Discuss plan to prevent vacant properties from becoming loan collateral
In Plain English
Some Richmond properties sit vacant for years because owners use them as collateral for large loans, making the buildings economically useless. The city wants to develop a plan to stop this from happening to more properties. If approved, staff creates intervention strategies to keep buildings active and productive.
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Votes
Motion · Official minutes
Forward this matter to staff for further research
Motion · Official minutes
Get a legal opinion from the city attorney to determine if it is possible for the City of Richmond to participate in developing a private equity real estate fund to look at high-risk properties in Richmond
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