AGENDA MEMORANDUM

Meeting Date: March 9, 2009

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. Jennie Mae Nettles

Staff Recommendation:

Staff recommends approval of the Satisfaction of Mortgage for Ms. Jennie Mae Nettles and acknowledges full payment of said note.

Analysis:

Ms. Jennie Mae Nettles received a Community Development Block Grant (CDBG) Rehabilitation Program Deferred Payment Loan of $30,081.80 December 1, 2000.  Ms. Nettles 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.  Ms. Nettles has fulfilled this commitment.

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:    3/4/2009 3:31 PM____

Department: Housing & Economic Prepared by:  Tracie Hodge Attachments:         Yes__X__   No ______ Advertised:   ____Not Required __X____ Dates:   __________________________                      Attorney Review :       Yes_X__  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________________                                    Deputy C.M. _______EFS_________                                          Submitted by: City Manager ___________________

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 JENNIE MAE NETTLES 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 an agreement with Jennie Mae Nettles whose address is 2114 Parkview Avenue, Leesburg, FL  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 9th day of March 2009.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk