Honorable Juan Hinojosa, Chair, Senate Committee on Intergovernmental Relations
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB985 by Zaffirini (Relating to authorizing broker agreements for the sale of real property by certain municipalities.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend the Local Government Code to authorize the governing body of a home-rule municipality to contract with a broker for a fee to sell a tract of real property that is owned by the municipality. The governing body would be authorized to sell a tract of real property without complying with the public auction requirements or the notice and bidding requirements.
Local Government Impact
There would be costs to a municipality that contracted with a broker to sell a tract of real property. In addition, there would be a positive fiscal impact from the sale of the property that would offset costs; however, those amounts would vary depending on the amount of the sale of the property, the debt owed on the property, and the amount of fees owed to a broker.