Memorandum
City of Lawrence
Planning and Development Services
TO: |
David L. Corliss, City Manager |
FROM: |
Danelle Dresslar, Community Development Manager, Planning and Development Services |
CC: |
Scott McCullough, Director, Planning and Development Services |
DATE: |
March 23, 2015 |
RE: |
Mortgage Subordination |
Background:
The following individuals participated in a Community Development Division loan program.
1) Brenda Davis Miller, 1622 Powers Street, participated in the Homeowners Out of Tenants Program in 2000.
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. Ms. Miller wishes to refinance a primary mortgage on the property. In order to do so the City must subordinate the lien to the loan with the University National Bank.
Staff Recommendation:
The City’s interest will be protected and staff recommends approval.
Action:
Authorize the Mayor to sign a Mortgage Subordination Agreement for Brenda Davis Miller, 1622 Powers Street.
The City Clerk will have the document ready for the Mayor's signature. If you have further questions, please let me know.