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. Marian E. Whitehead

Staff Recommendation: 

Staff recommends the City Commission approveal of the Satisfaction of Mortgage and acknowledge full payment of said note.

Analysis: 

Ms. Marian E. Whitehead received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan of $9,808.00 on March 14, 2001.  Ms Whitehead 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 March 14, 2006.  Therefore, Ms. Whitehead’s family is requesting a satisfaction of mortgage.  Staff has determined that the loan obligations have been fulfilled.

Options:

1.  Approve Resolution 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 2:49 PM6/2/2006 2:42 PM6/2/2006 11:43 AM6/2/2006 10:27 AM6/1/2006 11:59 AM5/31/2006 6:39 PM____

Department: Housing & Econ 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 A N AGREEMENT WITH SATISFACTION OF MORTGAGE TO MARIAN E. WHITEHEAD TO PROVIDE A SATISFACTION OFFOR A MORTGAGE GIVEN TO SECURE A HOUSING REHABILITATION LOAN; AND PROVIDING AN EFFECTIVE DATE. (wait to hear from K. Thomas before changing title)

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 agreementSatisfaction of Mortgage  withfor Marian E. Whitehead,  whose address is 1305 Seminole Avenue, Leesburg, FL 34748, for the purpose of satisfying a mortgage given to secure a housing rehabilitation loanand acknowledging full payment, 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