HomeMy WebLinkAbout~Master - Release of Subordinate Mortgage for 210 Warner Street, Colo, Iowa DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared Irv:Diane R.Voss,Ames City Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105
RESOLUTION NO. 02-388
RESOLUTION APPROVING RELEASE OF
SUBORDINATE MORTGAGE FOR
210 WARNER STREET, COLO,IOWA
FOR THE CITY OF AMES,IOWA
WHEREAS, in June 2001, the Colo Development Group, Inc., received funding under the
Ames/Story County Partnership (ASCP) In-fill Construction Financing Program to rehabilitate a single-
family home at 210 Warner Street, Colo, Iowa; and,
WHEREAS, this program is designed to provide short-term financial assistance to qualified
applicant(s) who would otherwise be unable to finance the cost of construction or rehabilitation through
conventional methods; and,
WHEREAS,through this program,eligible applicants receive a 3%low-interest loan in an amount
not to exceed 90% of the construction or rehabilitation cost of a home; and,
WHEREAS, the Colo Development Group, Inc., received a construction-financing loan in the
amount of$32,100; and,
WHEREAS, it has sold the home rehabilitated at 210 Warner Street in Colo, and,therefore,must
repay the City of Ames; and,
WHEREAS, it is requested that the Council authorize the mayor to sign a Release of Subordinate
Mortgage 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 Subordinate Mortgage for property located at 210 Warner Street,Colo,Iowa,in connection with
the Ames/Story County Partnership Affordable Housing Program is hereby approved.
ADOPTED THIS 23rd day of July, 2002.
tX/? V
Diane R.Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Hoffman
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 July, 2002.