Item No: 4.C.7.
Meeting Date: February
27, 2012
From: Ken
Thomas, Director of Economic Development & Housing
Subject: Resolution
approving a Subordination Agreement with
Mortgage Investors Corporation for refinancing a loan for Randy R.
Amburgey and Connie S. Amburgey at 1509 Floradel Avenue
Staff Recommendation:
Staff
recommends approval of the Subordination agreement with Mortgage Investors
Corporation regarding Randy and Connie Amburgey.
Analysis:
The
Amburgey’s were provided down payment assistance in the amount of $1,000 from
the Lake County Neighborhood Stabilization Program (NSP) to purchase a
home. However, the Amburgey’s signed a
Promissory Note to repay the City of Leesburg $1,000 if the subject property is
sold, transferred, refinanced, no longer occupied, or rented within 15 years of
ownership. Mortgage Investors
Corporation has offered to provide refinancing of the Amburgey’s existing loan
with a lower 3.000 adjustable rate (this rate is fixed for three years and
cannot go up or down more than 1% thereafter and can never exceed a rate of
8.000%). In order for the mortgage
company to secure a superior lien on the real estate, the City of Leesburg must
subordinate the existing lien on the property.
Options:
1. Approve the subordination agreement between
the City of Leesburg and Mortgage Investors Corporation; or
2. Such alternative action as the Commission may
deem appropriate.
Fiscal Impact:
$1,000
has been received in the Leesburg NSP restricted account.
Submission Date and Time: 2/24/2012 10:39 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. __________________ Deputy C.M.
___________________ Submitted
by: City Manager ___________________
|
Account
No. _________________ Project
No. ___________________ WF No.
______________________ Budget ______________________ Available
_____________________ |
RESOLUTION NO._______________
RESOLUTION OF CITY COMMISSION OF THE CITY OF
LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A
SUBORDINATION AGREEMENT BETWEEN RANDY R. AMBURGEY AND CITY OF LEESBURG AND IN
RETURN THE CITY RECEIVES $1,000.00; 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 an agreement with Mortgage Investors Corporation whose address is 6090 Central Avenue, St.
Petersburg, Florida 33707, for refinancing a mortgage for Randy and
Connie Amburgey who resides at 1509 Floradel Avenue, Leesburg, Florida 34748.
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 _27th
____ day of _February ____ 2012.
__________________________
Mayor
ATTEST:
_______________________________
City Clerk