HomeMy WebLinkAbout2005-06-13 05-184 ORDERItem N%as_laa
Date: 06-13-05
Item/Subject: Order, Authorizing the Housing Programs Manager to Execute a Rest Amendment to
Promissory Note & Agreement with Barbara Neville
Responsible Department: Legal
Commentary:
Barbara Neville, through her attorney, has asked the City to amend her Community Development Deferred
Payment Rehabilitation Loan to allow her to transfer her home into joint ownership between herself and her
daughter for estate planning purposes.
The purpose of the loan was to allow Ms. Neville to Improve her home but not have to repay the loan until
the house is sold or leased. The loan's repayment provisions, however, are triggered by Me proposed
transfer to herself and her daughter even through she will continue to reside on the premises.
The B&ED Committee recommended approval at its May 25, 2005, meeting.
Department Head
Managers Comments:
Recommend approval.
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Qty Manager
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Finance Director
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CITY OF BANGOR
(II E.) ORDER, Authorizing the Housing Programs Manager tD Execute a First Amendment
W Promissory Note & Agreement with Barbara Neville
ORDERED, THAT
The Housing Programs Manager, T.J. Martial, is hereby authorized to execute a First
Amendment to Promissory Note and Agreement for aCommunity Development
Deferred Payment Rehabilitation Loan with Barbara H. Neville for property located at 97
Fifth Street, Bangor. The City Solicitor or Assistant City Solicitor shall approve the
Amendment's final form.
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