HomeMy Public PortalAbout09-7970 Forelclosed Home Acquisition Sponsored by: Commissioner D. Johnson
RESOLUTION NO. 0 9-7 9 7 0
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA AUTHORIZING THE
CITY MANAGER TO EXPLORE THE ESTABLISHMENT OF
A FORECLOSED HOME ACQUISITION AND
REHABILITATION PILOT PROGRAM FOR THE CITY OF
OPA-LOCKA
WHEREAS,Miami-Dade County("County")was awarded over Sixty Two Million Dollars
($62,207,200.00) from the Federal Government under the Neighborhood Stabilization Program
("NSP") to address foreclosures and abandoned properties; and
WHEREAS,Miami-Dade County has allocated One Million Dollars($1,000,000.00)to be
used for the demolition of blighted structures throughout the County; and
WHEREAS, the City of Opa-locka ("City") has applied to receive NSP funds from the
Miami-Dade County NSP1 Program and the Federal Government's NSP2 Program,which are both
designed to address foreclosures and abandoned properties; and
WHEREAS, Commissioner Johnson is recommending that the City Manager explore
establishing a Foreclosed Home Acquisition and Rehabilitation Pilot Program, whereby the City
will identify and purchase foreclosed/bank-owned residential properties,perform rehabilitation of
those properties,and then sell those properties back to City residents who are looking to purchase an
affordable home and remain within the City; and
WHEREAS,the City Commission of the City of Opa-locka("City Commission")desires to
authorize the City Manager to explore the establishment of a Foreclosed Home Acquisition and
Rehabilitation Pilot Program for the City.
Resolution No. 0 9-7 9 7 0
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OPA-LOCKA,FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa-locka hereby authorizes the City
Manager to explore the establishment of a Foreclosed Home Acquisition and Rehabilitation Pilot
Program for the City, whereby the City will identify and purchase foreclosed / bank-owned
residential properties,perform rehabilitation of those properties,and then sell those properties back
to City residents who are looking to purchase an affordable home and remain within the City.
Section 3. The City Commission of the City of Opa-locka hereby authorizes the City
Manager to take any and all necessary action to effectuate the intent of this Resolution.
Section 4. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 24 day of NOVEMBER , 2009.
OSE ' . 1;, LEY
MAYOR
Attest: '7 Approved as to form and legal sufficiency:
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Deborah S. Irby Burnadette N -Weeks
City Clerk City Attorney
Resolution No. 0 9—7 9 7 0
Moved by: JOHNSON
Seconded by: HOLMES
Commission Vote: 4-0
Commissioner Holmes: YES
Commissioner Johnson: YES
Commissioner Tydus: NOT PRESENT
Vice-Mayor Taylor: YES
Mayor Kelley: YES
" THE GREAT CITY "
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Bryan K. Finnie 305-953-2821
Interim City Manager 305-953-2823
Fax:305-953-2870
MEMORANDUM
TO: Dorothy"Dottie" Johnson, Commissioner
FROM: Bryan K. Finnie, City Manager °'
DATE: November 24, 2009
RE: Foreclosure Ho cqui ition and Redevelopment Pilot Program
As per your directive, please review the following information in regards to the above
referenced program outline.
REQUEST: Approval for the establishment of a pilot Foreclosed Home Acquisition
and Rehabilitation program. Identified properties will be purchased and upon their
rehabilitation, they will be sold and/or leased to Opa-locka residents looking to purchase
an affordable home and remain in the City of Opa-locka.
DESCRIPTION: The City of Opa-locka has applied to be included in Miami-Dade
County's NSP #1 program and the Federal Government's NSP #2 programs. Both
programs are designed to address the negative externalities associated with foreclosed
and abandoned properties.
While the City has been approved for demolition funds associated with NSP #1
application, we have yet to receive any information on our $46million NSP #2
application.
Therefore, staff is recommending the establishment of an NSP #2 like pilot program that
can evolve to be a broader program or be incorporated into our NSP #2 program if it is
approved and funded by the Federal Government.
FINANCIAL IMPACT: It is estimated that the City can internally fund an initiative with
bridge funding not to exceed $75,000. Nevertheless, the City has a preliminary financing
commitment letter for $800,000 from Inter-credit Bank for activities related to NSP #1
and NSP #2 like activities.
IMPLEMENTATION TIME LINE: Project will commence within four (4) months of
approval.
LEGISLATIVE HISTORY: None.
RECOMMENDATION(S): Staff recommends that this pilot program be approved.
CITY HALL• 780 FISHERMAN STREET, 4TH FLOOR, OPA-LOCKA, FLORIDA 33054 • (305) 688-4611
AN EQUAL OPPORTUNITY EMPLOYER AND DOES NOT DISCRIMINATE ON THE BASIS OF HANDICAP
ANALYSIS: The City of Opa-locka as well as other parts of the County is experiencing
a high rate of foreclosures of properties within its neighborhoods and County. Currently,
the City through its Special Master process has identified over fifty (50) properties that
are foreclosed / abandoned. Abandoned properties in addition to visually destroying
parts of our residential neighborhoods, also impact the City tax base and the perception
of future investors. With this in mind, the establishment of a pilot foreclosure, acquisition
and rehabilitation program is well within the City's best interest.
ATTACHMENT(S): None
PREPARED BY: Bryan K. Finnie, Interim City Manager
END MEMORANDUM