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09-3765
| A | | Spodick and 255 N Memorial Dr | Communication | Subject: Communication from Jim Spodick wishing to discuss paying off a loan on 255 North Memorial Drive. (Res.09-1509)
Recommendation of the Loan Board on 6-18-09: To defer this item to allow for additional analysis with the option of polling the board for a decision.
On June 30, via an electronic poll, the Loan Board of Review
recommended that no discount on the loan amount be given based
on the relative value of the property to the loan, and that there be a
$40,000 discount on the loan to $635,000, based on the early payoff.
Fiscal Note: The loan is a no-interest balloon payment loan for $675,000 due on October 8, 2011. The reduction of $40,000 is recommended because the loan would be paid off early. Specifically, $635,000 paid now is equivalent to $675,000 paid in 2 1/4 years at the interest rate that the city currently earns on its short term investments (approximately 3%). | Recommended For Approval | Pass |
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09-3775
| A | | Josephine Wilson of 904 Park Avenue | Application | Subject: Request from Josephine Wilson of 904 Park Avenue for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $5,000 at 3% (deferred) for a term up to 20 years. | Approved | Pass |
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09-3776
| A | | Ronald Flak of 2308 Monroe Avenue | Application | Subject: Request from Ronald Flak of 2308 Monroe Avenue for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $15,000 at 3% interest for a term up to 20 years. | Approved | Pass |
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09-3777
| A | | Beree Nelson of 1832 Villa Street | Application | Subject: Request from Beree Nelson of 1832 Villa Street for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $5,000 at 3% interest for a term up to 20 years. | Approved | Pass |
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09-3778
| A | | Michael Legue of 1918 N.Main Street | Application | Subject: Request from Michael Legue of 1918 N.Main Street for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $25,000 at 5% interest for a term up to 20 years. | Approved | Pass |
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09-3779
| A | | Patricia Chapple of 10 McKinley Avenue | Application | Subject: Request from Patricia Chapple of 10 McKinley Avenue for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $25,000 at 5% interest for a term up to 20 years. Approval is contingent on borrower satisfying a collection account and providing verification thereof. | Approved | Pass |
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09-3780
| A | | Barbara Jung of 3425 - 9th Avenue | Application | Subject: Request from Barbara Jung of 3425 - 9th Avenue for a home improvement loan.
Recommendation of the Loan Board of Review on June 18, 2009: To approve a home improvement loan in an amount up to $25,000 at 5% interest for a term up to 20 years. | Approved | Pass |
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09-3781
| A | | Linda Menarek of 3428 - 3rd Avenue | Application | Subject: Request from Linda Menarek of 3428 - 3rd Avenue for a home improvement loan. | Approved | Pass |
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