Description: AGENDAHED.JPG

 

Item No:                    4.C.1.

 

Meeting Date:           January 28, 2013

 

From:                          Christopher Edwards, Community Redevelopment Manager

 

Subject:                      Resolution authorizing  sale of a Single-Family residential property at

                                     2107 Aitkin Loop to Markenia Lee, a first-time homebuyer

 

 


Staff Recommendation:

Staff recommends approval to execute a Purchase and Sales Contract between the City of Leesburg and Markenia Lee, a first-time homebuyer for residential property located at 2107 Aitkin Loop.

 

Analysis:

The subject property includes a single-family residential unit at 2107 Aitkin Loop, Overlook at Lake Griffin Subdivision.  The parcel is part of an existing agreement with Lake County Government to implement the United States Department of Housing & Urban Development Neighborhood Stabilization Program (NSP), which was established for the purpose of stabilizing communities consisting of foreclosed and abandoned homes or residential properties. Through the purchase, rehabilitation, and re-sale of the subject property to Markenia Lee, a first time homebuyer, the goal of the program is being realized. In addition, the sale of the property will help stabilize the local housing market and economy. 

 

The sale price of the home is $55,000; however Ms. Lee will be provided a $5,000 down payment assistance that will be used at closing.  The home will have a 15 year declaration of covenant that specifies if Ms. Lee sells the home within the specified period, the down payment amount ($5,000) must be repaid. 

 

Options:

1.  Approve the resolution to execute the Contract for Sale and Purchase between the City of Leesburg and Markenia Lee, a first time homebuyer; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

The sale price minus the down payment assistance equals $50,000 which the City will receive in revenue but will be restricted to used for additional housing projects.


Submission Date and Time:    1/23/2013 5:58 PM____

 

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. _001-0000-361-40-13__

 

Project No. ___NSP007_________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO  EXECUTE A SALE AND PURCHASE CONTRACT BETWEEN THE CITY OF LEESBURG AND MARKENIA LEE, A FIRST TIME HOMEBUYER, FOR THE SUBJECT PROPERTY LOCATED AT 2107 AITKIN LOOP; AND PROVIDING EFFECTIVE DATE

 

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

 

            THAT the Mayor and City Clerk are hereby authorized and directed to execute the Sale and Purchase Contract between the City of Leesburg, Florida  and Markenia Lee for the purpose of selling the subject property, located at 2107 Aitkin Loop to a first time homebuyer.

 

 

             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 _28th____ day of _January________ 2013.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

___________________________________

City Clerk