Description: AGENDAHED.JPG

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