I live in Eustis, Florida. It is a small town in central Florida. The town has a number of old houses that have fallen into disrepair. They are all large and five of them are at the entrance to downtown.
I am researching ideas to present to our city commissioners of ways the city can take these properties under their wing, entice contractors to renovate (green renovations, we are a "green" community) and resell.
The short term benefits are prices are depressed and this would create jobs. Long term for the city would be to enhance Eustis and increase property values.
Does anyone know of other communities who have done this and how did they structure the project? It seems to me there are many options including: 1. The city would buy the properties, establish enticements to developers who would agree to renovate while maintaining the historic structure and then sell the property; 2. The city would provide low cost financing to a develpoper who would renovate according to the cities requirements. The developer could then sell or keep the property.
I am sure this has already been done in other communities and I would like to know how they structured the project.,
I would appreciate any input you could give me. Sincerely, Joan Bryant