HomeMy WebLinkAbout~Master - Release of contract and lien for 1313 Garfield Avenue 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. 01-500
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
1313 GARFIELD AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, in June 1998, Jeffrey and Dawn Moravetz 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, the Moravetz's 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,the Moravetz's have sold their property at 1313 Garfield Avenue before the 30-
year period has ended, and, therefore, must repay the City an amount of$21,391; and,
WHEREAS, staff is requesting that the Council City staff is requesting that the City Council
authorize the release of the contract and lien so that the lien recorded by the City against the above
property can be released after the City has received the pay-off amount.
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 1313 Garfield Avenue in connection
with the City's Phase IV Mortgage Buy-Down Affordable Housing Program is hereby approved.
ADOPTED THIS 13th day of November, 2001.
c,�)R-���
Diane R.Voss,City Clerk ed e sco,Mayor
Introduced by: Goodhue
Seconded by: Wirth
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13th day of November, 2001.