HomeMy WebLinkAboutMemorandum - Colony Plaza/Conveyance of Units by FDIC and Release of City Demolition Lien • FO 111 NORTH R LAW
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MEMORANDUM
CLIENT-MATTER NUMBER
0203770790
TO: The Honorable Mayor and City
Commissioners of the City of Ocoee
FROM: Paul E. Rosenthal, City Attorne
CC: Rob Frank, City Manager
DATE: March 15, 2011
RE: Colony Plaza / Conveyance of Units by FDIC and Release of City Demolition
Lien
I was contacted today by Mary Beth Massingill at FDIC regarding 3 Units at
Colony Plaza which are owned in fee by FDIC. She called for information regarding the status
of the Project. During the course of the conversation, I advised that the City might be interested
in acquiring the Units, but that FDIC would need to pay any back taxes.
Following the conversation, I received the attached email offering to convey the
FDIC units to Ocoee and pay the back taxes in consideration for Ocoee releasing FDIC from any
obligation under the Demolition Lien with respect to their ownership of the Units. Ms.
Massingill would still need to get this approved by her superiors at FDIC.
Each unit owner is jointly and severally liable for the full amount of the
Demolition Lien. We have previously research the question of providing partial releases in
exchange for the conveyance of a Unit and concluded that such action would not adversely
impact the ability of the City to pursue the full amount of the lien against others. Additionally, a
legislative solution we are working on would require that Ocoee own at least one Unit. The
FDIC proposal would appear to be a good opportunity for the City to acquire (for the first) an
ownership interest in the Colony Plaza. Further, we would be open to recommending that the
City accept any similar offer to convey Units unencumbered by taxes and fee or any mortgages.
ORLA_1707826.1
FOLEY
FOLEY & LARDNER LLP
It respectfully is recommended that the City Commission accept the proposal of
the FDIC, authorize the release of FDIC from any indebtedness associated with the demolition
lien without reducing the total amount of the indebtedness thereunder, and authorize the Mayor
and City Clerk to execute such documents as may be necessary to accomplish the foregoing,
subject to the review and approval of the City Attorney.
2
ORLA_1707826.1
Colony Plaza condominiums Page 1 of 1
Rosenthal, Paul
From: Massingill, Mary B. [mmassingill @FDIC.gov]
Sent: Tuesday, March 15, 2011 4:26 PM
To: Rosenthal, Paul
Cc: Moran, Tom; Robert, Victor; Pietri, Cesar A.
Subject: Colony Plaza condominiums
I have the tax parcels for the three condos formerly owned by Guaranty Bank of Tallahassee,
now owed by Federal Deposit Insurance Corporation as receiver for Guaranty.
Tax parcels are: 30- 2228 - 1452 -02380
30- 2228 - 1452 -02430
30- 2228 - 1452 -05060
Please confirm our conversation of this afternoon. As I understand, the City of Ocoee will
accept a quit claim deed for the tax parcels listed above if we agree to pay all back taxes. In
addition, the City of Ocoee will release FDIC from the demolition lien. If correct, I will proceed
with presentation of case to higher authorities for approval.
Thanks again for your time. With your cooperation we may complete this by 3/21/11.
Mary 'Beth/ Mas* nkjab
Resolutions and Receivership Specialist
FDIC Dallas Field Office
ORE and Other Assets (DRR)
97
mmassingill@fdic.gov
3/15/2011