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