HomeMy WebLinkAbout~Master - Release of Mortgage for 1116 Marston Avenue 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. 99-429
RESOLUTION APPROVING RELEASE OF DEFERRED REAL ESTATE
MORTGAGE FOR PROPERTY AT 1116 MARSTON AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, in November 1994, Kevin Rettig was a participant 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 financial assistance,Kevin Rettig signed a contract and lien agreement
with the City of Ames that if the property was sold, rented, or unoccupied within the first year, 100%
of the loan would become due; and,
WHEREAS, 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,Kevin Rettig received a total of$21,995.35 and has 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 1116 Marston Avenue is hereby
approved.
ADOPTED THIS 23rd day of November, 1999.
a.�
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.