HomeMy WebLinkAbout~Master - Approving CEBA Forgivable Loan Contract with Advanced Analytical Technologies RESOLUTION NO. 99-369
RESOLUTION APPROVING THE COMMUNITY ECONOMIC
BETTERMENT ACCOUNT (CEBA) FORGIVABLE LOAN CONTRACT
WITH ADVANCED ANALYTICAL TECHNOLOGIES, INC., AND
THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
FOR THE CITY OF AMES,IOWA
WHEREAS, on May 20, 1999, the Iowa Department of Economic Development (IDED)
awarded Advanced Analytical Technologies,Inc.,(AATI)a CEBA Forgivable Loan in the amount
of$150,000 for the creation of 60 new positions in Ames;
WHEREAS,the CEBA contract is for a three-year forgivable loan,and at the end of the three
years,if the total number of j obs committed to have not been created,AATI must pay$2,500/job not
attained, and interest would be accrued at that time at the rate of 6%; and,
WHEREAS,the City of Ames liability is limited to the amount that can be recovered through
the enforcement of the security instruments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the CEBA forgivable loan contract among the City of Ames, IDED, and AATI in the amount
of$150,000 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.