CITY COMMISSION AGENDA ITEM

Department:	Community Development (PDS)		Commission Meeting Date:  08/7/2018
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign a Release of Mortgage (two) for Willard and Ruth Remmers, 501 Mississippi Street.
Executive Summary:		Willard and Ruth Remmers, 501 Mississippi Street, participated in the CDBG Emergency Loan Program in 2012 and the CDBG Furnace Loan Program in 2013.  Their house has sold, resulting in loan payoffs being returned to the City. Based on the Emergency and Furnace Loan program processes, a mortgage was placed on the property for each program.  The balance of the mortgages becomes due when the property is no longer owner-occupied.  The original amount of the Emergency Loan was $4,950 and the mortgage was filed on 11/28/2012.  The original amount of the Furnace Loan was $5,000 and the mortgage was filed on 3/4/2013.  There were no monthly payments required on either loan, so the amount due on the loans was $9,950.  CDD staff received this payment on 7/11/18.  With this payment, $9,950 will be returned to the CDBG program. Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
Strategic Plan Critical Success Factor		Safe, Healthy, and Welcoming Neighborhoods
Fiscal Impact (Amount/Source):		There is no fiscal impact to the City. This is a CDBG Mortgage Note repayment that the City places back into the CDBG program for future allocation and use.
Attachments:		None.

Reviewed By: (for CMO use only)

☐TM ☒DS ☐CT ☐BM