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Detroit committee delays approval of $30 million portfolio deal, asks for homeowner protections
Summary
The Internal Operations Standing Committee on April 15 deferred action on a proposal to sell a portfolio of judgments to DAC Management, asking law and public-safety staff for a full portfolio review and directing any city receipts be considered for a fund to benefit homeowners affected by prior overassessments. The item will return in three weeks.
The Internal Operations Standing Committee on April 15 heard a detailed presentation on a proposed transaction to sell or assign a portfolio of property-tax judgments to a third-party purchaser and deferred the decision to allow more review and protections for homeowners.
Conrad Mallett, corporation counsel, said the portfolio included judgments with a face amount exceeding $100 million and described an agreement under which DAC Management would pay $10 million upfront and up to $30 million in aggregate consideration tied to collections. "If they feel that this is a good deal for them, we would hold a closing. And at that point, they would pay $10,000,000 upfront," said Eric Gabo, who explained the purchaser's terms during the committee discussion.…
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