MEMORANDUM
Planning and Development Services Department
TO: David L. Corliss, City Manager
FROM: Danelle Dresslar, Management Analyst, Development Services
CC: Scott McCullough, Director, Planning and Development Services
DATE: March 22, 2013
RE: Subordination Agreement
The Community Development Division received a request for a Subordination Agreement for a lien the City holds for a loan recipient. The information regarding the requests follows:
In 2012, Lloyd Fisher, Jr., 3113 Creekwood Drive, participated in the City’s Comprehensive Rehabilitation 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. Mr. Fisher wishes to finance a primary mortgage on the property. In order to do so the City must subordinate the lien to the loan with Citibank, NA. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the document for the Mayor's signature. If you have further questions, please let me know.