Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate topic
No spam. Unsubscribe anytime.
Pekin approves purchase of five county tax-sale lots staff won in sealed bids
Summary
City staff reported winning five sealed bids on vacant county tax-sale lots to control disposition, preserve development potential and avoid costly foreclosure; council authorized payment and acquisition to return lots to the tax roll, with staff estimating total cost under $10,000.
Pekin city staff told council on July 27 that it had placed sealed bids and won five county tax-sale lots that otherwise would have extinguished municipal liens. Staff asked council to authorize payment so the city can take deed to the properties and control their disposition rather than pursuing time-consuming and expensive foreclosure actions.
Economic-development staff said the acquisitions were tactical and selective: the city chose parcels believed to be marketable for new housing or other productive uses and estimated the combined payment would be just under $10,000. “We have won all five of the bids,” said economic development staff member Mister Ray, adding that staff will pay before the county deadline and then work to market and resell lots to builders or otherwise return them to the tax rolls. Council approved the purchases 7–0. Staff acknowledged the county sealed-bid process extinguishes prior liens—meaning some liened amounts become unrecoverable—and said the city will pursue a revised accounts-receivable and bad-debt policy to address the bookkeeping implications.
