HomeMy WebLinkAbout~Master - Approving CEBA Agreement for Advanced Analytical Technologies, Inc. RESOLUTION NO. 99-367
RESOLUTION APPROVING A
COMMUNITY ECONOMIC BETTERMENT ACCOUNT (CEBA)
VENTURE PRODUCT COMPONENT ROYALTY AGREEMENT
BETWEEN THE CITY OF AMES, IOWA DEPARTMENT OF
ECONOMIC DEVELOPMENT,AND
ADVANCED ANALYTICAL TECHNOLOGIES, INC.
WHEREAS,on May 20, 1999,IDED approved a Community Economic Betterment Account
(CEBA) Venture Component award to the City of Ames on behalf of Advanced Analytical
Technologies, Inc., (AATI) for assistance in developing and marketing a Rapid Bacterial Detector
in measuring constituents of industrial processes; and,
WHEREAS, the CEBA Venture Component Royalty Agreement among the state of Iowa,
City of Ames, and AATI has been prepared; and,
WHEREAS, the City of Ames has no obligations or responsibilities with the Royalty
Agreement; the liability of non-performance lies with the business.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,Iowa,
that the CEBA Venture Component Royalty Agreement with the Iowa Department of Economic
Development and AATI for a $100,000 grant is hereby approved.
ADOPTED THIS 12th day of October, 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 12th day of October, 1999.