On September 9, 2014 City Council approved an agreement between the City of Orlando and Lighthouse Central Florida, Inc. for FY 2013-2014 Community Development Block Grant (CDBG) funding in the amount of Three Hundred Thousand Dollars ($300,000.00). CDBG is being used to partially fund the estimated $800,000.00 rehabilitation and expansion of the Lighthouse building located at 2500 Kunze Avenue, Orlando, Florida, 32804. The City agreement included placing a mortgage on the property. Lighthouse Central Florida, Inc. has an existing loan from Florida Capital Bank (1st Lender) which is subsidizing the remainder of the project, under which the City of Orlando occupies a secondary mortgage lien position. Lighthouse has subsequently applied to Old Florida Bank (2nd Lender) for a lower-rate refinance of the existing loan. Old Florida Bank, as the new Lender, is requesting the City of Orlando subordinate its loan position to the same secondary position it currently occupies under the existing loan.