The City of Maysville has compiled a list of properties against which it holds a lien, and qualified developers are being sought who may be interested in obtaining one or multiple properties.
A developer who has interest in rehabilitating vacant and/or abandoned property shall file an application with the City Manager to be approved as a qualified developer. The application will require developers to show that they are in good standing with both the City of Maysville and the Commonwealth of Kentucky, provide examples of similar work, prove they have the capacity and staffing to do the work and provide references and certifications. Once a developer is qualified and identifies a property or properties that the City has a lien against, City Staff will calculate an estimate of the cost to foreclose on the property(ies). The developer will then deposit in escrow with the City, funds sufficient to acquire the property from the City should the City prevail in acquiring the property through foreclosure. The developer will also be required to enter into an agreement with the City, which will state the developer’s obligation for the redevelopment project. Once the agreement has been signed, the City will proceed with filing a foreclosure action. In the event another party purchases the property at the Master Commissioner sale, the money held in escrow will be returned to the developer except for the costs the City incurred in filing the action. The City shall bid on the property, but not in excess of the amount deposited in escrow by the developer (it will be up to the developer to attend the auction and bid higher if need be). If the City acquires the property at the Master Commissioner sale, the City will then transfer the property to the developer.
If you are interested in one of or multiple properties listed, please contact City Manager Matt Wallingford if you have any questions. Also, please keep in mind that this list is fluid. Properties will be added and deleted as time goes.