HomeMy WebLinkAbout~Master - Consent to Deed Restriction on behalf of Mainstream Living for the Property located at 1417 Douglas Avenue DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:Diane Voss,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.21-184
RESOLUTION APPROVING THE CONSENT TO DEED RESTRICTION ON BEHALF OF
MAINSTREAM LIVING FOR THE PROPERTY LOCATED AT 1417 DOUGLAS AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS,at its December 17,2020,meeting the City Council directed staffto proceed with finalizing
the terms and conditions to sell the City-owned property located at 1417 Douglas Avenue to Maintream Living
in the amount of$36,012; and,
WHEREAS, pursuant to the City's sales contract with Mainstream Living, Mainstream Living is
required to seek City consent to grant any legal or equitable interest in the property prior to December 31,2041;
and,
WHEREAS,staff finalized the sale to Mainstream Living,Inc.,in March 2021,and on March 22,2021,
staff received a request from Mainstream Living, Inc., asking the City to consent to a "Deed Restriction"
encumbering the property for a period of five years in favor of the Story County Housing Trust (SCHT) as a
result of receiving grant funds; and,
WHEREAS,the proposed"Deed Restriction"functions as a lien against the property in an amount no
greater than $37,654 (amortized over the retention period) to ensure that grant funds are repaid upon certain
conditions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the
Consent to Deed Restriction on behalf of Mainstream Living for the property located at 1417 Douglas Avenue
is hereby approved.
ADOPTED THIS 13t'day of April,2021.
Diane R. Voss, City Clerk o n A. Haila, Mayor
Introduced by: Betcher
Seconded by: Junck
Voting aye: Beatty-Hansen,Betcher, Gartin,Junck,Martin
Voting nay: None Abstain: Corrieri
Resolution declared adopted and signed by the Mayor this 13ffi day of April,2021.