HomeMy WebLinkAbout~Master - Approving CEBA Venture Application on Behalf of ETREMA RESOLUTION NO. 99-382
RESOLUTION APPROVING CEBA VENTURE
APPLICATION ON BEHALF OF ETREMA
FOR THE CITY OF AMES,IOWA
WHEREAS, the City of Ames has been asked by ETREMA Products, Inc., to submit a
$50,000 CEBA Venture Application on their behalf to the Iowa Department of Economic
Development(IDED); and,
WHEREAS, ETREMA Products, Inc., is developing a control system for high-powered
ultrasonic actuators; and,
WHEREAS,the financial package includes a$50,000 CEBA Venture Award,with the Ames
Seed Capital Fund investing$50,000 which provides the local match and ETREMA Products,Inc.,
providing $1,404,365 in equity; and,
WHEREAS, the City of Ames is not being asked to provide financial assistance for this
program; and,
WHEREAS,ETREMA Products,Inc.,is projecting to create 15 new positions at their Ames
facility with this project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the submittal of a CEBA Venture Application to IDED on behalf of ETREMA Products, Inc.,
is hereby approved.
ADOPTED THIS 26th day of October, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Campbell
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 26th day of October, 1999.