City of Madison Heights Awards Construction Contract to Hp Snap Investments (June 2022)
City of Madison HeightsCity · Madison Heights, MI- Disclosed value
- Minimum guaranteed investment of $50,000 per house/structure; minimum average investment of $60,000 per house/structure; $5,000–$10,000 administrative fee per parcel; purchase price equals delinquent taxes, interest, fees, and maintenance costs
- From agenda
- Awarded
- Jun 27, 2022
The 30-second brief
The City of Madison Heights plans to award its 2022 Parcel Redevelopment Program to HP Snap Investments for seven tax-foreclosed residential parcels, with the developer paying delinquent taxes and fees and committing to at least $50,000 per house and $60,000 average renovation costs. The agreement requires HP Snap Investments to secure and rehabilitate the properties, pay administrative fees to offset City costs, and resell homes to owner-occupants under a five-year deed restriction, with an option to extend the program to future foreclosure cycles.
Hp Snap Investments holds this construction contract with City of Madison Heights. Its other public contracts on record include work for Town of Wayne and City of Garden.
Term as filed: Program cycle beginning with 2022 tax foreclosure properties, with option to extend to next year if tax foreclosure properties are available.
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Contract details
- Contract type
- Construction
- Amount
- Minimum guaranteed investment of $50,000 per house/structure; minimum average investment of $60,000 per house/structure; $5,000–$10,000 administrative fee per parcel; purchase price equals delinquent taxes, interest, fees, and maintenance costs
- Document date
- June 27, 2022
- Term
- Program cycle beginning with 2022 tax foreclosure properties, with option to extend to next year if tax foreclosure properties are available
- Vendor
- Hp Snap Investments
- Agency
- City of Madison Heights
- Source document
- city_council_regular_meeting_agenda_june_27_2022.pdf (Agenda)
Hp Snap Investments's other public contracts
More City of Madison Heights contracts
Questions about this contract
Who was awarded the construction contract by City of Madison Heights?
Hp Snap Investments was awarded this construction contract by City of Madison Heights, as recorded on June 27, 2022. The contract value is Minimum guaranteed investment of $50,000 per house/structure; minimum average investment of $60,000 per house/structure; $5,000–$10,000 administrative fee per parcel; purchase price equals delinquent taxes, interest, fees, and maintenance costs.
How much is the Hp Snap Investments contract with City of Madison Heights worth?
The Hp Snap Investments contract with City of Madison Heights is valued at Minimum guaranteed investment of $50,000 per house/structure; minimum average investment of $60,000 per house/structure; $5,000–$10,000 administrative fee per parcel; purchase price equals delinquent taxes, interest, fees, and maintenance costs, covering construction work.
What type of contract is this?
This is a Construction contract, documented as a agenda record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in city_council_regular_meeting_agenda_june_27_2022.pdf (Agenda), dated June 27, 2022 from City of Madison Heights. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Hp Snap Investments hold?
Hp Snap Investments may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Madison Heights currently buying?
Explore City of Madison Heights's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.