Description: AGENDAHED.JPG

Item No: 4.C.1.

Meeting Date: January 28, 2013

From: Christopher Edwards, Community Redevelopment Manager

Subject: Resolution authorizing sale of a Single-Family residential property at

2107 Aitkin Loop to Markenia Lee, a first-time homebuyer

Staff Recommendation:

Staff recommends approval to execute a Purchase and Sales Contract between the City of Leesburg and Markenia Lee, a first-time homebuyer for residential property located at 2107 Aitkin Loop.

Analysis:

The subject property includes a single-family residential unit at 2107 Aitkin Loop, Overlook at Lake Griffin Subdivision. The parcel is part of an existing agreement with Lake County Government to implement the United States Department of Housing & Urban Development Neighborhood Stabilization Program (NSP), which was established for the purpose of stabilizing communities consisting of foreclosed and abandoned homes or residential properties. Through the purchase, rehabilitation, and re-sale of the subject property to Markenia Lee, a first time homebuyer, the goal of the program is being realized. In addition, the sale of the property will help stabilize the local housing market and economy.

The sale price of the home is $55,000; however Ms. Lee will be provided a $5,000 down payment assistance that will be used at closing. The home will have a 15 year declaration of covenant that specifies if Ms. Lee sells the home within the specified period, the down payment amount ($5,000) must be repaid.

Options:

1. Approve the resolution to execute the Contract for Sale and Purchase between the City of Leesburg and Markenia Lee, a first time homebuyer; or

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

The sale price minus the down payment assistance equals $50,000 which the City will receive in revenue but will be restricted to used for additional housing projects.

Submission Date and Time: 1/23/2013 5:58 PM____

Department: ______________________

Prepared by: ______________________

Attachments: Yes____ No ______

Advertised: ____Not Required ______

Dates: __________________________

Attorney Review : Yes___ No ____

_________________________________

Revised 6/10/04

Reviewed by: Dept. Head ________

Finance Dept. __________________

Deputy C.M. ___________________

Submitted by:

City Manager ___________________

Account No. _001-0000-361-40-13__

Project No. ___NSP007_________

WF No. ______________________

Budget ______________________

Available _____________________

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A SALE AND PURCHASE CONTRACT BETWEEN THE CITY OF LEESBURG AND MARKENIA LEE, A FIRST TIME HOMEBUYER, FOR THE SUBJECT PROPERTY LOCATED AT 2107 AITKIN LOOP; AND PROVIDING EFFECTIVE DATE

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

THAT the Mayor and City Clerk are hereby authorized and directed to execute the Sale and Purchase Contract between the City of Leesburg, Florida and Markenia Lee for the purpose of selling the subject property, located at 2107 Aitkin Loop to a first time homebuyer.

THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _28th____ day of _January________ 2013.

__________________________

Mayor

ATTEST:

___________________________________

City Clerk