MEMORANDUM

City of Lawrence

Planning and Development Services Department

TO:              David L. Corliss, City Manager

FROM:         Margene K. Swarts, Assistant Director, Development Services

CC:              Scott McCullough, Director, Planning and Development Services

DATE:           December 9, 2009

RE:              Mortgage Release/Subordination Agreement

The following individuals participated in a Community Development Division loan program.  The mortgage provisions have been satisfied and the mortgage should be released.  

1) James and Teresa Thompson, 317 Lawrence Avenue, participated in the Emergency Loan Program in 2008.

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

To protect the City’s interest in the property at 2612 Moundview, the City has a lien agreement with Tenants to Homeowners, Inc.  Eric and Andrea Allen are participating in the Lawrence Community Housing Trust Program with Tenants to Homeowners, Inc. and will be purchasing the property.  In order for the Allen’s to participate in the program, the City must subordinate the lien to the Allen’s loan with KU Credit Union.  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.