City okays multiplelot bidding

The Olney City Council formalized the process for accepting block bids on multiple residential lots to allow a developer to purchase 10 of the approximately 30 lots from the city’s inventory of foreclosed properties. The Council unanimously passed the resolution at a noontime special-called meeting on Feb. 6 after seeking advice from City Attorney Bill Myers on the correct procedure for bundling the lots.

The lots in question must meet one of five criteria, Mayor Rue Rogers told the Council. Those conditions are that the bid offered does not exceed the assessed value of the properties, that a property remains without an offer for six months or more, that a property remains with a single offer longer than six months but at less than 60 percent of its assessed value, that a property remains with two offers longer than six months but at less than 50 percent of the assessed value, or the bid on the property is submitted as part of a block rehabilitation plan.

“All 10 of these [lots] meet that criteria … that was the counsel that we got from legal saying that’s the process that needs to go forth,” Mr. Rogers said. “We did all the work of formalizing it and making sure we are doing it correctly and now it’s just a matter of accepting the resolution.”

The block of lots will be placed on the Texas Communities Group website at Texascg.com for bidding with the terms of the sale and buyer to be approved by the City Council.

The Council hopes to move the foreclosed properties off its books quicker and to encourage developers to build much-needed homes for workers who now commute from Graham, Wichita Falls and surrounding cities. City officials say they have met with a potential buyer who is interested in building a variety of housing, including single-family homes, rental properties and duplexes.