HomeMy WebLinkAbout~Master - CEBA Contract between City of Ames and RocketChips, Inc. RESOLUTION NO. 00-133
RESOLUTION APPROVING CEBA CONTRACT
BETWEEN CITY OF AMES, IDED,
AND ROCKETCHIPS,INC.
WHEREAS,RocketChips,Inc.,has been awarded a$20,000 Loan/Forgivable Loan through
the CEBA program; and,
WHEREAS,the CEBA award has been divided as a$10,000 forgivable loan and a$10,000
loan at no interest; and,
WHEREAS, the City of Ames has used its Revolving Loan Fund for $5,000 as the local
match; and,
WHEREAS, the CEBA contract is for a three-year time period; and,
WHEREAS,if at that time the total number of jobs(six)has not been created,RocketChips,
Inc., must pay$1,666.67 per job not attained and interest would then accrue at 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 contract between the City of Ames,IDED,and RocketChips,Inc.,is hereby approved.
ADOPTED THIS 1 lth day of April,2000.
C��?.��
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Hoffman
Seconded by: Goodhue
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 1 Ith day of April, 2000.