(A) Enactment. The city enacts the Property Redevelopment Program for properties it acquires by a judicial deed or judicial sales deed for the purpose of putting properties back on the tax roll and so that these properties can be rehabbed at no cost to the city.
(B) Applicants. Under the program to redevelop properties, a person or legal entity may make a request to City Council to purchase any of the properties that the city has acquired through the County Circuit Court as described in this section. The applicant must show that they have the financial ability to redevelop the property and must submit plans as to how the property will be redeveloped. The plans must show that the property will be redeveloped in accordance with the applicable zoning for the location of the property. All applications must include who will occupy the property as the owner and not a tenant. In the alternative, it could include a plan of the applicant to sell to a person or entity that will occupy the property and not rent the property.
(C) Rehabilitation. Upon the approval of their application, the applicant must sign an agreement with the city which will give the applicant six months to redevelop the property. In the agreement, the applicant will agree to forfeit any work it completes within the six-month period if it fails to complete the rehabilitation within the six- month period or within any extension granted by City Council. The forfeiture in the agreement will include not only work but supplies and will prevent the applicant from filing any type of lien against the property. The rehabilitation of the property means that the property will be repaired to bring it into compliance with all of the current codes of the city and any amendments thereof. The applicant will be required to obtain all necessary permits to do any work on the property. Furthermore, the aforesaid agreement will require the applicant to provide insurance to the city in which the city is an additional insured for an amount determined by City Council to be sufficient to protect the city. The applicant will be required to provide the city with the proof that the city had been added to its insurance policy as additionally insured before the applicant can be issued any permits to do work on the property.
(D) Sales price. The sales price will be the higher of either the value of the property determined by an state licensed appraiser or the total of any costs the city had invested into the property. The calculation of the costs the city had invested into the property will include but not be limited to appraisal fees, any outstanding grass cutting fees, outstanding water bills, outstanding citations fines against the property, and legal fees paid associated with the property. The City Council can deviate from the aforesaid determination of the sales price based on the circumstances and facts presented if it finds it in the best interest of the city to deviate.
(E) Conveyance. If the applicant completes the rehabilitation or obtains an extension by City Council during the six-month period and rehabilitate the property during the extension, the applicant can request a deed from City Council. At the time the applicant makes its request, the applicant must include the amount of the sales price in the form of certified funds to the city. Upon a determination by City Council that the applicant had complied with this section, the city will issue the applicant a quit claim deed with no title insurance or warranties. If the property conveyed to the applicant is used as rental property, this fact will be taken into consideration if the applicant ever submits an application to City Council under this program.
(Ord. 19-O-2232, passed 5-15-2019)