Memorandum

City of Lawrence

Planning and Development Services

TO:	Diane Stoddard, Interim City Manager
FROM:	Danelle Dresslar, Community Development Manager, Planning and Development Services
CC:	Scott McCullough, Director, Planning and Development Services
DATE:	July 30, 2015
RE:	Mortgage Subordination

Background:

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

1. John W. Rasmussen and Shannon C. Rasmussen, 1406 New Jersey Street participated in the Comprehensive Rehabilitation Program in 2013.

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.  They wish to refinance a primary mortgage on the property; in order to do so the City must subordinate the lien to the loan with Truity Credit Union.

Staff Recommendation:

The City’s interest will be protected and staff recommends approval. 

Action:

Approval of the mortgage Subordination Agreement for John W. Rasmussen and Shannon C. Rasmussen, 1406 New Jersey Street, if appropriate.

The City Clerk will have the document ready for the Mayor's signature.  If you have further questions, please let me know.