Laserfiche WebLink
hi Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 4.3 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Agenda May 2, 2016 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Satisfaction of Mortgage Agreement. Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, the satisfaction of mortgage for real property located at 1021 4th Street NW. <br /> Background/Discussion <br /> On April 7, 2014,the HRA,by general consensus, agreed to fund the new housing program at$100,000 <br /> per year, for the next three years under contract with CMHP. The HRA Rehabilitation Loan Program <br /> was approved at the May 5, 2014, HRA general meeting. <br /> The goal of the program is to address renovations or repairs to an existing structure which materially <br /> preserve or improve the basic livability, safety, or utility of the property. <br /> Scott and Cynthia Thompson received$22,000 in funding through the HRA Rehabilitation Loan program <br /> facilitated by the Central Minnesota Housing Partnership. The funds were used to make interior and <br /> exterior repairs to the property.The HRA entered into a Mortgage and Repayment Agreement on April <br /> 6, 2015. On September 3,2015 the project was completed and the loan was closed. <br /> The Thompsons paid off the loan with the HRA and are requesting a satisfaction of mortgage be signed <br /> and recorded releasing them of all obligations under the Mortgage and Repayment Agreement. <br /> Financial Impact <br /> The Thompsons overpaid the balance of their loan by$154.21. Upon approval of the satisfaction of <br /> mortgage, the overage will be refunded. <br /> Attachments <br /> • Mortgage&Repayment Agreement <br /> • Satisfaction of Mortgage <br /> r NATUR <br />