Explanation
BACKGROUND: In order for the Land Redevelopment Office to have an effective Land Bank, it is necessary to acquire other vacant and underutilized properties that can provide redevelopment opportunities. The United States Department of Housing and Urban Development (HUD) has various foreclosed properties from time to time that became available to local governments to purchase which are intended to foster housing opportunities for low to moderate income families and to help revitalize neighborhoods. This program allows local governments the right to purchase property within its jurisdiction for a significantly reduced or nominal rate, plus costs associated with the transfer of title. In order to submit a contract within the limited time period, authorization is needed for the Director of the Department of Development, or his designee, to execute any and all agreements for conveyance of title to such real property and the City to accept such properties. All properties will be held and managed by the Land
Redevelopment Office in accordance with the policies and procedures of the Land Reutilization Program.
FISCAL IMPACT: No funding is required for this legislation. The maintenance of these parcels will be covered by current maintenance contracts. The sales of these properties are expected to cover the acquisition and closing costs, taxes, and the increased maintenance and carrying costs until sold for redevelopment.
EMERGENCY JUSTIFICATION: Emergency action is necessary to allow the City to immediately begin the acquisition of several desirable properties currently available for purchase.
Title
To authorize the Director of the Department of Development, or his designee, to enter into and execute any and all necessary agreements and deeds for conveyance of title of real property acquired by the City from the United States Department of Housing and Urban Development (HUD); to authorize the acceptance of properties acquired by the City t...
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