CITY COMMISSION AGENDA ITEM

Department:	Planning and Development Services		Commission Meeting Date:  12/19/2017
Staff Contact:	Danelle Dresslar
Recommendations/Options/Action Requested:
Authorize the Mayor to sign a Loan Modification Agreement for Craig Nowatzke, 838 Oak Street.
Executive Summary:		The following individual participated in a Community Development Division loan program.  1) Craig Nowatzke, 838 Oak Street, participated in the Homeowners Out of Tenants (HOOT)program in 2000. Based on the program the individual participated in, a mortgage was placed on the property with no monthly payments required.  The balance is due when the property is no longer owner-occupied, however individuals have the option to pay off the loan at any time.  Staff has determined that the property is no longer owner-occupied and the owner has agreed to modify the original mortgage to require monthly payments until the unpaid principal balance is retired. Staff Recommendation: The Loan Modification Agreement requires thirty-five (35) monthly payments of $522.99, and one final payment of $522.84 on or before November 19, 2020.  When the Mortgagee has received the full sum of the $18,827.49 and the unpaid principal balance is retired.
Strategic Plan Critical Success Factor		Safe, Healthy, and Welcoming Neighborhoods
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $0.
Attachments:		None

Reviewed By: (for CMO use only)

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