HomeMy WebLinkAbout~Master - Approving the Operating Agreement to Convert the Ames Seed Capital Fund to a Limited Liability Company RESOLUTION NO. 99-171
RESOLUTION APPROVING THE OPERATING AGREEMENT
TO CONVERT THE AMES SEED CAPITAL FUND
TO A LIMITED LIABILITY COMPANY
FOR THE CITY OF AMES,IOWA
WHEREAS, the City received a letter from the President of the Ames Seed Capital Fund
requesting that the City Council authorize the approval of an operating agreement for a proposed new
limited liability company(LLC); and,
WHEREAS, this agreement will facilitate the conversion of the Ames Seed Capital fund,
which was established in 1986 as an Iowa for-profit corporation,to a limited liability company;and,
WHEREAS, the LLC structure will allow gains to be passed through the entity and taxed
only at the individual level; and,
WHEREAS, the City participated in Fund I and Fund II to provide financial assistance for
economic development; and,
WHEREAS,the City has been informed that this conversion will affect only the investments
in Fund II which originally valued at$20,368.69; and,
WHEREAS, under the terms of the Agreement, the City of Ames is a member of the LLC,
and the City Manager will serve as the City's representative at meetings of the members of the LLC.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City Manager is authorized to sign the Operating Agreement that supports the conversion
of the Ames Seed Capital Fund from a for-profit corporation to a limited liability company.
ADOPTED THIS 25th day of May, 1999.
e
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffman
Seconded by: Wirth
Voting aye: Campbell, Cross, Hoffman, Parks, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25th day of May, 1999.