CITY COMMISSION AGENDA ITEM

Department:	Planning and Development Services		Commission Meeting Date:  06/19/2018
Staff Contact:	Danelle Dresslar
Recommendations/Options/Action Requested:
Authorize the Mayor to sign a Loan Modification Agreement for Kevin E. Dobbs and Rachel L. Dobbs, 829 Ohio Street.
Executive Summary:		The following individual participated in a Community Development Division loan program.  1) Kevin E. Dobbs and Rachel L. Dobbs, 829 Ohio Street, participated in the Comprehensive Housing Rehabilitation program in 2009. 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: Accept the Loan Modification Agreement, which requires 35 monthly payments of $195.77, and one final payment of $195.79 on or before June 17, 2021.  When the Mortgagee has received the full sum of the $7,047.74 the mortgage will be released.
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)

☐TM ☒DS ☐CT ☐BM