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Council approves purchase of three foreclosed properties for redevelopment program
Summary
Council approved buying three foreclosed properties using the community development budget and staff explained the program sells county-reverted homes to redevelopers at the tax-due amount with a $300 approval or closing fee and an owner-occupancy requirement for buyers.
Council approved the purchase of three foreclosed properties with funds from the community development budget and staff described how the program works for redevelopment. City staff explained the city purchases county-reverted properties in the amount of the tax due, then sells them to qualified redevelopers who must make the properties owner-occupied and pay a $300 approval or closing fee; staff said the city is not allowed to make a profit on those sales.
Staff noted this program has run for roughly 15 to 20 years and that developers pay for substantial rehab work; the program aims to return blighted properties to owner-occupied condition and to raise surrounding property values. Council moved and approved the purchases by voice vote and staff said they will identify which developer will receive which property at a subsequent meeting.
