(A) These sale procedures shall apply to (i) an eligible municipality, or (ii) another taxing body, or (iii) an affordable housing organization (together, “qualified entity”).
(B) A qualified entity may submit a bid for any property on the list described in § 37.049 for less than the minimum bid (as defined under “Terms and Conditions of Sale” set forth below), but such bidders must, along with their bid amount, submit a brief statement explaining why the entity should receive the property for less than the minimum bid price, if the bid is below the minimum bid.
(C) The County Clerk may assign the certificate or convey a deed to a qualified entity that submits a bid equal to or less than the minimum bid. The County Clerk’s discretion to assign or convey for less than the minimum bid set forth in § 37.052(B) shall be guided by the following factors:
(1) Whether the qualified entity has incurred significant costs to maintain the property, where SIGNIFICANT shall be defined with reference to the costs in relation to the minimum bid described in the “Terms of Sale” provision below, with a 50% or greater ratio representing “significant costs”;
(2) Whether the qualified entity plans to use the property to create or otherwise foster affordable housing;
(3) Whether the qualified entity plans to use the property on an ongoing basis for a public purpose, including to foster economic development as part of a broader plan that extends beyond the property in question;
(4) The likelihood of other bidders, who are not qualified entities, seeking to acquire the property, and the amount of the tax revenue that would be forgone annually by conveying the property to a qualified entity;
(5) The immediacy of the qualified entity’s plan to put the property into productive or public use.
An eligible municipality or another taxing body may claim a credit against the purchase price equal to the value of its claim in exchange for a release of the claim. If the release must be recorded to be effective, the eligible municipality or other taxing body shall pay the cost for recording the release.
(D) After receipt of payment, Lake County, as Trustee, will quit claim the property to the qualified entity or, if payment occurs prior to the time for issuance of a tax deed, then the county will assign its interest (including the certificate) to the qualified entity.
(E) To ensure that evidence of title is promptly recorded, the County Clerk will deliver the quitclaim deed to the Recorder’s Office, which will in turn send the recorded deed to the purchaser.
(Ord. 21-0420, passed 3-9-2021)