Former city manager agrees to home loan repayment schedule
May 5, 2016
Steamboat Springs — The city of Steamboat Springs has now recouped just over half of the home loan it gave to former City Manager Alan Lanning a decade ago.
On Monday, Lanning finalized the short sale of his home in the Silver Spur neighborhood and paid the city $73,693.
Lanning also signed a promissory note for the remaining $59,307 he still owes the city.
City Attorney Dan Foote said Lanning has agreed to pay the outstanding balance of the loan in monthly installments of $600.
There will be no interest on the payments, and the debt is scheduled to be paid off over a maximum of 99 months, or 8.25 years.
Fearing the city would not start to collect on the loan if Lanning’s home entered foreclosure, the City Council agreed to the terms of a short sale that resulted in the city being partially repaid.
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Lanning purchased his home here in 2006 for $665,000 when the local housing market was near its peak.
The city gave him the $133,000 loan due to the difficulty of finding housing here at the time.
Lanning sold his home for $656,800.
Another lien holder on the property made a concession to allow the city to be repaid as much as it was, according to Foote.