HomeMy WebLinkAbout~Master - Release of Contract and Lien for 2816 Arbor 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. 00-192
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
2816 ARBOR STREET
FOR THE CITY OF AMES,IOWA
WHEREAS, in 1997, Tim and Kristen Borseth 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,Tim and Kristen Borseth 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, Tim and Kristen Borseth received a total of$9,056 under this program; and,
WHEREAS, the City will receive a check from the Borseths in the amount of$9,056 after
closing on the sale on or before June 1, 2000, and City staff is requesting that the City Council
authorize the release of the contract and lien for property located at 2816 Arbor 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 2816 Arbor 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$9,056.
ADOPTED THIS 9th day of May, 2000.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Quirmbach
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 9th day of May, 2000.