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.
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.
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.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. _________JB_______
Deputy C.M. ___________________
City Manager ___________________
Account No. __001-6255-554-3110__
Project No. ____NSP002_________
WF 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.