6/15/1993 - Laserfiche WebLink

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APPROVAL OF AGREEMENT WITH FEDERAL DEPOSIT INSURANCE CORPORATI AND THE HEALTH DEPARTMENT - NEW HORIZONS MOBILE HOME PARK The Board reviewed the following memo dated June 4, 1993: DATE: JUNE 4, 1993 TO: JAMES E. CHANDLER COUNTY ADMINISTRATOR FROM: TERRANCE G. PINT T;�/ E DIRECTOR OF UTIU dERVICES PREPARED HA E. ASHER - -a AND STAFFED ASSISTANT DI;@6V0ROF UTILITY SERVICES BY: SUBJECT: APPROVAL TO EXECUTE AGREEMENT BETWEEN FEDERAL DEPOSIT INSURANCE CORPORATION, COUNTY AND THE HEALTH DEPARTM ENT BACKGROUN The County is a first lien holder to secure payment of certain utility fees incident to the required connection of the New Horizons Mobile Home Park to County utilities. FDIC is a second lien holder. The owner of the park has more or less abandoned the park and is cooperating with the County and FDIC in having the park sold at foreclosure sale. ANALYSIS The attached agreement would allow FDIC to foreclose its second lien without paying the County's first lien (approximately $300,000.00) until the property is resold by FDIC to a new buyer. The park would be connected to County water and sewer pursuant to certain time frames in the agreement, and the County lien would be paid in full by the new purchaser. Since this agreement was drafted, the water system at the park has failed and the County has connected the park to County water with the approval of the park owner and FDIC. The cost of this.improvement will be repaid to the County at the referenced resale. RECOMMENDATION The staff of the Department of Utility Services recommends execution of this agreement so that FDIC can proceed with foreclosure and begin steps to rehabilitate the property. MOTION WAS MADE by Commissioner Adams, SECONDED by Commissioner Eggert, to approve an agreement allowing the Federal Deposit Insurance Corporation to foreclose its second lien on the New Horizons Mobile Home Park, as set forth in the above staf f recommendation. � R] BOOK 89 pA,E 8 48