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j ~; ÍA-~ G"~/lt.tM.n;. '~f~1 l>/il WiM'h~: LAW OFFICES CALAME LINEBARGER GRAHAM & PEÑA, L.L.P. 1949 SOUTH I.H. 35 P.O. BOX 17428 AUSTIN, TEXAS 78760 Telephone: (512) 447-6675 Facsimile: (512) 443-3494 F. Duane Force August 26, 1997 Luanne Caraway Kent Morrison v1Æark Taylor Tax Assessor-Collector Asst. Superintendent City Attorney Courthouse Annex San Marcos CISD City of San Marcos 102 N. LBJ Dr. P. O. Box 1087 630 E. Hopkins San Marcos, Texas 78666 San Marcos, Texas 78667 San Marcos, Tex. 78666 RE: REQUEST FOR AGENDA ITEMS Consideration of highest sealed bids received for resale of tax foreclosed properties Dear All: Enclosed please find a Summary of Bids Received on 12 parcels of property which are currently held by the taxing units as a result of previous tax foreclosures. Ms. Caraway's receipt of these sealed bids followed our posting "for sale" signs on the properties approximately 60 days ago, our receipt of numerous phone calls regarding same, our publication of an invitation to bid, and a personalized mailing of the notice and bidding instructions to over 200 interested purchasers/investors known to us. Where the highest bid received represents a percent of recovery of 100% or greater, the only taxing unit which needs to approve that particular sale is the taxing unit holding the title, in trust. Approval should be a mere formality, because you cannot do any better than 100% due to the fact that any excess proceeds must be deposited with the court. Where the highest bid represents something less than 100% recovery, all of the taxing units entitled to receive proceeds must unanimously approve the sale. To help your respective governing bodies decide the issue, we are enclosing a fact sheet for each of those properties on which the highest bid is less than 100% recovery. Included on each fact sheet is a computation of the percent of recovery, together with a map showing the location of the property in question. Each respective governing body therefore needs to consider the following: Commissioners' Court: 1. Bid of $1,500 by Richard DeLeon for the purchase of Property No. R40081. (57.4% recovery of taxes)