Memorandum

City of Lawrence

Planning and Development Services

TO:	Diane Stoddard, Interim City Manager
FROM:	Danelle Dresslar, Community Development Manager, Planning and Development Services
CC:	Scott McCullough, Director, Planning and Development Services
DATE:	March 17, 2016
RE:	Mortgage Subordination

Background:

The following individual participated in a Community Development Division loan program.

1.       Julee A. Smith, 2516 Crestline Court, participated in the Homeowners Out of Tenants Program in 2002.

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.  They wish to subordinate to a primary mortgage on the property; in order to do so the City must subordinate the lien to the loan with Landmark National Bank.

Staff Recommendation:

The City’s interest will be protected and staff recommends approval. 

Action:

Approval of the mortgage Subordination Agreement for Julee A. Smith, 2516 Crestline Court, if appropriate.

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