10 - Release of Lien and Waiver Request - 503 W. Washingtron

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a. Waive all or part of interest in the amount of $1.00 - $8,853.40, and/or b. Waive all or part of principal in the amount of $1.00 - $6,519.69. 3. Request a development agreement be created where the owner pays all or a portion of the lien upfront, release the lien, and upon completion of work (to be decided by the council) reimburse the payment amount to Mr. Pena. 4. Do not waive any portion of the lien. RECOMMENDATION: The City Council has not considered many of these since the City Manager's tenure, so he is unfamiliar with their preference and thoughts on this topic. With that said, if this were a nuisance situation (non -structure), the City Manager would likely consider waiving at most the interest given the value of the principal + interest is greater than the value of the property, but the value of the property is greater than the value of the principal alone. Had the future owner been considering the construction of a house, then waiving all of the principal might have made sense too. The property will benefit by having an on-site and interested owner which should prevent it from turning in to a nuisance site under its current trajectory. The City Manager might recommend against a 100% waiver given the precedent this sets, but we see so few of these and typically we waive them during foreclosures anyway if that were to come up. So it would not be unheard of.