City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              David L. Corliss, City Manager

THRU:                   Victor Q. Torres, Director, Neighborhood Resources

FROM:         Margene K. Swarts, Community Development Manager

DATE:           December 19, 2006

The following individual participated in a Community Development Division loan program.  Payment of the loan has been received so the Mortgage needs to be released. 

1) La Merle McCoy, 632 Elm Street, participated in the Emergency Loan Program in 1989.

The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient.  The information regarding the request follows:

In October, 2000, Papri Wesphal, 255 N. Michigan, #3-12, participated in the HOOT Loan program.  In order to participate in the program, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property.  Ms. Westphal wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Douglas County Bank.  The City’s interest will be protected and staff recommends approval.

The City’s interest will be protected and staff recommends that the City Commission approve this request. 

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