HomeMy WebLinkAbout~Master - Release of Real Estate Mortgage for Property at 800 Top-O-Hollow Road 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. 99-384
RESOLUTION APPROVING RELEASE OF
REAL ESTATE MORTGAGE FOR
THE PROPERTY LOCATED AT 800 TOP-0-HOLLOW ROAD
IN CONNECTION WITH THE CITY'S PHASE II "CDBD EXISTING"
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS,in 1994,On and Kheung Kiojai were participants in the City's Phase II"CDBG
Existing"Affordable Housing Program,and through this program,participants received a five-year
deferred forgivable loan to help purchase and rehabilitate an"existing"single-family home for low-
income first-time home buyers; and,
WHEREAS,to receive financial assistance,On and Kheung Kiojai signed a contract and lien
agreement with the City that, if the property was sold, rented, or unoccupied within the first year,
100% of the loan would become due; and,
WHEREAS, On and Kheung Kiojai received a total of$12,376.58 under this program;and,
WHEREAS, On and Kheung Kiojai have met the five-year commitment, and City staff is
requesting that the City Council authorize the release of the deferred real estate mortgage so that the
lien recorded by the City against the above property can be released.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the release of real estate mortgage for property located at 800 Top-O-Hollow Road in connection
with the City's Phase H"CDBD Existing"Affordable Housing Program is hereby approved.
ADOPTED THIS 26th day of October, 1999.
.—I � e_4� Ly_j ��
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Campbell
Seconded by: Cross
Voting aye: Campbell, Cross, Hoffman, Parks, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 26th day of October, 1999.