AGENDA MEMORANDUM

Meeting Date:           June 12, 2006

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

Subject:                      Resolution approving a Satisfaction of Mortgage for a Housing Rehabilitation Program Deferred Payment Loan Agreement for Ms. Mary Lee Atkins

Staff Recommendation:

Staff recommends approval of the Satisfaction of Mortgage and acknowledgement ofe full payment of said note for Ms. Mary Lee Atkins.

Analysis:

Ms. Atkins received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan of $9,240.00 on January 8, 2001.  Ms. Atkins was awarded the funding to rehabilitate her home based on program criteria and a commitment to stay in the home during the five-5 year deferment period.

Subsequently, the loan period ended January 8, 2006.  Therefore, Ms Atkins’s family is requesting a sSatisfaction of mMortgage.  Staff has determined that the loan obligations have been fulfilled.

Options:

1.  Approve the Rresolution accepting the Satisfaction of Mortgage; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

None

Submission Date and Time:    6/12/2006 12:56 PM6/7/2006 2:45 PM6/5/2006 9:49 AM6/2/2006 10:38 AM6/1/2006 11:52 AM5/16/2006 12:17 PM____

Department: Housing & Eco Dev Prepared by:  Tracie Hodge Attachments:         Yes_X__   No ______ Advertised:   ____Not Required _X____ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

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

Account No. _________________ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH MARY LEE ATKINS TO PROVIDE A SATISFACTION OF MORTGAGE TO MARY LEE ATKINS FOR THE MORTGAGE GIVEN TO SECURE A HOUSING REHABILITATION LOAN; 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 n agreement  with Mary Satisfaction of Mortgage Agreement in the form attached as Exhibit “A” to this Resolution, pertaining to a Housing Rehabilitation Loan dated June 8, 2001 with Mary Lee Atkins whose address is 1009 Ferguson Street, Leesburg,  for Satisfaction of Mortgage  (give the bid or RFP number if applicable, Florida and acknowledging payment in full, and,.

 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 12th day of June 2006

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk