HomeMy WebLinkAbout[04e] Tax-Forfeited Lots Re-Assessed
Council Agenda Item 4e
MEETING DATE: August 7, 2017
AGENDA ITEM: Tax-Forfeited Lots Re-Assessed
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council approved allowing sold foreclosed lots to be re-assessed at
0% interest rate; two lots in Liberty Pointe were approved to pay over a 5 year period at 0%.
BACKGROUND INFORMATION: The inventory of foreclosed lots in the City of St. Joseph is very
low. Currently, ten parcels remain tax-forfeited per Stearns County. There have been interested buyers
calling about costs to be reassessed once sold. A request was made to pay for the reassessed costs over a
period of time. Staff is posing the question of Council if costs to be reassessed can be made up to a five
year period at 0% interest rate to help sell the properties. The term length will be set when the costs are
reassessed.
BUDGET/FISCAL IMPACT: No cost, just longer collection period
ATTACHMENTS: Request for Council Action – Tax-Forfeited Lots
Map of foreclosed properties
REQUESTED COUNCIL ACTION: Consider allowing costs to be reassessed on tax-forfeited lot sales
to be at a term of 0% and up to five years payment.
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