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Troy council approves sale of city parcel at 9 Hills Landing after choosing no-contingency offer
Summary
The council authorized sale of a city-owned parcel at 9 Hills Landing, selecting an offer that waived inspections and title insurance to enable a faster cash closing despite not being the highest bid; staff and counsel said reverter clauses are not typically inserted in broker-handled sales.
The Troy City Council finance committee on Jan. 23 authorized the sale of a city-owned parcel at 9 Hills Landing and directed the mayor to execute a quitclaim deed to the purchaser.
Councilmember Vera told colleagues that while four offers were received the offer before the council was not the highest, but the bidder was willing to waive inspections and title insurance, which staff said would facilitate a faster cash transaction. City staff and Corporation Counsel Rick explained the city often accepts offers that reduce contingencies to achieve a faster closing and noted that the city does not customarily insert reverter clauses in broker-handled sales.
Council members asked staff about the property's back taxes; a councilmember estimated the outstanding taxes were ‘‘around $100,000’’ though officials did not provide a formal figure in the meeting transcript. Staff also explained the statutory process whereby a former owner can claim any surplus proceeds following sale.
The resolution was moved, seconded and adopted unanimously.
Next steps: execution of closing documents and the administrative transfer; any surplus proceeds and statutory claims procedures will be handled per state law and city practice.
