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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 discussion and an amendment to include a buyer’s fee, the board withdrew an earlier motion and approved a new resolution establishing overall and per-property limits.
The final motion approved by the board: authorize agency representatives to bid at auction up to an aggregate cap (discussed in the meeting as $150,000) plus a buyer’s fee up to 10 percent, with the constraint that no individual property bid exceed that property’s current assessed value; the board also specified that any acquisitions remain subject to final approval by the full board. The board recorded the motion as carried.
Separately, the board voted to designate Danielle (last name not specified in the transcript) as the authorized bidder who will register and place bids on behalf of the agency at the auction.
Board members discussed risks of a blanket cap — notably the possibility that a single property could consume the full amount even if research did not support that price — and mitigations, including the requirement that individual property bids not exceed assessed tax value. The discussion also referenced recent changes following a U.S. Supreme Court ruling that affected prior advantages in acquisitions (no statute cited in the transcript).
The board also noted that certain properties have low starting bids (one cited at $1 with maximums in the low thousands) while others have higher recommended ceilings. The approved motion authorizes staff to proceed with registration and bidding under the stated limits and directs that final acquisitions come back to the full board for ratification as required.
