City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              David L. Corliss, City Manager

THRU:                   Victor Q. Torres, Director, Neighborhood Resources

FROM:         Margene K. Swarts, Community Development Manager

DATE:           March 7, 2007

The following individual participated in a Community Development Division loan program.  Payment of the loan has been received so the Mortgage needs to be released. 

1) Russell Hopping, 1617 Cadet, participated in the HOOT Loan Program in 1999.

The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient.  The information regarding the request follows:

In March, 1998, Lawrence Women’s Transitional Care Services participated in the Community Development program.  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.  WTCS wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with UMB Bank N.A.  The City’s interest will be protected and staff recommends approval.

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