HomeMy WebLinkAbout~Master - Release of contract and lien for 5400 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. 02-617
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
5400 FROST DRIVE
FOR THE CITY OF AMES,IOWA
WHEREAS, in December 1995, Tim and Kellie Veale 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 Veale's 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,the Veale's 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 5400 Frost Drive in connection with
the City's Phase III Affordable Housing Program is hereby approved.
ADOPTED THIS 17ih day of December, 2002.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffman
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 17t"day of December, 2002.