MEMORANDUM
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: March 24, 2010
RE: Subordination Agreement
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:
In 1998, Rick Anderson, 1602 E. 18th Street, participated in the First Time Homebuyer Loan Program. In order to participate in the program, the owner was required to sign a mortgage and mortgage note to protect the City’s interest in the property. Mr. Anderson wishes to refinance his primary mortgage and in order to do so the City must subordinate the lien to the new loan with US 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.