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Subject: Communication from the Director of City Development, requesting authorization to acquire the deteriorated residential property at 1116 Villa Street, and to authorize the Mayor, City Clerk, and Director of City Development to execute any documents necessary to complete the acquisition. (Res. No. 14-0100)
Recommendation of the Loan Board of Review on February 20, 2014: To approve the acquisition of 1116 Villa Street and to authorize the Mayor, City Clerk, and Director of City Development to execute any documents necessary to complete the acquisition.
Fiscal Note: The purchase of this foreclosed property is $11,000.00. Demolition and closing costs are estimated at $14,000.00 for a total cost of $25,000.00. CDBG funds are available from the Neighborhood Impact Project.