HomeMy WebLinkAbout~Master - Release of Contract and Lien for the Property at 5418 Frost Drive DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:Diane R.Voss,Ames City Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105
RESOLUTION NO. 99-011
RESOLUTION APPROVING RELEASE OF CONTRACT AND LIEN
FOR THE PROPERTY LOCATED
AT 5418 FROST DRIVE
FOR THE CITY OF AMES,IOWA
WHEREAS,in 1995,Tracy and Christine Rial were participants in the City's Phase III Affordable Housing
Program to help low-and moderate-income first-time home buyers purchase newly constructed single-family homes
in the Bentwood Subdivision; and,
WHEREAS,to receive the financial assistance,Tracy and Christine Rial signed a Contract&Lien Agreement
with the City of Ames that required a payback of 8%of the assessed tax valuation or the selling price of the property,
whichever is greater,if the property was sold,rented,or unoccupied for a period of seven years from the date of the
Agreement; and,
WHEREAS,the Rials have sold their property at 5418 Frost Drive before the seven-year period has expired,
and therefore,must replay the City of Ames an amount as described above; and,
WHEREAS,the City will receive a check from the Rials in the amount of$8,560 based on a selling price of
$107,000 after they close on the sale of the property on or before January 14, 1999; and,
WHEREAS,the Department of Planning and Housing is requesting that the Council authorize the Mayor to
sign a Release of Real Estate Mortgage so that the lien recorded by the City against the above property can be released
after the City has received the payoff amount.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the request
for the Mayor to sign the Release of Contract and Lien for the property located at 5418 Frost Drive is hereby
approved.
ADOPTED THIS 12th day of January, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Quirmbach
Seconded by: Wirth
Voting aye: Campbell, Cross, Hoffinan, Quirmbach, Wirth
Voting nay: None Absent: Parks
Resolution declared adopted and signed by the Mayor this 12th day of January, 1999.