Explanation
BACKGROUND: On February 1, 2003 the Department of Finance entered an agreement with the Yerke Mortgage Company, agreement # EL003209 for $180,000.00, to expire January 31, 2004. This original agreement provides funds for the servicing of the city's loan portfolio under the CDBG Program and the Home Investment Partnership Program.
Competitive bids were solicited for loan servicing in December of 2003 and AmeriNational Community Servicer, Inc. was chosen as the new loan servicer.
An extension to the term of the current agreement and a modification to the scope of services are needed to allow for a smooth transition of the loan portfolio and to allow Yerke Mortgage Co. to continue servicing loans through February 29, 2004.
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FISCAL IMPACT: The funding for this contract modification and extension will come from the balance of the present Yerke Mortgage Co. agreement # EL003209. No new funding is requested.
This legislation is submitted as an emergency measure to ensure uninterrupted servicing of the loan portfolio.
Title
To authorize and direct the Director of the Department of Finance to modify the scope of services and extend the present Yerke Mortgage Co. agreement through February 29, 2004 for the servicing of housing and commercial loans under the CDBG program.
Body
WHEREAS, a scope of services modification and an extension to the term of this agreement is needed to allow for a smooth transition of the loan portfolio and to allow Yerke Mortgage Co. to continue servicing loans; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Finance in that it is immediately necessary to modify the present agreement with the Yerke Mortgage Co. to ensure that sufficient time is allowed for the transition of the loan portfolio, thereby preserving the public health, peace, property, safety, and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Finance is hereby authorized to modify the scope of services and extend for one month the present Yerke Mortgage Co. agreement # EL003209 through February 29, 2004.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.