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IDA authorizes bidder and sets limits for six auction properties, adds 10% buyer's fee
Summary
The Chemung County IDA approved a resolution allowing agency staff to bid on up to six tax-auction properties with a collective ceiling and per-property limits, added a 10% buyer's fee, and named Danielle as the authorized bidder to register and place bids at the auction.
The Chemung County Industrial Development Agency spent an extended portion of its meeting debating and then approving bidding parameters for six tax-auction properties the agency plans to acquire.
Following an executive-session review of six properties (referred to in the meeting as Property 1 through Property 6), board members discussed minimum and maximum bid recommendations, whether a buyer’s fee should be included in the listed maxima, and whether to give staff a blanket spending limit or individual property caps. After…
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