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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 12/11/2018 |
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Staff Contact: |
Danelle Walters, Community Development Manager |
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Recommendations/Options/Action Requested: |
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Authorize the Mayor to sign a Release of Mortgage for Kiley D. Bost & Mary G. Bost, 832 Locust Street. |
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Executive Summary: |
Kiley D. Bost and Mary G. Bost participated in the Community Development Block Grant (CDBG) Furnace Loan Program in 2016. The house has sold, resulting in loan payoffs being returned to the City.
Based on the Furnace Loan program processes, a mortgage was placed on the property. The balance of the mortgages becomes due when the property is no longer owner-occupied. The original amount of the furnace loan was $3,700 and the mortgage was filed on 06/02/2016. There were no monthly payments required on the loan. Staff received this payment in full on 11/21/2018. With this payment, $3,700 will be returned to the CDBG program.
Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods |
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Fiscal Impact (Amount/Source): |
There is no fiscal impact to the City.
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Attachments: |
None. |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |