CITY COMMISSION AGENDA ITEM

Department:	Planning and Development Services		Commission Meeting Date:  02/07/2017
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign the Subordination Agreement for Michael W. Schmitz, 1634 Rose Lane
Executive Summary:		The following individual participated in a Community Development Division loan program. Michael W. Schmitz, 1634 Rose Lane, participated in Homeowners Out of Tenants Program in 2004. 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 The University National Bank.
Strategic Goal Area:		Affordable Housing
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $______0__ .
Attachments:		None

Reviewed By: (for CMO use only)

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