HomeMy WebLinkAbout~Master - Release of Subordinate Mortgage for 712 Burnett Avenue DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:City Clerk's Office,515 Clark Avenue,Ames,IA 50010
Return to:Ames City Clerk,P.O.Box 811,Ames,IA 50010 Phone:515-239-5105
RESOLUTION NO. 19-437
RESOLUTION APPROVING RELEASE OF SUBORDINATE MORTGAGE FOR 712
BURNETT AVENUE IN CONNECTION WITH THE AMES/STORY COUNTY
PARTNERSHIP AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES
WHEREAS,in June 2007,Youth and Shelter Services(YSS)participated in the City's CDBG
Minor Repair Program for local non-profit organizations; and,
WHEREAS,through this program,local non-profits received five-year deferred loans to make
minor repairs to their facilities, and YSS received approximately$9,900 to complete minor repairs at
their property at 712 Burnett Avenue; and,
WHEREAS,to receive financial assistance,YSS signed a Subordinate Mortgage agreement with
the City of Ames that required a payback of the minor repair loan if the property was sold,transferred,
rented, or unoccupied for a period or any default or breach of the program policies, procedures,
agreements, etc., for a period of five years from the date of the agreement; and,
WHEREAS, the loan amount also decreased 20% per year, thereby if none of the conditions
occurred, the Subordinate Mortgage would be released; and,
WHEREAS, although YSS met the five-year commitment back in 2012, the release of the
subordinated mortgage did not occur; and,
WHEREAS,staff is requesting that City Council authorize the Mayor to sign the Release of the
Subordinate Mortgage so that the recorded lien can be released.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that
the Mayor is authorized to sign the Release of Contract and Lien for the property at 712 Burnett Avenue,
Ames, Iowa, is hereby approved.
ADOPTED THIS 27t'day of August, 2019.
Diane oss, City Clerk John . Haila, Mayor
Introduced by: Nelson
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27t1i day of August, 2019.