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 Satisfaction of a Housing Rehabilitation Program Deferred Payment Loan Agreement for Ms. Ines. L. Lovings

Staff Recommendation: 

Staff recommends approval of the Satisfaction of Mortgage and acknowledgement of full payment of said note.

Analysis:

Ms. Ines Lovings received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan of $24,585.00 on January 8, 2001.  Ms Lovings 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. Lovings’ family is requesting a satisfaction of mortgage.  Staff has determined that the loan obligations have been fulfilled.

Options:

1.  Approve resolution accepting; 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 2:47 PM6/2/2006 2:40 PM6/2/2006 11:33 AM6/2/2006 10:36 AM6/1/2006 11:54 AM5/31/2006 6:20 PM____

Department: Housing & Eco. Dev. Prepared by:  Tracie Hodge Attachments:         Yes_X_   No ______ Advertised:   X__Not Required ______ 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 A SATISFACTION OF MORTGAGE TOFOR  AN AGREEMENT WITH MS. INES L. LOVINGS TO PROVIDE A SATISFACTION OFFOR 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 Satisfaction of Mortgage for n agreement  with Ines L. Lovings whose address is 906 Beecher Street, Leesburg, Florida,for a satisfaction of mortgage and acknowledge payment in full, and  (give the bid or RFP number if applicable.

 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