AGENDA MEMORANDUM

 

Meeting Date:           February 22, 2010

 

From:                          Ken Thomas, Housing and Economic Development Director

 

Subject:                      Resolution authorizing purchase of property at 1509 Floradel Avenue with Neighborhood Stabilization Program (NSP) funds

 

 

Staff Recommendation:

 

Staff recommends the City Commission approve the contract to purchase foreclosed property located at 1509 Floradel with NSP funds from Lake County Government, for $75,000.

 

Analysis:

 

The NSP was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment.  The goal of the program is to purchase and resell the foreclosed and abandoned homes to eligible homebuyers.  In addition, the subject property will be rehabilitated using NSP funding up to $15,000.  

 

As a partner of Lake County’s NSP program, we are submitting an application to purchase the subject property located at 1509 Floradel Avenue.  Once the property is purchased, the City in conjunction with local realtors will pursue the sale of properties purchased with NSP funding.  The revenues from the purchase of this property will be kept in a separate account and used for eligible NSP activities.

 

Options:

 

  1. Approve the contract to purchase foreclosed property located at 1509 Floradel Avenue with NSP funds from Lake County Government or;

 

  1. Such alternative action as the Commission may deem appropriate.

 

Fiscal Impact

Approximately $1,000 will be used for escrow/earnest money.  The earnest monies will be reimbursed by Lake County NSP funds at the closing when the subject property is purchased by the City of Leesburg.

 

 

 

 

 

Submission Date and Time:    2/19/2010 10:07 AM____

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. _________JB_______                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. __001-6255-554-3110__

 

Project No. ____NSP002_________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

 

 

RESOLUTION NO._______________

 

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING  APPROVAL OF PURCHASE OF A FORECLOSED PROPERTY LOCATED AT 1509 FLORADEL AVENUE, UTILIZING FUNDS FROM LAKE COUNTY GOVERNMENT NEIGHBORHOOD STABILIZATION PROGRAM (NSP)   FOR $ 75,000; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the Commission hereby authorizes purchase of the foreclosed property at 1509 Floradel Avenue , Leesburg, Florida as prescribed in the agreement with Bank of America NA, whose address is c/o Litton Loan Servicing LP 1270 Northland Dr. STE 200, Mendota Heights, MN 55120, executed by the City Manager, December 21, 2009.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 22nd day of February 2010.

 

 

 

                                                                            ________________________________

                                                                             Mayor

 

ATTEST:

 

 

____________________________________

City Clerk