HomeMy WebLinkAbout~Master - Release of subordinate mortgage for 206 North, Colo, Iowa DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared Irv:Diane R.Voss,Ames Citv Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105
RESOLUTION NO. 02-345
RESOLUTION APPROVING RELEASE OF SUBORDINATE
MORTGAGE FOR PROPERTY AT 206 NORTH,COLO,IOWA,
IN CONNECTION WITH THE AMES/STORY COUNTY
AFFORDABLE HOUSING PROGRAM
WHEREAS, in May 2000, Associated Home Services, Inc., received funding under the ASCP In-Fill
Construction Financing Program to construct a single-family home at 206 North Street in Colo,Iowa; and,
WHEREAS,this program is designed to provide short-term financial assistance to qualified applicants who
would otherwise be unable to finance the cost of construction through conventional methods; and,
WHEREAS,through this Program,eligible applicants under this Program may include builders,developers,
and non-profit organizations; and,
WHEREAS, Associated Home Services, Inc., received a construction-financing loan in the amount of
$46,150; and,
WHEREAS,the time frame for Associated Home Services,Inc.,to sell the property expired,and therefore,
had to repay the City of Ames;
WHEREAS,the City has received full repayment of the loan from Associated Home Services,Inc.,and the
lien recorded by the City against the above property may now be released.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the Mayor
is now authorized to sign the Release of Subordinate Mortgage for the property located at 206 North Street in Colo.
ADOPTED THIS 25`h day of June,2002.
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Cross,Goodhue,Quirmbach, Vegge,Wirth
Voting nay: None Absent: Hoffinan
Resolution declared adopted and signed by the Mayor this 25`h day of June,2002.