(A) Pursuant to Public Act 216 of 1998, as amended, the city shall participate in the Fire Insurance Withholding Program.
(B) The Fire Chief or his or her designee of the Fire Department shall be the Administrator of the Program for the city.
(C) The escrow account for the receipt of funds received pursuant to the Program, initially established by resolution of the City Council, April 27, 1988, shall be maintained.
(D) (1) For non-residential property damaged by fire or explosion, the city shall receive 25% of the actual cash value of the insured real property at the time of the loss, or 25% of the final settlement, whichever is less.
(2) For residential property damaged by fire or explosion, the funds withheld from the property owner’s insurance settlement shall be the same as for non-residential property, except that the amount to be paid by the city shall not exceed $6,000, adjusted annually beginning June 1, 1999, in accordance with the Consumer Price Index.
(E) All proceeds shall be retained in the escrow account referenced in § 93.32 and either paid to the insured or used to secured, repair or demolish the damaged or destroyed structure, as provided by Public Act 216 of 1988, as amended.