Laserfiche WebLink
Item No. 25 <br />ST ATL;S OF ISSUE: On October 11, 2017, the Historic Preservation Commission (HPQ <br />considered and approved a recommendation of a resolution presented by commission member <br />David Alarid regarding a process by which the City would foreclose on the dilapidated Belford <br />Apartment Complex. The resolution as presented suggests that the City of Paris take ownership <br />of the property by foreclosure, procure bids for the building restoration, adopt a tax increment <br />financing option to subsidize a restoration project, and sell the property to an investor. Attached <br />is a copy of the resolution provided to the HPC by Mr, Alarid. <br />The HPC also discussed that a similar process, could be adopted and used for properties other <br />than the Belford Building, however no separate proposal has been prepared. <br />BUDGET: The foreclosure process will include some court filing and legal fees; and moreover, <br />taking ownership of a building in such disrepair without any guarantee of a buyer poses a <br />significant financial liability to the City. If there are no qualified proposals, or interested <br />investors, the City will have relinquished entitlement to the civil penalties and taken on all <br />responsibility/liability for the property. <br />RECOMMENDATION: Consider the recommendation by the HPC and provide direction to the <br />city manager. <br />