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Home My WebLink About~Master - Revolving Loan Fund Application for Premise Systems, Inc. RESOLUTION NO. 99-247 RESOLUTION APPROVING REVOLVING LOAN FUND APPLICATION ON BEHALF OF PREMISE SYSTEMS, INC., FOR THE CITY OF AMES,IOWA WHEREAS,the City has received a request from Premise Systems,Inc.,located at the Iowa State University(ISU)Research Park for a$50,000 loan with an interest rate at one-half prime for five years as the local match for a $180,000 CEBA application; and, WHEREAS,the Revolving Loan Fund(RLF)Committee met to consider the$50,000 loan, and has recommended that the loan package is better suited to the Community Investment Fund which is set up for investing in companies that are in the beginning stages; and, WHEREAS, this recommendation will change the City's investment from $50,000 to $25,000 with the matching monies of$25,000 coming from the Ames Seed Capital Fund; and, WHEREAS, Ames' participation is contingent upon the Ames Seed Capital Fund participating in the Community Investment Fund,and the Community Investment Fund is contingent upon the State of Iowa approving the CEBA application; and, WHEREAS, the City of Ames RLF Committee will participate with a $25,000 loan also contingent upon the qualification that no monies be used until Premise Systems,Inc.,has contractual commitments totalling $1,088,700 over the next two years. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that participation by City of Ames Revolving Loan Fund Committee with a$25,000 loan for Premise Systems, Inc., is hereby approved contingent upon a $25,000 commitment from the Ames Seed Capital Fund with the qualification that no monies be used until Premise Systems, Inc., has contractual commitments totalling $1,088,700 over the next two years. ADOPTED THIS 13th day of July, 1999. Diane R. Voss, City Clerk Ted Tedesco, Mayor Introduced by: Cross Seconded by: Hoffman Voting aye: Campbell, Cross, Hoffman, Quirmbach, Wirth Voting nay: None Absent: None Abstaining: Parks Resolution declared adopted and signed by the Mayor this 13th of July, 1999.