CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Housing 		For Meeting of:
August 6, 2018
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
Lien Satisfaction - Grand Avenue Economic Community Development Corporation
Summary:

The City of Orlando entered into an agreement with Grand Avenue Economic Community Development Corp., a Florida non-profit corporation, in the amount of $250,000 to rehabilitate seventy-two (72) affordable apartment units in the complex known as Maxwell Terrace, located at 3200 W. Colonial Drive. The City recorded the executed Mortgage, Promissory Note, and Restrictive Covenant on May 28, 2003.

Grand Avenue Economic Community Development Corp. has fulfilled the requirements under the agreements.
Fiscal & Efficiency Data: No fiscal impact.
Recommended Action:
Approval to release the restrictive covenant, cancel the note, and release and discharge Grand Avenue Economic Community Development Corp. from the lien and operation of said mortgage under the State Housing Initiative Partnership.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact: Oren J. Henry, Director
Approved By:

Department Date and Time
Budget Outside Routing Approval 7/25/2018 10:51 AM
City Clerk 7/25/2018 11:04 AM
ATTACHMENTS:
Name: Description: Type:
Mortgage_Security_Agreement.pdf Mortgage Agreement Backup Material
Declaration_of_Restr_Cov.pdf Declaration of Restrictive Covenant Backup Material
Grand_Avenue_ECDC_release_of_restrictive_covenant_7-5-2018.doc Release of Restrictive Covenant Backup Material
Grand_Avenue_ECDC_release_of_mortgage_7-5-2018.doc Release of Mortgage Backup Material
"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."