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Home My WebLink About~Master - Approving a City of Ames Economic Development Set Aside Revolving Loan Fund (EDSA RLF) Application and Participation in the Community Investment Fund RESOLUTION NO. 99-31 RESOLUTION APPROVING A CITY OF AMES ECONOMIC DEVELOPMENT SET ASIDE REVOLVING LOAN FUND (EDSA RLF) APPLICATION AND CITY OF AMES PARTICIPATION IN THE COMMUNITY INVESTMENT FUND WHEREAS, the City of Ames Revolving Loan Fund Committee met on January 21, 1999, and approved the request for a $50,000 EDSA RLF 1/2 of prime, five-year loan for the ExSeed Genetics project; and, WHEREAS,a penalty of twice the original loan amount and all principal and interest due and payable will be assessed if the company leaves the community within the contract period; and, WHEREAS, the loan payments will be monthly over a 60-month period; and, WHEREAS, the company has requested that the City of Ames accept a first position on equipment from ExSeed Genetics as the security in this project; and, WHEREAS,in addition,the company has requested a$50,000 Forgivable Loan from the Community Investment Fund to assist the company in their expansion efforts; and, WHEREAS, the City of Ames participates on a 50150 basis with the Ames Seed Capital Fund on funding requests that are approved; and, WHEREAS,ExSeed Genetics scored a 102.90 on the Criteria for Economic Development Matrix;and, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the RLF is hereby approved contingent upon the successful signing of the City of Ames RLF contract and the Community Investment Fund contract between the City of Ames and ExSeed Genetics; and approval of participation by the City of Ames in both funds is hereby approved contingent upon funding by the state of Iowa of the EDSA request and the payment of the City's assessments on the lot(s) purchased at the ISU Research Park. ADOPTED THIS 26th day of January, 1999. Diane R. Voss, City Clerk Ted Tedesco, Mayor Introduced by: Parks Seconded by: Cross Voting aye: Campbell, Cross, Hoffman, Parks, Quirmbach, Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 26th day of January, 1999.