HomeMy WebLinkAbout~Master - Approving a City of Ames Revolving Fund Application by Advanced Analytical Technologies, Inc. RESOLUTION NO. 99-124
RESOLUTION APPROVING A CITY OF AMES
REVOLVING LOAN FUND APPLICATION
BY ADVANCED ANALYTICAL TECHNOLOGIES, INC.
FOR THE CITY OF AMES,IOWA
WHEREAS,Advanced Analytical Technologies,Inc.,(AATI)has applied for a$50,000 one-half-
of-prime, five-year loan from the City of Ames Revolving Loan Fund; and,
WHEREAS,the City of Ames RLF Committee met on April 22, 1999,and approved the request
of AATI with a 79.90 score on the Criteria for Economic Development Matrix; and,
WHEREAS,this project will create 83 jobs in three years with an average wage of$17-18/hour,
retain five jobs, and have a private investment by the company of$1,000,000; 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; and,
WHEREAS, the loan will be payable monthly over a 60-month period; and,
WHEREAS,the company has requested that the City of Ames accept a lien on equipment as the
security in this project;
WHEREAS, the $50,000 EDSA RLF along with the $100,000 investment from the Ames Seed
Capital Fund will be the local match for the amount of forgivable funds requested from the state of Iowa;
and,
WHEREAS, this request is contingent upon CEBA funding from the state of Iowa.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that a City of Ames Revolving Loan Fund application by Advanced Analytical Technologies, Inc., for
$50,000 is hereby approved.
ADOPTED THIS 27th day of April, 1999.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffman
Seconded by: Cross
Voting aye: Cross, Hoffinan, Parks, Quirmbach, Wirth
Voting nay: None Absent: Campbell
Resolution declared adopted and signed by the Mayor this 27th day of April, 1999.