AGENDA MEMORANDUM

Meeting Date: February 22, 2010

From:                          Kenneth L. Thomas, Director of Housing & Economic Development          

Subject:                      City of Leesburg Deed Transfer of the Housing & Urban Development (HUD) $1 Property to Rita Brown (First Time Homebuyer)

Staff Recommendation:

Staff recommends approval of the deed transfer agreement for the home at 803 Georgia Avenue, Leesburg, Florida to Rita Brown.

Analysis:

Ms. Rita Brown was the winner of the HUD $1 Home Give-a-Way held during December 2009.  Staff has finalized all documents required for the deed transfer and closing.  The property transfer to Ms. Brown, will have deed restrictions that will ensure the property remains as an Affordable Home, for Sale unit, with a selling restriction to repay the City of Leesburg, $48,000 (the value of the property), if sold, refinanced with cash-out, or used as collateral on any loan within 10 years.

Ms. Brown has been in pursuit of purchasing a home through our housing program for several years. She is truly a testament that hard work does payoff.  

Options:

1. Approve the transfer of deed to Ms. Rita Brown; or

2.  Such alternative action as the Commission may deem appropriate.

Fiscal Impact: 

The City paid approximately $1,500.00 for closing costs, utilities, maintenance & cleaning of the subject property.

Submission Date and Time:    2/19/2010 10:07 AM____

Department: ______________________ Prepared by:  ______________________                      Attachments:         Yes____   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________JB______                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. _001-6255-554-xxxx__ Project No. __$HOUSE________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY  OF LEESBURG AUTHORIZING THE MAYOR AND THE CITY CLERK TO EXECUTE A SPECIAL WARRANTY DEED TO  TRANSFER OWNERSHIP OF PROPERTY AT 803 GEORGIA AVENUE LEESBURG, FLORIDA, TO RITA BROWN, THE WINNER OF THE HUD $1 HOME GIVE-A WAY; AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

            THAT the Mayor and City Clerk are hereby authorized to execute a Special Warranty Deed transfer ownership of property owned by the City of Leesburg located at 803 Georgia Avenue, Leesburg, Florida 34748, to Rita Brown, whose address is 1132 Ben More Drive, Leesburg, Florida 34788.

 THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _22nd____ day of _February____, 2010

                                                                            __________________________________

                                                                             Mayor

ATTEST:

____________________________________

City Clerk