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Council approves sale of 50% trust interest, consolidating ownership of Velasco lots
Summary
The council approved the sale of a 50% undivided trust interest in Velasco Town Site Block 747 Lots 4 and 10 to the other owner, consolidating ownership to a single owner and improving the parcel's marketability.
The Freeport City Council on May 5 approved the sale of a 50% undivided trust interest in parcels identified as Velasco Town Site Block 747 Lots 4 and 10, Brazoria County tax account 8110-3450-000, moving full ownership to the other co-owner who submitted the bid.
City staff member Miss Kramer said she had previously asked the council to deny a resale offer to provide time to contact the other 50% owner. The city later learned the other owner had submitted the minimum bid and would become the 100% owner if the sale was approved. Kramer said consolidating ownership made the parcel more developable and marketable.
Councilman Pena moved to approve the sale; council approved the motion unanimously. City staff noted that the parcels had previously been subject to partial foreclosure and that resolving the undivided interest would simplify the property's ownership for future development.
No sale price was stated on the meeting record beyond the description that the other owner submitted the minimum bid. The council's action recorded the approval of the sale and the transfer of the city's 50% interest to the other owner.
