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HomeMy WebLinkAbout2014-04-28 14-148 ORDERCOUNCIL ACTION Item No. 14-148 Date: Auril 28, 2014 Item/Subject ORDER, Authorizing the Housing Rehabilitation Coordinator to Execute a Second Amendment to Promissory Note & Agreement with Barbara H. Neville For Property Located at 97 Fifth Street (Map and Lot Number 034- 048) Responsible Department: Community & Economic Development Commentary: This Order will authorize the City's Housing Rehabilitation Coordinator to execute a Second Amendment to Promissory Note and Agreement and any other documents necessary for the requested change. In 2003 the City gave Barbara Neville a secured loan to improve her home. It was a deferred loan that does not have to be repaid until the home is sold or leased. In 2005 the City Council, by Council Order 05-184, allowed Ms. Neville to transfer her home to joint ownership between herself and her daughter. Ms. Neville and her daughter are now requesting that the City allow her to create a joint ownership in the property between Ms. Neville and her sister, Thalia Kay, with the daughter removing herself from the deed. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its April 22, 2014 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Tanya Emery Department Head City fTlanag Finance Director City Solicitor Page _of_ Assigned to Councilor Durgin CITY OF BANGOR 14-148 APRIL 28, 2014 (TITLE.) ORDER, Authorizing the Housing Rehabilitation Coordinator to Execute a Second Amendment to Promissory Note & Agreement with Barbara H. Neville For Property Located at 97 Fifth Street — (Map and Lot Number 034- 048) WHEREAS, in 2003 the City gave Barbara Neville a secured loan to improve her home that was a deferred loan which does not have to be repaid until the home is sold or leased; and WHEREAS, by Council Order 05-184 dated June 13, 2005, the City Council authorized the execution of a First Amendment to Promissory Note and Agreement for the loan in order for the borrower to add her daughter to the deed as a co-owner; and WHEREAS, Barbara Neville has requested another amendment to the loan in order for her daughter to remove herself as a co-owner of the property and for Ms. Neville's sister, Thalia Kay, to be added as a co-owner of the property. BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The City of Bangor's Housing Rehabilitation Coordinator, Jeffrey Wallace, is hereby authorized to execute a Second Amendment to Promissory Note and Agreement for a Community Development Deferred Payment Rehabilitation Loan with Barbara H. Neville for the property located at 97 Fifth Street, Bangor and such other documents as may be necessary in order for Thalia Kay to be added as co-owner of the property of Barbara Neville. Said documents shall be in a final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL April 28, 2014 Passed 61 CITY C