HomeMy WebLinkAbout~Master - Release of contract for 1012 Marston Avenue 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. 03-152
RESOLUTION APPROVING RELEASE OF
CONTRACT AND LIEN FOR
1012 MARSTON AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, in April 1998, Linda Mohr was a participant in the City's Phase IV Mortgage Buy-down
Affordable Housing Program, and through this program,participants received a down payment and closing cost
assistance to help purchase and rehabilitate an existing,single-family home for low-and moderate-income first-time
home buyers; and,
WHEREAS,to receive financial assistance,Ms.Mohr signed a contract and lien agreement with the City
that, if the property was sold,rented, or unoccupied before the 30-year period has ended, an immediate payback
of 100%of the no-interest loan would become due; and,
WHEREAS, Linda Mohr has sold her property at 1012 Marston Avenue before the 30-year period,
therefore,the City will receive a check from Ms.Mohr in the amount of$11,960 after she closes on the property;
and,
WHEREAS,the funds received must be deposited in a restricted fund,which can only be used for future
affordable housing programs that directly assist home buyers; and,
WHEREAS,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 once the pay-off amount has been received
from Linda Mohr.
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 1012 Marston Avenue in connection with the City's Phase IV
Mortgage Buy-down Affordable Housing Program is hereby approved.
ADOPTED THIS 22"d day of April,2003.
LX,4&- _-Z -5zaw-_-o�
Diane R.Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Wirth
Seconded by: Mahayni
Voting aye: Goodhue,Hoffman,Mahayni,Vegge,Wirth
Voting nay: None Absent: Cross
Resolution declared adopted and signed by the Mayor this 22"d day of April, 2003.