MEMORANDUM
Planning and Development Services Department
TO: David L. Corliss, City Manager
FROM: Margene K. Swarts, Assistant Director, Development Services
CC: Scott McCullough, Director, Planning and Development Services
DATE: February 15, 2011
RE: Subordination Agreement (Revised Request)
The Community Development Division received a request for a Subordination Agreement for liens the City holds for a loan recipient. The information regarding the request follows:
In 1994 and 1995, Russell and Carol Beeson, 507 Louisiana, participated in the City’s Emergency Loan and Comprehensive Rehabilitation Loan Programs. In order to participate in the program, they were required to sign a mortgage and mortgage note to protect the City’s interest in the property. The Beeson’s wish to refinance the primary mortgage on the property and in order to do so the City must subordinate the liens to the new loan with Midwest Regional Credit Union. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.