HomeMy WebLinkAbout~Master - Release of Mortgage for 2912 Wood Street DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:Diane Voss,Ames City Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105
RESOLUTION NO. 99-428
RESOLUTION APPROVING RELEASE OF DEFERRED REAL ESTATE
MORTGAGE FOR PROPERTY AT 2912 WOOD STREET
IN CONNECTION WITH THE CITY'S CDBG EXISTING
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES, IOWA
WHEREAS,in November 1994, John and Cheryl Bartleson were participants in the City's Phase II
CDBG Existing Affordable Housing Program; and,
WHEREAS,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 the financial assistance,John and Cheryl Bartleson signed a contract and lien
agreement with the City of Ames that if the property were sold, rented, or unoccupied within the first year,
100% of the loan would become due; and,
WHEREAS,under the Program,if the property were not sold within the first year,the balance would
begin to decrease by 20% each year until the fifth year; and,
WHEREAS, John and Cheryl Bartleson received a total of$21,768.84 under this Program; and,
WHEREAS, John and Cheryl Bartleson have met the five-year commitment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the
release of Deferred Real Estate Mortgage for the property located at 2912 Wood Street is hereby approved.
ADOPTED THIS 23rd day of November, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Campbell, Cross, Hoffman, Parks, Wirth
Voting nay: None Absent: Quirmbach
Resolution declared adopted and signed by the Mayor this 23rd day of November, 1999.