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 Mr. Leroy Wright and and the late Mrs. Margaret Wright

 

 

Staff Recommendation: 

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

 

Analysis: 

Mr. Leroy and& Mrs. Margaret Wright received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan of $43,400.00 on November 30, 2000.  Mr. and& Mrs. Wright were awarded the funding to rehabilitate their home based on program criteria and a commitment to stay in the home during the 5five- year deferment period. 

 

Subsequently, the loan period ended November 30, 2005.  Therefore, Mr. & Mrs.Leroy Wright’s family is requesting a satisfaction of mortgage.  Margaret Wright is deceased. 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 2:48 PM6/2/2006 2:41 PM6/2/2006 2:02 PM6/2/2006 10:22 AM6/1/2006 11:57 AM5/31/2006 6:31 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 SATISFACTION OF MORTGAGE TO LEROY AND THE LATE MARGARET WRIGHT FOR A TO PROVIDE A SATISFACTION OF MORTGAGE GIVEN TO SECURE A HOUSING REHABILITATION LOAN; AND PROVIDING AN EFFECTIVE DATE.    (waiting for answer from Ken Thomas regarding the agreement, 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 an agreement with Satisfaction of Mortgage for Leroy &  and the late Margaret Wright whose address is 504 Goss Avenue, Leesburg, Florida, for the purpose of satisfying a mortgage given to secure a housing rehabilitation loan.

 

             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