HomeMy WebLinkAbout~Master - Release of Subordinate Mortgage for 220 Second, 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. 02-346
RESOLUTION APPROVING RELEASE OF SUBORDINATE
MORTGAGE FOR PROPERTY AT 220 SECOND,COLO,IOWA,
IN CONNECTION WITH THE AMES/STORY COUNTY
AFFORDABLE HOUSING PROGRAM
WHEREAS, in April 2000,the Colo Development Group,Inc.,received funding under the ASCP In-Fill
Construction Financing Program to construct a single-family home at 220 Second 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,the Colo Development Group, Inc.,received a construction-financing loan in the amount of
$80,000; and,
WHEREAS,the house has now been sold,and the Colo Development Group,Inc.,must repay the City of
Ames in the amount of$80,000;
WHEREAS, all of the $80,000 received will be placed back into the Housing Bank for future ASCP
Affordable Housing Programs; and,
WHEREAS,the closing on the sale of this property was to occur on June 21, 2002; and the Subordinate
Mortgage needs to 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 220 Second Street in
Colo.
ADOPTED THIS 25th day of June, 2002.
C�A�?. Ly-a& �.Z
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Cross,Goodhue,Quirlubach,Vegge,Wirth
Voting nay: None Absent: Hoffman
Resolution declared adopted and signed by the Mayor this 25th day of June, 2002.