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Paris council approves private resale of tax-foreclosed Westgate Apartments for $75,000
Summary
The Paris City Council voted unanimously to approve the private resale of the tax-foreclosed Westgate Apartments to Rain Financial Services Inc. for $75,000, while council members pressed staff for assurances the buyer will rehabilitate — not strip or abandon — the property.
Tracy Pounders, the city's delinquent-tax collection attorney, told the Paris City Council that the Westgate Apartments (about an eight-acre tract) had been struck off to the city after no bidder met the $170,500 minimum. Pounders said the property has ‘‘fallen into disrepair’’ and that Rain Financial Services Inc. submitted an offer of $75,000 with $15,000 in escrow to show seriousness.
Pounders, identified in the meeting as the city's delinquent-tax collection lawyer, said the property was appraised at roughly $486,000 but had sustained theft and vandalism that left the buildings in poor condition and that the sale requires concurrence from other taxing units (Lamar County, Paris ISD and Paris Junior College) because the amount is below the court-set minimum bid.
Council members pressed staff for safeguards. One councilor asked what guarantees exist to prevent the buyer from demolishing structures and obtaining land value without redevelopment; Pounders and staff said the current offer contains no contractual development guarantee and that typical protections (incentives, development agreements, zoning approvals and possible reverter clauses) would be negotiated later if the council directs staff to pursue them.
Multiple councilors described the site as an eyesore and public-safety concern and said the priority should be finding a buyer that will restore usable housing rather than preserve vacant blight. Pounders summarized practical barriers to immediate redevelopment, including the need for financing and title insurance on tax-foreclosed parcels.
Mayor (chair) moved to approve the private resale as presented for $75,000; the motion was seconded and the council voted unanimously to approve the sale. Staff noted the deed will become effective only after required approvals from the other taxing entities and any legal steps required by the underlying judgment.
The council vote clears the way for staff to proceed with the resale process; it does not, by itself, impose a post-sale redevelopment guarantee or specific incentive package. Councilors said they expect follow-up steps on zoning, permitting and any incentives once the purchaser pursues redevelopment.
