Police & Fire Retirement System of the city of Detroit
Heritage was selected by the Detroit Police and Fire Pension Fund and appointed by the Wayne County Circuit Court to act as Receiver for a portfolio of over 3,000 properties. In this capacity, Heritage performs the following duties:
- Asses and document existing Receivership Property condition.
- Create and maintain a Master Inventory list.
- Maintain, secure manage, operate, repair, and preserve the Receivership Property.
- Verify existing land contracts.
- Retain, hire, establish pay rates and/or discharge employees, professionals, service providers, vendors, property managers as necessary and appropriate to establish pay rates for third party contractors.
- Change any and all locks on vacant Receivership properties and, if appropriate, limit access to some or all of the Receivership Property.
- Assume control over the Receivership Property and to collect and receive all cash, cash on hand, checks, cash equivalents, credit card receipts, demand deposit accounts, bank accounts, cash management or other financial accounts, bank or other deposits and all other cash collateral (all whether now existing or later arising); current and past due earnings, revenues, land contract payments, rent, issues and profits, accounts or accounts receivable (all whether unpaid, accrued, due or to become due); all claims to rent, issues, profits, income, cash collateral, lease termination or rejection claims, and all other gross income derived with respect to the Receivership Property or business operations at the Receivership Property, regardless of whether earned before or after entry of the Receiver Order.
- Prepare and maintain complete books, records and financial reports of the Receivership Property, including, but not limited to, operating statements, income statements, balance statements and all other statements prepared for the Receivership Property in a form acceptable to Plaintiff.
- Maintain a separate account with federally-insured banking institution or savings association with offices in this state into which all funds will be deposited and from which the Receiver shall disburse all authorized payments.
- Develop a renovation and disposition strategy for any vacant properties.
- Prepare and file any tax returns stemming from the Receivership Property and the operation of the Receivership Property as may be required by law.