HomeMy WebLinkAbout~Master - Release of contract and lien for 1100 West 6th Street 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. 00-085
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
1100 W. SIXTH STREET
FOR THE CITY OF AMES,IOWA
WHEREAS, in 1997, John and Denise Keeler were participants in the City's Phase IV
Mortgage Buy-down Affordable Housing Program to help low- and moderate-income first-time
home buyers purchase and rehabilitate existing single-family homes; and,
WHEREAS, to receive financial assistance, John and Denise Keeler signed a contract and
lien agreement with the City that required an immediate payback of 100%of the no interest,30-year
loan if the property was sold, rented, and/or unoccupied before the 30-year period has ended; and,
WHEREAS,John and Denise Keeler received a total of$17,538.51 under this program;and,
WHEREAS,the City will receive a check from the Keelers in the amount of$17,53 8.51 after
closing on the sale on or before April 7, 2000, and City staff is requesting that the City Council
authorize the release of the contract and lien for property located at 1100 W. Sixth Street.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the release of the contract and lien for property located at 1100 W. Sixth Street in connection
with the City's Phase IV Mortgage Buy-down Affordable Housing Program is hereby approved
subject to receipt of payment in the amount of$17,538.51.
ADOPTED THIS 28th day of March, 2000.
. LY-d& '
Diane R. Voss, City Clerk Ted Tedesco, Mayor Mayor
Introduced by: Cross
Seconded by: Hoffinan
Voting aye: Cross, Hoffinan, Parks, Quirmbach, Wirth
Voting nay: None Absent: Campbell
Resolution declared adopted and signed by the Mayor this 28th day of March, 2000.