HomeMy WebLinkAbout~Master - Approving Revolving Loan Fund Contract with Advanced Analytical Technologies RESOLUTION NO. 99-368
RESOLUTION APPROVING THE CITY OF AMES
REVOLVING LOAN FUND CONTRACT WITH
ADVANCED ANALYTICAL TECHNOLOGIES,INC.
WHEREAS, Advanced Analytical Technologies, Inc., (AATI) has been approved for
$250,000 in Community Economic Betterment Account (CEBA) funding and $100,000 from the
Ames Seed Capital Fund to create 60 jobs in three years and retain five jobs with a private
investment of$1,000,000; and,
WHEREAS,the City Council approved the City of Ames Revolving Loan Fund application
wherein AATI is requesting$50,000 on April 27, 1999; and,
WHEREAS, the CEBA application has been awarded and these monies are to be used as a
local match; and,
WHEREAS, a penalty of twice the original loan amount and all principal and interest due
and payable is in place if the company leaves the community; and,
WHEREAS, the loan is in monthly payments over a five-year period; and,
WHEREAS, the City of Ames' security is a lien on the machinery and equipment of the
company.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames Revolving Loan Fund Contract with AATI in the amount of$50,000 is hereby
approved.
ADOPTED THIS 12th day of October, 1999.
AJ
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.