HomeMy WebLinkAbout~Master - Revolving Loan Fund Application by RocketChips, Inc. RESOLUTION NO. 00-044
RESOLUTION APPROVING A REVOLVING LOAN FUND
APPLICATION BY ROCKETCHIPS, INC.,
FOR THE CITY OF AMES, IOWA
WHEREAS, RocketChips, Inc.,has applied for a$5,000 one-half-of-prime, five-year loan
from the City of Ames' Revolving Loan Fund; and,
WHEREAS,The City of Ames'RLF Committee met on January 19,2000,and approved the
request by RocketChips, Inc.; and,
WHEREAS, this project will create six jobs in two years and have a private investment by
the company of$375,767; and,
WHEREAS, a penalty of twice the original loan amount and all principal and interest due
and payable will be assessed if the company leaves the community; and,
WHEREAS, the loan will be in monthly payments over a 60-month period;
WHEREAS, the company has requested that the City of Ames accept a lien on equipment
as the security in this project; and,
WHEREAS, this request is contingent upon CEBA funding from the state of Iowa.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that a City of Ames' Revolving Loan Fund application by RocketChips, Inc., for $5,000 is hereby
approved.
ADOPTED THIS 25th day of January, 2000.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Campbell
Seconded by: Cross
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25th day of January, 2000.