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TO: Mayor Richard C. Irvin
FROM: Jill N. Morgan, Planner
DATE: May 5, 2021
SUBJECT:
A Resolution Authorizing a Modification to the Deferred Preservation Loan with James P. Doherty, Owner, and Glenn and Alissa Doherty, Contract Purchaser, for the Property located at 247 West Park Avenue (Glenn and Alissa Doherty- 21-0343 - AU22/1-21.045-HP/GR - JM - Ward 6)
PURPOSE:
Exhibit "A" is a Mortgage Loan Modification Agreement modifying the Deferred Preservation Loan with James P. Doherty, Owner, and Glenn and Alissa Doherty, Contract Purchaser, for the Property located at 247 West Park Avenue that was approved by City Council through R10-321 on September 28, 2010.)
BACKGROUND:
On September 28, 2010, City Council approved R10-321 authorizing financial assistance under the Deferred Preservation Loan Program for the property located at 247 West Park Avenue. The Resolution included an Agreement outlining financial assistance in the amount of $20,000 at 0% interest with no need for repayment until such time the property transfer ownership, including the removal of names from the deed. The Agreement was between the City and James P. Doherty, Owner, and Glenn and Alissa Doherty, Contract Purchaser. As a security for the deferred loans, a mortgage (or lien) was recorded against the property signed by all three parties. James P. Doherty and Glenn and Alissa Doherty filed with the City of Aurora a request to modify and amend the Loan Documents to remove James P. Doherty from the Loan Documents and release James P. Doherty from any liability under the Loan Documents, as James P. Doherty is no longer an owner of the Property.
DISCUSSION:
Staff has reviewed the request and believes it is reasonable as the intent of the original Agreement was for Glenn and Alissa Doherty to purchase the property as seen through a Lease to Purchase Home Agreement attached to the Resolution.
POLICIES AND GUIDELINES:
The Staff's Evaluation and Recommendation are based on the Deferre...
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