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:	April 20, 2015
RE:	Mortgage Modification

Background:

The following individual participated in a Community Development Division loan program. 

1) Charles A. Bemis, 1515 Vermont Street, participated in the Comprehensive Rehabilitation Loan program in 1983.

Based on the program the individual participated in, a mortgage was placed on the property with no monthly payments required.  The balance is due when the property is no longer owner-occupied, however individuals have the option to pay off the loan at any time.  Staff has determined that the property is no longer owner-occupied and has agreed to modify the original mortgage to require monthly payments until the unpaid principal balance is retired.

Staff Recommendation:

The Loan Modification Agreement requires 12 monthly payments of $850.00, until Mortgagee has received the full sum of the $10,200 and the unpaid principal balance is retired.

Action:

Sign the Loan Modification Agreement for Charles A. Bemis, 1515 Vermont Street.