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