HomeMy WebLinkAbout~Master - Revolving Loan Fund Application for Home Styling Furniture RESOLUTION NO. 00-265
RESOLUTION APPROVING A REVOLVING LOAN FUND
APPLICATION BY HOME STYLING FURNITURE, INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS,Home Styling Furniture,Inc.,has applied for a$50,000 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 June 7, 2000, and approved the
request by Home Styling Furniture, Inc.; and,
WHEREAS, this project will create 35 jobs in two years and have a private investment by
the company of$225,000; and,
WHEREAS, a penalty of the original loan amount plus all principal and interest calculated
at prime will be due and payable 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 first-position lien on
equipment as the security in this project; and,
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 Home Styling Furniture,Inc.,for$50,000
is hereby approved.
ADOPTED THIS 13th day of June, 2000.
C:�""R. L19—J& -
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Hoffman
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13th day of June, 2000.