Upon sale of foreclosed real or personal property the City shall retain the proceeds except that the former record owner of tax-foreclosed real property which has been held by the City for less than ten (10) years after the close of the redemption period and never designated for a public purpose which is sold at a tax-foreclosure sale is entitled to the portion of the proceeds of the sale which exceeds the amount sufficient to satisfy unpaid taxes, delinquent taxes assessed and levied as if the property had continued in private ownership, penalty, interest, and costs of property sold, including costs incurred under § 6.36.200(A). If the proceeds of the sale of tax-foreclosed property exceed the total of unpaid and delinquent taxes, penalty, interest, and costs, the City shall provide the former owner of the property written notice advising of the amount of the excess and the manner in which a claim for the balance of the proceeds may be submitted. Notice is sufficient under this subsection if mailed to the former record owner at the last address of record. Upon presentation of a proper claim, the City shall remit the excess to the former record owner. A claim for the excess filed after six (6) months of the date of the sale is forever barred.
(Am. Ord. No. 2003-05, passed 5-6-03)