Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Disaster Recovery topic
No spam. Unsubscribe anytime.
Authority to piggyback on Arcadia insurance counsel as FEMA, insurance estimates converge
Summary
Staff reported insurer wants a face-to-face meeting about hurricane claims and Theresa said she will not sign a release without counsel; FEMA and private-adjuster estimates for Live Oak and related properties were discussed and staff intends to seek an alternate FEMA project to rehab other public-housing units.
Theresa told the board that the housing authority's insurer and private adjusters want a face-to-face meeting about hurricane claims and that the insurer had requested a form to sign. "I am not signing that form until I have an attorney. Look at it," she said, and proposed piggybacking on Arcadia Housing Authority's insurance-attorney contract to avoid a separate RFQ and to get counsel quickly.
Theresa also updated the board on disaster recovery funding. FEMA's estimate for Live Oak properties was described at about $4.4 million, with the insurance company's figure at roughly $4.2'$4.3 million after depreciation and deductibles. Staff said private adjusters estimated much larger initial claim values (over $4 million) before depreciation.
Because some damaged properties are slated for demolition, Theresa said the authority will request an "alternate project" with FEMA to shift reimbursement to rehabbing other public-housing buildings (Donnelly Homes) as long as the relocated units serve the same clientele. She said FEMA reimbursements would be processed as the authority completes projects and that gap financing (tax-credit equity, loans, state infrastructure funding) will be sought for larger redevelopment plans.
Theresa said she is collecting paperwork from Arcadia and will bring the proposed piggyback contract and attorney input back to the board for approval prior to signing any third-party forms or meeting agreements.
