§ 150-113. Participation in lien rebate program.

The director of the department of finance is authorized to participate in a lien rebate program with the community improvement agency on a per property basis for individual properties with unpaid city liens when an expropriation has been filed in court for disposition of blighted property provided that:

(1)

The community improvement agency has filed an expropriation and deposited the amount of the property's appraised value into the registry of the court.

(2)

The community improvement agency has submitted documented proof of the expropriation filing to the director of the department of finance which includes the amount of the appraised value deposited in the registry of the court.

(3)

Following notification by the community improvement agency that an expropriation has been filed the director of the department of finance is authorized to participate in the expropriation process and may intervene in the expropriation to collect unpaid liens.

(4)

When a favorable judgement is rendered ordering the expropriation and payment of liens to the city from monies deposited into the court registry in accordance with the property's appraised value, the director of the department of finance is authorized to return the uninhabitable lien portion received through the expropriation process to the purchaser for renovation assistance.

(5)

The director of the department of finance may authorize the return of monies collected through a declaration of the city's lien interest as part of the expropriation process and may offer a lien rebate in part or in full to the purchaser as an incentive to encourage renovation when a city building permit has been obtained through the office of safety and permits and a renovation plan has been filed with the community improvement agency.

(Code 1956, § 62-26.1)