Label
DPS Fire Damaged Structures, Repair or Removal Fund $305,730.61
Urban Beautification
Stephanie Beebe (x1536)/Paul M. Rasmusson (x7868)
Revised
Title
Authorizing the appropriation and transfer of $305,730.61 of abandoned "fire damaged structures, repair or removal" funds as identified in TMC 1726.07 from the Non-Fiduciary General Fund to the General Fund; authorizing the appropriation of $305,730.61 from the General Fund and the transfer of same to the Demolition Expendable Trust Fund; authorizing the appropriation and expenditure of $305,730.61 from the Demolition Expendable Trust Fund for the demolition of privately owned and abandoned structures identified as a public nuisance; authorizing the Mayor to accept bids and enter into necessary contracts for demolition services; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Toledo Municipal Code was adopted to allow for the deposit of escrow funds from insured properties suffering fire damage. These funds are deposited by insurance companies with the City of Toledo when a property owner files a private property fire damage claim within the municipality. The funds are held in a separate account. The insured is notified by the city that the funds have been received and placed in escrow. This account is commonly referred to as the "fire escrow account." The funds are held in trust for the use of the city to remove, secure, or repair the damaged structure in lieu of the insured's failure to do so. If the insured performs, provides proof of action, and all other legal terms are met, the funds are released. Pursuant to Ohio Revised Code ?9.39, deposits which remain unclaimed in the account in excess of five (5) years are considered abandoned. After such time, these funds revert to the city's General Fund. This Ordinance authorizes the transfer of these funds to the General Fund for further appropriation and expenditure to abate nuisance properties.
Summary
NOW, THEREFORE, Be it ordain...
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