Registration and Maintenance of Vacant Residential Properties

The proposed ordinance, which would introduce requirements for lending companies to register and upkeep foreclosed properties, has failed to attract a unified approval from lending representatives, banks, business representatives and other parties involved in the process.

Councilman Bob FitzGerald, who championed the measure, spoke briefly of its background.

"The origin of this … was innumerable foreclosures throughout the state and particularly in Aurora that were detracting from the neighborhoods," Fitzgerald said.

Fitzgerald added that initial approval for the measure, which would have lenders pay the city a $50 registration fee, had wavered from some corners of the community.

"Members of the credit and lending community – They’re obviously not jumping for joy at this ordinance," FitzGerald said.

In order to give the banking community added time to provide substantive amendments, Councilman Steve Hogan suggested putting the issue on council's next study session and regular session agenda.

"You could schedule this for both study session and for floor action at the next meeting. If the amendments are ready, they can be discussed in study session … If they are agreed to, you can just take them out onto the floor," Hogan said.

The issue will be heard during the Jan. 26 meeting.