Tuesday night, residents of Coon Rapids delivered a petition to City Council members asking them to pass an ordinance that makes banks pay for the impact of vacant homes on the community. The residents say foreclosures not only devastate families and individuals, but hurt the entire city.
Residents want the City of Coon Rapids to require owners of foreclosed properties to pay the full cost of maintenance. It proposes a simple solution that requires banks to register the properties with the city and pay a fee to cover the expenses of the properties to the city. Minneapolis and other cities around the nation already implemented similar ordinances in response to the foreclosure crisis. This registration allows the city to adequately fine banks for unkempt and problematic properties so costs don’t unfairly burden taxpayers.