Presenting a live 90 minute webinar with interactive Q&A. Td Today s faculty features:

Similar documents
Mixed-Use Development Leases: Tailoring Provisions to Address Unique Legal and Ownership Structures

Structuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord

Subordination, Non-Disturbance and Attornment Agreements in Commercial Leasing and Real Estate Finance

Structuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord

Commercial Lease Due Diligence in Real Estate Acquisitions: Key Issues and Best Practices

Structuring Financeable Ground Leases and Leasehold Mortgages

New 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know

Gross Up Provisions in Commercial Lease Agreements: Guidance for Landlords and Tenants Structuring Terms to Balance Benefits and Mitigate Risks

Legal Considerations Evaluating and Assessing Land Use Entitlements, Discretionary Approvals, and Other Key Issues

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features: Alan W. Beloff, Senior Counsel, Morgan, Lewis & Bockius, Boston

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

ALTA/NSPS Land Title Survey Standards: What Real Estate Counsel Need to Know

UCC Foreclosures: Overcoming Obstacles to the Sale, Evaluating Receivership and Bankruptcy Alternatives

ALTA/ACSM Land Title Surveys

Clearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

Structuring CC&Rs for Mixed Use Projects

Retail and Shopping Center Acquisitions: Negotiating the Purchase and Sales Agreement, Conducting Legal Due Diligence

Municipal Infrastructure Funding: Overcoming Legal Challenges with Exactions and Impact Fees

CC&Rs and Easements for Commercial and Mixed-Use Projects

Structuring Real Estate Sale-Leasebacks: An Alternative to Mortgage Financing for Owner-Operators and Investors

Presenting a live 90-minute webinar with interactive Q&A

Clearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

Healthcare REITs: Navigating Regulatory Challenges and Minimizing Liability Risk

New 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know

Basis Adjustments for Partnerships and LLCs: Compliance Challenges

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

Pass-Through Liabilities and Federal Tax Treatment: Resolving Complex Issues

Rooftop Telecom Leasing: Practical Considerations, Key Provisions and Other Legal Considerations

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

Mixed-Use Development: Structuring Air Rights Condominiums and Other Common Interest Community Regimes

IRC 754: Partnership and Pass-Through Entity Basis Adjustments

Development Agreements Between Municipalities and Private Parties

QUICK GUIDE TO NON-HOME RULE ENFORCEMENT: LEGAL STRATEGIES FOR TARGETTING BLIGHTED PROPERTY. A. Priority Liens for Abandoned Property

Notice of Intent to Consider and Adopt

Navigating FASB's New Pushdown Rules for Acquired Entities

Sec Purpose.

MUNICIPAL SOLUTIONS FOR DEALING WITH FORECLOSURES OR ABANDONED PROPERTIES

Chapter 179. Property Maintenance and Housing Standards Article VI. Abandoned Real Property

Financing Public-Private Partnerships for Infrastructure Assets

ORDINANCE NO For purposes of this chapter, certain words and phrases are defined as follows:

UCC Battle of the Forms: Confronting Conflicting Terms in Purchase Orders, Invoices and Related Documents

Avoiding "Due on Transfer" Provisions in Land Trusts and Single-Member LLCs

IMPORTANT INFORMATION

Real Estate Loan Commitment Letters and Terms Sheets: Negotiating Key Terms

Remedies Provisions in Commercial Real Estate Sales Contracts Strategies for Buyers and Sellers Negotiating and Enforcing Default Clauses

Special Servicers and Defaulted CMBS Loans Restructuring or Foreclosing Distressed Assets While Navigating Regulatory and Contractual Challenges

Mixed-Use Developments: Lessons Learned From Recent Deals Navigating Zoning, Financing, Community Buy-In, and Other Challenges

Solar Leases: Deal Structures, Key Provisions and Practical Considerations

Egg Harbor Township Ordinance No

Allocating Environmental Risks and Liabilities

Carve-Out Transactions: Strategies for Due Diligence and Structuring the Deal

CITY OF SOUTH E MONTE

CITY OF SOUTH EL MONTE FORECLOSURE MANAGEMENT DIVISION FORECLOSED RESIDENTIAL PROPERTY REGISTRATION APPLICATION

Sec Purpose.

Sec Purpose.

UCC Foreclosures: Protecting Creditors' and Borrowers' Interests Navigating the Foreclosure Process and Evaluating Article 9 Alternatives

ORDINANCE NO

Bay Harbor Islands, Florida, Code of Ordinances >> PART II - CODE OF ORDINANCES >> Chapter 24 - PROPERTY MAINTENANCE STANDARDS >>

Section 743(b) Adjustments in Multi-Tier Partnerships: Applying Rev. Rul to Upper- and Lower-Tier Entities

CITY OF CARSON COMMUNITY DEVELOPMENT DEPARTMENT FORECLOSURE MANAGEMENT UNIT

ORDINANCE NO

FORECLOSURE MANAGEMENT UNIT FORECLOSED PROPERTY REGISTRATION APPLICATION

Midstream Executory Contracts in Bankruptcy After Sabine

Midstream Executory Contracts in Bankruptcy After Sabine

DRAFT REGUALTIONS (REVISION 7/9/18) CHAPTER 1329

dumping and rubbish thereon, that such buildings become dilapidated, contribute to

Presenting a live 90-minute webinar with interactive Q&A. Today s faculty features:

IRC Section 743(b) Basis Adjustments: Applying the 754 Election to Distributions of Partnership Property

Navigating the New Lease Accounting Standards for Audit Advisers Preparing Clients for the Transition to the Joint Project Lease Reporting

ORDINANCE NO BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST DES MOINES, IOWA:

ORDINANCE NO

PART I. Sections and of the City of West Allis Revised Municipal Code are hereby repealed and recreated to read as follows:

Leveraging Public-Private Partnerships for Real Estate Development: Beyond Bridges and Roads

Development Agreements Between Municipalities and Private Parties

ORDINANCE 0: AN ORDINANCE OF THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF MONROE DELETING CHAPTER 1049 ARTICLE V OF THE CODE


ORDINANCE NO

CITY OF HARPER WOODS BUILDING DEPT HARPER AVE HARPER WOODS, MI

CITY OF LAKE WORTH 7 North Dixie Highway Lake Worth, Florida Phone: Fax:

CHAPTER 18, BUILDINGS AND BUILDING REGULATIONS, ARTICLE X, ABANDONED IN DISREPAIR UNSAFE OR DAMAGED STRUCTURES BY MAKING THE FOLLOWING CHANGES:

Vacant Properties: Maintenance Chula Vista, CA

STATE OF MICHIGAN COUNTY OF WAYNE CITY OF ALLEN PARK VACANT PROPERTY REGISTRATION AND MAINTENANCE ORDINANCE ORDINANCE #

ORDINANCE NO. 1570(10)

San Joaquin County Grand Jury

AN ORDINANCE REQUIRING REGISTRATION AND MAINTENANCE OF PROPERTIES THAT ARE VACANT OR IN FORECLOSURE

City of Rome Code enforcement department

CITY OF MORENO VALLEY

ORDINANCE 17- WHEREAS, some banks and financial institutions do not adequately maintain such properties; and

AN ORDINANCE CREATING CHAPTER 202, ARTICLE 1, OF THE CODE OF THE BOROUGH OF LAUREL SPRINGS ENTITLED, REGISTRATION OF DEFAULTED MORTGAGE PROPERTY,

THE BOARD OF COUNTY COMMISSIONERS

Challenging a Business Property Assessment Strategies for Reducing Your Company's Valuation and Property Tax Bill

City of Downey. To: Trustees, and Beneficiaries of Deeds of Trust for Residential Properties in the City of Downey

FASB Statement No. 167: Ongoing Challenges

New Section 168(k) Bonus Depreciation Regulations: Claiming 100% First-Year Depreciation Deduction Under Tax Reform

LLC Operating Agreements: Minimizing the Impact of a Member's Death, Divorce or Bankruptcy

CHAPTER 48. PROPERTY MAINTENANCE STANDARDS

Tackling Blighted & Abandoned Properties

Transcription:

Presenting a live 90 minute webinar with interactive Q&A Foreclosed, Distressed and Abandoned Properties: Legal Challenges for Municipalities Leveraging Ordinances, Judicial and Agency Proceedings, Land Banks and Other Tools to Minimize Burdens and Maximize Opportunities TUESDAY, AUGUST 23, 2011 1pm Eastern 12pm Central 11am Mountain 10am Pacific Td Today s faculty features: Dwight H. Merriam, Partner, Robinson & Cole, Hartford, Conn. David S. Silverman, Partner, Ancel Glink Diamond Bush DiCianni & Krafthefer, Chicago Julie A. Tappendorf, Partner, Ancel Glink Diamond Bush DiCianni & Krafthefer, Chicago The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions emailed to registrants for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10.

Conference Materials If you have not printed the conference materials for this program, please complete the following steps: Click on the + sign next to Conference Materials in the middle of the left- hand column on your screen. Click on the tab labeled Handouts that appears, and there you will see a PDF of the slides for today's program. Double click on the PDF and a separate page will open. Print the slides by clicking on the printer icon.

Continuing Education Credits FOR LIVE EVENT ONLY For CLE purposes, please let us know how many people are listening at your location by completing each of the following steps: Close the notification box In the chat box, type (1) your company name and (2) the number of attendees at your location Click the blue icon beside the box to send

Tips for Optimal Quality Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory and you are listening via your computer speakers, you may listen via the phone: dial 1-866-258-2056 and enter your PIN when prompted. Otherwise, please send us a chat or e-mail sound@straffordpub.com immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again.

FORECLOSED, DISTRESSED AND ABANDONED PROPERTIES: LEGAL CHALLENGES FOR MUNICIPALITIES Leveraging Ordinances, Judicial and Administrative Proceedings, Land Banks and Other Tools Tuesday, August 23, 2011 1:00 pm Eastern Time Sponsored by the Legal Publishing Group of Strafford Publications

Today s Speakers Dwight Merriam, FAICP, Robinson & Cole, LLP 280 Trumbull Street Hartford, CT 06103-3597 Direct Dial: 860.275.8228 dmerriam@rc.com www.rc.com com David Silverman, AICP, Ancel Glink 140 South Dearborn Street, 6th Floor Chicago, IL 60603 Direct Dial: 312.604.9160 dsilverman@ancelglink.com www.ancelglink.com Julie Tappendorf, Ancel Glink 140 South Dearborn Street, 6th Floor Chicago, IL 60603 Direct Dial: 312.604.9182 jtappendorf@ancelglink.com www.ancelglink.com 6

Introduction ti I. Impact to Municipalities from Vacant, Distressed & Abandoned Properties II. Enforcement Tools III. Available Strategies 7

Part 1: Impact on Municipalities i 8

The State t of the Market Each abandoned home costs the City of Chicago $34,000 annually Cost of one foreclosure is approximately $80,000 (municipal expenses, loss of value to foreclosed property and adjacent property, bank costs, etc) 9

Impact on Municipalities i Direct (Financial) i Indirect Costs: Costs: Decrease in Revenues (taxes, fees, utility charges) Building Inspections Maintenance and Security Legal Fees and Court Costs Demolition Crime Decrease in Property Values Devaluation of Community Character and Aesthetics ti Social Services 10

Part 2: Enforcement Tools A. Property Maintenance Ordinances B. Administrative Adjudication Systems C. Vacant Building Registries D. Demolition 11

Property Maintenance Codes Municipalities typically have either statutory or common law authority to enact property maintenance codes to regulate: Weeds, landscaping, and dead vegetation Trash, junk, and debris Building materials Accumulation of newspapers, flyers, notices Dilapidated and unsafe condition 12

Code Enforcement Administrative Adjudication of Code Violations (sometimes referred to as housing or municipal i court) 13

Vacant Building Ordinance Maintain i vacant buildings and properties Prohibit window and door boarding and encourage other security measures Remove discarded personal items, furniture, and appliances Secure critical systems (electrical, HVAC, plumbing) Secure vacant buildings (closure of windows, doors, gates and fixing broken windows) Weekly municipal inspections of vacant buildings and properties 14

Vacant Property Registry Require registration of all abandoned and vacant property within municipality Registration fee Post name and contact information of responsible party Monitor and enforce property maintenance 15

Inspections All properties in vacant property registry Systematic exterior inspections Prioritized enforcement Monitor properties for compliance Registry shared with police and fire departments 16

Notifications Bank and Real Estate Service Company Databases Bimonthly E-Mail Blast Informational Cover Letter Foreclosure Database Explanation of Relevant Code Sections List of Local Contractors Building Securing Companies Junk Haulers Landscape Contractors 17

Demolition Demolition, Repair, Enclosure, or Remediation 18

Part 3: Available Strategiest A. Letters of Credit and other security B. Land banking C. Special financing tools D. Zoning Strategies E. Nuisance Abatement F. Development Partnerships 19

Letters of Credit and Other Security Understand the Status of the Project Determine status t of security for public improvements Communicate with Residents Bankruptcy Issues Future Developer Concerns security/letters of credit & transferee assumption requirements 20

Land Banking A land bank is a public or quasi-public authority created to efficiently acquire, hold, manage, and develop foreclosed property, as well as other vacant and abandoned properties 21

Financing i for Landbanking Federal funds Taxes Bonds Mortgages Installment Purchase Agreements 22

Other Finance Mechanisms Tax Increment Financing Other special district programs authorized under state law 23

Zoning Strategiest Zoning Strategies Diversification of Land Uses 24

Zoning Strategiest 25

Zoning Strategiest Allow modest improvements to existing nonconforming properties Relief to distressed properties to reposition them for resale/redevelopment Zoning modifications for stalled developments Be flexible & creative 26

Diversification ifi of Land Uses Retail Generates sales tax Service Increases day-time population p -- more sales tax from restaurants and convenience- oriented retailers Generates traffic complementary to retail Can generate sales tax Office Industrial Enhances utility taxes Increases day-time population 27

Nuisance Abatement t General common law authority to abate nuisances 28

Development Partnerships Opportunity to redevelop areas using public-private partnerships 29

Q&A Dwight Merriam, FAICP, Robinson & Cole, LLP, David Silverman, AICP, Ancel Glink Julie Tappendorf, Ancel Glink 30