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HomeMy WebLinkAbout~Master - Release of contract & lien for 5405 Norris 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. 01-408 RESOLUTION APPROVING RELEASE OF CONTRACT AND LIEN FOR 5405 NORRIS STREET FOR THE CITY OF AMES,IOWA WHEREAS, in 1996, Todd and Denise Brekke were participants in the City's Phase III Affordable Housing Program to help low-and moderate-income first-time home buyers purchase newly constructed single- family homes in the Bentwood Subdivision; and, WHEREAS, to receive financial assistance, Todd and Denise Brekke signed a Contract and Lien agreement with the City that required a payback of 8%of the assessed tax valuation or the selling price of the property, whichever was greater, if the property were sold, rented, and/or unoccupied for a period of seven years from the date of the agreement; and, WHEREAS, Todd and Denise Brekke have sold the property at 5405 Norris Street before the seven- year period expired, and therefore, must repay the City as prescribed above; and, WHEREAS, the property has an assessed value of$115,000 and is selling for$127,000; and, WHEREAS,the City will receive a check from Todd and Denise Brekke in the amount of$10,160(8% of the selling price)after they close on the sale of the property on or before September 15,2001,and City staff is requesting that the City Council authorize the release of the Contract and Lien for property located at 5405 Norris 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 5405 Norris Street in connection with the City's Phase III Affordable Housing Program is hereby approved subject to receipt of payment in the amount of$10,160. ADOPTED THIS I lth day of September, 2001. �d"- ,� Diane R.Voss,City Clerk Ted Tedesco,Mayor Introduced by: Cross Seconded by: Hoffman Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 11th day of September, 2001.