HomeMy WebLinkAbout16 Power Point WS Old Green - Grays Crossing CFD-foreclosure
Workshop Item # 16 September 7, 2011 Foreclosure UpdateCommunity Facilities Districts Gray’s Crossing Old Greenwood and
Old Greenwood & Gray’s Crossing 2 assessmentsLaw firm, Sherman & Feller, retained to collect delinquent •interestParcel owners assessed annually to pay bond principal and –Gray’s Crossing
2004 and 2005–Old Greenwood 2003–Formed to sell bonds to pay for infrastructure–Community Facilities Districts (CFD’s)•Background / History Foreclosure Update
New Information Foreclosure UpdateOld Greenwood & Gray’s Crossing 3 15 new delinquencies–5 from prior years–20 delinquencies remain–Reminder letters sent by Willdan Financial Services–2010/11
second installment was due April 10, 2011•Foreclosure documents need to be filed for 1 delinquency–2 parcels need to be scheduled by the Sherriff’s Office for auction–2 parcels are
scheduled for auction in September 2011–Writ of sale has been received for 4 of the 5 delinquencies–Today 5 assessments from the prior years remain unpaid–August 2010 there were 114
delinquent assessments 2010–Sherman & Feller is successful in collecting delinquencies•
New Information Foreclosure UpdateOld Greenwood & Gray’s Crossing 4 Expect selection next month–Staff requested proposals form several foreclosure law firms –New foreclosure attorney
needed•Beginning foreclosure process on 15 new delinquencies from this year–Filing foreclosure documents on last delinquent parcel from prior years––Sherman & Feller is closing their
office at end of 2011•(cont)
Fiscal Impact Foreclosure UpdateOld Greenwood & Gray’s Crossing 5 responsibility of the property owners in the CFD’sPayment of the CFD collection fees and legal fees is the •There is
no direct fiscal impact to the TDPUD•
Recommendation Foreclosure UpdateOld Greenwood & Gray’s Crossing 6 Review this report and provide comment•