2013 Urban Renewal Instructions Urban Renewal Property Policy for Non-Profit Organizations Purchasing Urban Renewal Property
The following guidelines shall apply to non-profit organizations' proposals to purchase and to develop Urban Renewal property:
- The offer must be at least 10% of the minimum set price. For a 10% offering, only a warranty deed and tax certificate will be issued. No title policy will be provided.
- A title policy, warranty deed and tax certificate will be provided when the offer is the full minimum set price.
- The proposed development must conform to the Urban Renewal Land Use Plan and the City of Lubbock Zoning Restrictions. Each non-profit will be required to enter into contract, submit a timeline, and a plot plan. A maximum of 18 months will be given for conveyance. An extension of 18 months may be given by the Board with an additional 10% Good Faith Deposit.
- The Urban Renewal Board of Commissioners reserves the right to reject any or all proposals.
- The conditions and price of the proposed sale and development must be approved by the City Council.
- The non-profit organization must provide evidence prior to conveyance of sufficient financing and resources to commence and complete the project.
The non-profit organization may not convey the property or any portion of the property until the development is complete. Any uncompleted development must be sold at the minimum set price with the approval of the Urban Renewal Board. The approved developer must execute an assumption agreement with the Urban Renewal Agency to assume the obligation of the non-profit organization.
This page is for viewing purposes only. To obtain a legal copy, contact Sharon Pattillo at 806-775-3281.