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:           May 30, 2007

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

1) Karen Feltner, 314 Birch Lane, participated in the HOOT Loan Program in 2005.

2) Rafael and Alma Torres, 109 Glenview Drive, participated in the HOOT Loan Program in 1999. 

3) Mary Krische, 1742 Learnard, participated in the Comprehensive Rehabilitation Loan program in 2003. 

4) Mary Butterbrodt, 1505 E. 28^th Terrace, participated in the Comprehensive Rehabilitation Loan program in 1999.

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 January, 2001, Rebecca Stakes, 431 Elm Street, participated in the comprehensive Rehabilitation 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. Stakes wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Capitol Federal Savings Bank.  The City’s interest will be protected and staff recommends approval.

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