AGENDA MEMORANDUM

Meeting Date:           December 11, 2006

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

Subject:                      Resolution authorizing execution of a Satisfaction of a Housing Rehabilitation Program Deferred Payment Loan Agreement for

Ms. Estelle Myers

Staff Recommendation:       

Staff recommends approval of the Satisfaction of Mortgage for Ms. Estelle Myers and acknowledges full payment of said note.

Analysis:        

Ms. Myers received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan $43,143.28 on August 19, 1998.  Ms. Myers was awarded the funding to rehabilitate her home based on program criteria and a commitment to stay in the home during the five  year deferment period.

Options:

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

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact:  None

Submission Date and Time:    12/6/2006 4:46 PM____

Department: Housing & Economic 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. ___wp_______________                                     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 FOR ESTELLE MYERS FOR THE PURPOSE OF SATISFYING A 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 Estelle Myers whose address is 115 Mike Street, Leesburg, Florida, 34748, 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 11th day of December 2006.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk