ITEM TITLE:
#21-32 - Relinquishing Remainder Property Interest in Lot 11, Block 40, Harbor Subdivision
SUBMITTED BY: Jake Staser, City Attorney
FISCAL NOTES:
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Unencumbered Balance: Click here to enter text.
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RECOMMENDATION:
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SUMMARY STATEMENT:
The City was granted a “remainder” interest in Lot 11, Block 40, Harbor Subdivision (Property) by operation of the will of Mr. Dale Houseman. The current heir/owner of the property has received an offer from the adjacent property owner to purchase the property. To facilitate the sale and grant clear title the property owner has requested that the city relinquish its remainder property interest in Lot 11, Block 40, Harbor Subdivision as stated in the will document of Mr. Houseman and fully disclaim all rights, titles, benefits and other interests in the Property.
Under VMC 4.04.030, the City Council may relinquish interests in real property for less than appraised value by resolution passed by not less than six council members; and
Approval of the resolution will authorize the city manager to execute and record any documents required to fully relinquish the City of Valdez’s remained interest in the Property.