Receivership for Commercial Nuisance Properties
The health and safety receivership remedy can be used on properties of all shapes and sizes including commercial properties such as stores, restaurants, motels, and hotels. Receivership can be used in conjunction with other remedies, including tax foreclosure sales, as well as abating the issues through redevelopment financing.
How Can Receivership Help Commercial Nuisance Properties?
Receivership can be a catalyst for the long term abatement of nuisance conditions at a commercial property.
Where the use of a property for a specific purpose has declined, receivership can be the first step to creating a space that better serves the surrounding community.
Through receivership, a property pays its own repair costs, meaning that these are not the responsibility of the taxpayers in the surrounding community.
The property can be secured on day one of the receivership. This is also when the process to assess and clear the dangers starts.
The enforcement agency can take a step back into a monitoring role as the receiver works on the day to day issues onsite.
Depending on the situation, the receivership could either secure financing to abate the issues or could clean out and sell the property to a responsible owner who will be given a set time period to do so.
Examples of Commercial Property Receiverships:
