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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />12/09/09 <br />Council Date: <br />City Council <br />Kevin Carruth <br />26. <br />12/14/09 <br />RECOMMENDED MOTION: <br />Not an action item. <br />POLICY ISSUE(S): <br />Council objective; Nuisance abatement <br />BACKGROUND: <br />The Westgate Apartments were purchased earlier this year from Capital One bank by Destiny Capital <br />after the previous owner defaulted. City staff has been working with Destiny Capital to facilitate the <br />sale of the complex by Destiny to a developer. The City has been approached by numerous potential <br />buyers of the West Gate Apartment complex (three in the last three months alone) and all wanted to <br />know what would be required to reopen the complex. In a brief period following the closing of the <br />complex at the end of 2008, the property was vandalized and most of the copper and other valuable <br />materials were stripped from the buildings. The buildings will need to be brought up to code before it <br />can reopen (see accompanying rehab requirements list). The most significant rehabilitation cost <br />impeding potential buyers is the requirement for the buildings to have fire sprinklers. In addition, the <br />Paris Housing Authority has stated that they will not authorize the use of the Section 8 rental assistance <br />program for the apartments due to several significant problems with the property over the last 10 years. <br />The last potential buyer that we talked to was proposing to subdivide the property and have several <br />different owners take a section of the property to decrease the overall investment amount for one <br />potential owner. <br />BOARD/COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />Council Member Agenda Item Request; Rehab requirements list; Aerial photo <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$ <br />~ Department Report ❑ Resolution <br />Budgeted Amt. <br />$ <br />❑ Presentation ❑ Ordinance <br />y'I'D Actual <br />$ <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />Acct. Number <br />FISCAL NOTES: <br />REVIEWED AND APPROVED BY: <br />Z Administration Z City Clerk E Community Development ❑ EMS/IT ❑ Finance ❑ Fire <br />❑ Municipal Court ❑ Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities <br />City of Paris Revised 2/04/08 <br />