HomeMy WebLinkAbout~Master - Approving Submittal of a CEBA Venture Application to the Iowa Department of Economic Development on behalf of Etrema Products, Inc. RESOLUTION NO. 99-54
RESOLUTION APPROVING SUBMITTAL OF A
CEBA VENTURE APPLICATION TO THE
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
ON BEHALF OF ETREMA PRODUCTS, INC.
FOR THE CITY OF AMES,IOWA
WHEREAS, the City of Ames has been asked by ETREMA Products, Inc., to submit a
$200,000 CEBA Venture application on their behalf to the Iowa Department of Economic
Development; and,
WHEREAS, the CEBA Venture Project Component is a new program designed to assist
communities in the development of entrepreneurial business ventures by making equity-like
investments in existing companies developing new products or technologies;
WHEREAS, ETREMA Products, Inc., intends to develop and manufacture a borehole
seismic energy source and create a software model which will be used to clean up groundwater sites
that have been contaminated by hydrocarbons and dense non-aqueous phase liquids; and,
WHEREAS, the City of Ames is not being asked to financially provide assistance for this
program; and,
WHEREAS, the funding is comprised of a two-phase CEBA Venture award along with
research monies from Iowa State University and equity by ETREMA Products, Inc.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the submission of a $200,000 CEBA Venture application by the City of Ames on behalf of
ETREMA Products, Inc., is hereby approved.
ADOPTED THIS 23rd day of February, 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 23rd day of February, 1999.