HomeMy WebLinkAbout~Master - Release of Contract & Lien for 5416 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. 01-523
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
5416 NORRIS STREET
FOR THE CITY OF AMES,IOWA
WHEREAS, in December 1994, Eric and Amy Abrams were participants in the City's
Phase III Affordable Housing Program,and through this program,low and moderate-income,first-
time home buyers received a down payment and closing cost assistance loan to purchase a newly-
constructed, single-family home in the Bentwood Subdivision; and,
WHEREAS,to receive financial assistance,the Abrams signed a contract and lien agreement
with the City that, if the property was sold, rented, or unoccupied for a period of seven years from
the date of the agreement, a payback of 8% of the assessed tax valuation or the selling price of the
property, whichever is greater,would become due; and,
WHEREAS,the Abrams have met the seven-year commitment, and 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.
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 5416 Norris Street in connection with
the City's Phase III Affordable Housing Program is hereby approved.
ADOPTED THIS 27tt' day of November, 2001.
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Hoffman
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 27' day of November, 2001.