What: annual workout agreements letting owners redeem tax-acquired property by installments, and a pending revision of the workout policy.
Where it stands: The 71 Park Street renewal ($600 per quarter) was tabled on 2026-10-05 pending Treasurer answers.
Next: Next Finance Committee meeting; policy revisions are being drafted by the Treasurer and assistant solicitor.
Details
Staff asked whether Council wants to hear renewals each year or authorize staff to renew while terms are met. Councilors asked for data on whether workouts or taking property cost the city more, and one wanted the policy to follow the three-year redemption rule.
The 71 Park Street renewal (estate property, $2,400 a year) was tabled until the Treasurer can answer questions on interest rate and payoff. Councilors discussed annual renewal versus staff authority and asked for cost data; the policy revisions are not mandatory to take property at three years.