HomeMy WebLinkAbout~Master - Release of contract and lien for 5420 Schubert 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. 02-535
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
5420 SCHUBERT STREET
FOR THE CITY OF AMES,IOWA
WHEREAS,in 1995,Rupendra and Ilora Mukerj ea 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 Mukerj eas 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, Rupendra and Ilora Mukerjea 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 5420 Schubert Street in connection
with the City's Phase III Affordable Housing Program is hereby approved.
ADOPTED THIS 8t'day of October, 2002.
a& -
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Wirth
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 81"day of October, 2002.