HomeMy WebLinkAbout~Master - Release of contract and lien for 5430 Frost Drive 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. 02-249
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
5430 FROST DRIVE
FOR THE CITY OF AMES,IOWA
WHEREAS,in April 1995, Steven and Mitzi Lewis were participants in the City's Phase III
Affordable Housing Program,and through this program,participants received a down payment and
closing cost assistance to help purchase a newly-constructed, single-family home for low- and
moderate-income, first-time home buyers; and,
WHEREAS,to receive financial assistance,the Lewis' signed a contract and lien agreement
with the City that, if the property was sold,rented, or unoccupied for a seven-year period from the
date of the agreement, a payback of 8% of the assessed tax valuation or the selling of the
property—whichever is greater—would become due; and,
WHEREAS, Steven and Mitzi Lewis 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 5430 Frost Drive in connection with
the City's Phase III Affordable Housing Program is hereby approved.
ADOPTED THIS 23rd day of April, 2002.
C�A�?
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Quirmbach
Seconded by: Cross
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23rd day of April, 2002.