to allocate said. lien to the City's best advantage, and has
further agreed to purchase any interest acquired by the City in
said properties, for a sum equal to the amount of the City`s
judgment liens thereon, including Kingsland Manor Units
2 & 3, and
WHEREAS, the City has received no offers from any other
prospective purchasers of said properties either to purchase the
City's interests therein or to assure that the City will receive
the full amount of its liens on each of said properties,
including Kingsland Manor Units 2 & 3, and
WHEREAS, said prospective purchaser, Korogluyan, is the holder
of a third lien on the property known as "The Village" and has
offered to use his interest therein to secure his obligation to
the City for the purchase of Kingsland Manor Units 2 & 3 for the
full amount of the City's lien thereon, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTRAL
POINT, OREGON, AS FOLLOWS:
Section 1. The Council hereby finds that lack of bids will
not result. in favoritism or substantially diminish competition in
awarding the contract for the sale of said properties, based
upon the fact that the City has received no other offers or
interest in the purchase of said properties in such a fashion
RESOLUTION N0. 510 - 1
(121388)
that the City would receive the full amount of its judgment lien
for Kingsland Manor Units 2 & 3.
Section 2. The City Council finds that an exemption of the
proposed sale from the. rules of the Contract Review Board would
result in a substantial cost savings to the City, based upon the
fact that the City's lien on Kingsland Manor Units 2 & 3 is the
approximate sum of $84,427.00, and the value of said real
property securing said lien is approximately $48,080.00, and the
proposed contract would. realize for the City the full amount of
its judgment lien thereupon, together with the full amount of its
judgment liens upon the other properties foreclosed, referred to
hereinabove.
Section 3. The City Council hereby exempts the sale of its
interest. in the properties described hereinabove from the
Contract Review Board rules as set forth. in Ordinance 1293,
Section 4, and authorizes the Mayor and City Administrator to
enter into the proposed contract for the sale of the City's
interest in said properties upon the. terms and conditions
hereinabove set forth.
Passed by the Council and signed by me in authentication of
its passage this 15th day of
Mayor
ATTEST:
City Repres n ative
APPROVED by me this
RESOLUTION NO. 510
(121388)
December 198
15th day of December , 198_
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Mayor
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