HomeMy WebLinkAbout~Master - Approving Release of Contract and Lien for the Property Located at 5409 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. 99-178
RESOLUTION APPROVING RELEASE OF CONTRACT AND LIEN
FOR THE PROPERTY LOCATED
AT 5409 FROST DRIVE
FOR THE CITY OF AMES,IOWA
WHEREAS,in 1995, Rodney Hoon was a participant 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,Rodney Hoon 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,Rodney Hoon has sold his property at 5409 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 Mr.Hoon in the amount of$7,824 based on a 1999 assessed
valuation of$97,800 although the property is selling for$93,000 on or before June 11, 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 5409 Frost Drive is hereby
approved.
ADOPTED THIS 25th day of May, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffinan
Seconded by: Wirth
Voting aye: Campbell, Cross, Hoffinan, Parks, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25th day of May, 1999.