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Council approves contract for foreclosure/property-registry service to monitor vacant bank-owned properties
Summary
The council authorized a three-year agreement with a property-registry vendor to identify and manage foreclosed and bank-owned vacant properties, with registration fees ($200 residential, $300 commercial) and a vendor administrative fee structure that shares revenues with the city.
The City of Homestead approved an agreement Wednesday with a third-party property-registry vendor to help identify and manage foreclosed and vacant bank-owned properties within city limits.
Under the three-year engagement, the vendor will use data feeds and proprietary monitoring tools to identify foreclosure filings and vacant parcels, notify lenders and property preservation companies, and provide a registration portal for responsible parties. Staff said the service is intended to improve response time for overgrowth, vandalism and other code issues commonly associated with vacant bank-owned properties.
The proposed registration fee is $200 for residential properties and $300 for commercial properties. The vendor (described in the record as Harrah Properties / Para Property Registry) will retain $75 per registration in year one and $100 per registration in years two and three; the city will receive the balance in accordance with the contract’s revenue-share schedule. Staff said the contract carries no initial fiscal impact to city funds and will create a new compliance and revenue pathway.
Council moved and seconded the item and approved it on a roll call vote. Staff said the contract will be accompanied by a city ordinance to define registration requirements, and a separate ordinance addressing long-term abandoned properties and squatters may follow in coming months.
