The City of Utica will be holding a public auction for tax foreclosed properties

The City of Utica will be holding its first public auction since 2009 on tax foreclosed properties.

Eyewitness News Reporter Jennifer Lee tells us when and how you can place your bid.

"There are well desirable properties in the City of Utica. There are also some lots that i think that are very desirable," said Utica Mayor Robert Palmieri.

This Thursday night, the city will be holding a public auction for tax foreclosed homes and lots for economic development.

"I'm looking to bring these homes back to where they came from. I'm looking for people to reinvest into the city. It gives an opportunity for someone to purchase a property probably a little less than market value," explained Mayor Palmieri.

Mayor Palmieri says the city expects to rake in over a quarter of a million dollars which will go back into the city's general fund.

About 20 properties in north and south Utica are up for auction and they will be sold to the highest bidder.

Although the city paid the back taxes on these properties, Gene Allen of the Urban Renewal Agency says to do your homework.

"Find out are there any other liens or encumbrances on the property. We sell them on an as is basis on a quick claim basis. We don't make any guarantees or warranties on these properties," said Allen.

Before you head over to the auction, the city says to keep in mind how much you want to spend. People must put down a 20 percent deposit in cash or money order at the time of the auction. The city has a right to reject any bid if it determines that it's in the best interest of the city.

Bidding begins on Thursday at 7 p.m. at City Hall.