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<br />REQUEST FOR DATE: 11-12-91 <br />LOCAL DEVELOPMENT CORPORATION ACTION <br /> <br />ITEM NO.: <br /> <br />Department Approval: <br /> <br />0\1( '~ <br /> <br />~ <br /> <br />Manager Reviewed: <br /> <br />Agenda section: <br /> <br />Resolution <br /> <br />Item Description: <br /> <br />Local Development Corporation Resolution: <br />Mrs. Ruth Ottoson satisfaction of Mortgage. <br /> <br />Backqround: <br /> <br />1. The City Council should adjourn and meet as the Local <br />Development Corporation after the formal Council session. <br /> <br />2. As part of the Villa Park C.D.B.G. project, Ruth Ottoson was <br />loaned $20,000 for a purchase of a condominium. <br /> <br />3. That loan has now been properly repaid and the Local <br />Development Corporation needs to execute a Satisfaction of <br />Mortgage document. <br /> <br />Staff Recommendation: <br /> <br />1. The mortgage has been properly paid and staff recommends <br />execution of the aforementioned document. <br /> <br />Council Action Requested: <br /> <br />1. Motion to approve resolution to execute Satisfaction of <br />Mortgage document for Ruth Ottoson at the Villa Park project. <br />