Number
130300
Version
SUBSTITUTE 2
Reference
111511, 130034, 130035, 130222
Sponsor
ALD. HINES, BAUMAN, DAVIS AND MURPHY
Title
Substitute resolution appropriating and transferring $639,600 from the 2013 Contingent Fund for expenses of the Department of City Development and the Department of Public Works relating to preserving, managing, marketing and sale of City-owned foreclosed properties.
Analysis
This resolution appropriates and transfers $639,600 from the 2013 Contingent Fund Account to 3 accounts:
1. An amount of $525,000 to the Vacant Lot Maintenance Special Fund Account of the Operations Division of the Department of Public Works for expenses related to the cost of maintaining vacant lots and City-owned improved properties including mowing and snow and ice removal.
2. An amount of $114,600 to the salaries & wages and operations accounts of the Department of City Development to support 4 positions through the calendar year relating to the management and marketing of City-owned properties including properties that may become eligible for conveyance to qualified tenants.
Body
Whereas, As the result of In Rem tax foreclosures, the Department of City Development reported that 950 improved properties were owned by the City on May 21, 2013, the large majority of which are residential properties; and
Whereas, The City has filed In Rem tax foreclosure proceedings on 791 properties in 2013 and 388 additional properties appear to be eligible for In Rem foreclosure filing before the end of 2013, and
Whereas, Recent experience has resulted in City acquisition of more than 2/3 of the properties placed in foreclosure, and it is estimated that between 780 and 885 additional properties will be acquired by the City as the result of foreclosure filings in 2013; and
Whereas, The need for additional staffing support due to the expiration of the federal Neighborhood Stabilization Program and the expansion of lease-to-own initiatives reflected in Common Counci...
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