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Budget/Finance 3.

Community Redevelopment Agency

Meeting Date:	02/06/2020
Issue: Request for Subordination of Residential Rehab Grant Program Lien Agreement
From:	CLARA LONG
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Request for Subordination of Residential Rehab Grant Program Lien Agreement for property located at 308 Bryant Road – Clara Long, Interim Neighborhood & Human Services Department Director

That the Board take the following action concerning the Request for Subordination of the Residential Rehab Grant Program Lien Agreement between Escambia County Community Redevelopment Agency and James C. and Cheryl I. Tellefson:

A. Approve the Request for Subordination of Residential Rehab Grant program Lien agreement in the amount of $5,640, which 1-year term will expire and depreciate to zero (0) on May 29, 2020, for property located at 308 Bryant Road in the Warrington Redevelopment District to enable property owners to secure financing required to complete further improvements to the subject property; and

B. Authorize the Chairman or Vice Chairman to execute the Subordination Agreement and any related documents required to complete and implement this process including any actions that may be required of the County Attorney's office.

[Funding; N/A]

BACKGROUND:

On February 7, 2019 the Board approved the Residential Rehab Grant Program Funding and Lien Agreements in the amount of $5,640 for property located at 308 Bryant Road for James C. and Cheryl I. Tellefson for replacement of a roof in the Warrington Redevelopment District. The property owners agree that the improvements will remain in place for for a period of 1 year from the date of the executed Lien Agreement Recorded in the Public Records. The property owners are requesting to subodinate the approved Residential Rehab Grant program Lien Agreement to secure financing required to complete further improvements to the subject property. The 1 year Residential Rehab Lien Agreement for property located at 308 Bryant Road in the Warrington Redevelopment District will automatically expire and depreciate to zero on May 29, 2020. A copy of the Subordination Agreement is attached.

BUDGETARY IMPACT:

There is no Budgetary Impact based on this action.

LEGAL CONSIDERATIONS/SIGN-OFF:

The Subordination Agreement has been reviewed and approved as to form and legal sufficiency by Kristin Hual, Senior Assistant County Attorney.

PERSONNEL:

Neighborhood & Human Services/Community Redevelopment Agency (NHS/CRA) staff will handle the process in-house.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board approval is required to subordinate the Residential Rehab Grant Program Lien Agreement.

IMPLEMENTATION/COORDINATION:

NHS/CRA staff, in coordination with the property owners, will handle the implementation process.

Attachments
Subordination Agreement