Chattanooga aiming to raise funds selling surplus - WRCBtv.com | Chattanooga News, Weather & Sports

Chattanooga aiming to raise funds selling surplus

CHATTANOOGA (AP) - City officials in Chattanooga are hoping to raise about $580,000 through a fire sale of the city's surplus property while taking control of holdings with unpaid taxes.

Chattanooga's property manager Danny Thornton told the Chattanooga Times Free Press that there will likely be a spike in both sales and seizures as taxes go unpaid because of the ongoing recession.

The sale of surplus property would be the first by the city in at least four years and would dispose of land bought for future development or acquired from unpaid back taxes. Most of those properties are vacant lots, and most lie within the inner city.

Thornton said the plan is to try to sell the properties, probably starting in November.

Information from: Chattanooga Times Free Press, http://www.timesfreepress.com

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