HomeMy WebLinkAbout~Master - Approving CEBA Application on Behalf of Advanced Analytical Technologies, Inc. (AATI) RESOLUTION NO. 99-123
RESOLUTION APPROVING CEBA APPLICATION
ON BEHALF OF
ADVANCED ANALYTICAL TECHNOLOGIES, INC. (AATI)
FOR THE CITY OF AMES,IOWA
WHEREAS,Advanced Analytical Technologies,Inc.,(AATI)is requesting that the City of
Ames submit a CEBA application for a forgivable loan of$250,000 on their behalf to the Iowa
Department of Economic Development; and,
WHEREAS, the City of Ames has been asked to participate in the CEBA application by
providing a$50,000 CEBA Revolving Loan Fund as the local contribution as required by the CEBA
program; and,
WHEREAS,the City of Ames Revolving Loan Fund Committee met on April 22, 1999,and
approved the application for a $50,000 one-half-of-prime interest rate loan for five years; and,
WHEREAS,AATI develops,manufactures,and sells innovate analytical devices to measure
constituents of industrial processes, and their development of the Rapid Bacterial Detector project
will assist the company in creating 83 FTE jobs with starting wages from $17 to 18/hour; and,
WHEREAS, the CEBA forgivable loan will be secured by a lien on equipment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the submission of a CEBA application for a forgivable loan in the amount of$250,000 on behalf
of AATI to the Iowa Department of Economic Development is hereby approved.
ADOPTED THIS 27th day of April, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Cross, Hoffinan, Quirmbach, Wirth
Voting nay: None Absent: Campbell
Abstaining: Parks
Resolution declared adopted and signed by the Mayor this 27th day of April, 1999.