11-23-15 Agenda, Packet & Committee Meeting Notice

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(a) Eligible participants include adjoining property owners or non-profit organizations with 501(c)(3) status that are chartered or authorized to serve the same neighborhood in which the city property is located and that own adjoining property. Adjoining property owners are those who share a common property line with the City Property; and shall include those property owners who own the property across the street, directly in front of the City Property or directly across an alley. (b)The applicant must not: (i) Be delinquent in the payment of any real estate or personal property taxes in Shelby County (ii.) Have been found guilty by Environmental Court of violating the City Housing Code. (c) If the applicant is a nonprofit Neighborhood Organization, in addition to the above requirements, their 501(c)(3) status must be current and active at the time of Application submittal and maintained in that status throughout the term of the MOU. (d) Only properties listed for sale with a price of at least Five Hundred dollars($500.00)and less than Ten Thousand dollars ($10,000) are eligible for the Mow to Own program. Applications for properties not listed for sale will be returned. (e) No property larger than one half (1/2) acre will be considered for inclusion in the program. (f) Non-residential properties and properties along some commercial corridors may not be eligible for the program (g) The City of Memphis, and the Shelby County if the property is owned by the County, have the absolute right to exclude properties from the program at their sole discretion. (h.) It is the goal of this program to sell the City Property for not less than fair market value. The purchase price will be based on an internal fair market value determination. (2)Application Requirements. (a) An administrative fee of One Hundred and Seventy Five dollars ($175.00) is required to participate in the program and shall be paid to the City by Purchaser at the time the application is submitted. (b.) Purchaser must submit a completed application. Along with the application, purchasers shall submit a proposal outlining the amount they are seeking to earn by maintenance activities on the City Property, which may be all or any portion of the final purchase price. (c.) The application and submitted proposal will be reviewed by the City. As required, the City may request additional information from the Purchaser and negotiate the terms of the purchase, including the maintenance cost and duration of MOU term.