City of Lawrence

Planning and Development Services Department

MEMORANDUM

TO: David L. Corliss, City Manager

THRU: Victor Q. Torres, Assistant Director, Development Services

FROM: Margene K. Swarts, Community Development Manager

DATE: February 12, 2008

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 May, 2002, Brian and Heather Bigham, 1713 Atherton Court, participated in the HOOT First Time Homebuyer program. 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. The Bigham’s wish to refinance the first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Landmark National Bank. The City’s interest will be protected and staff recommends approval.

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