HomeMy WebLinkAbout~Master - Community Investment Fund application for Home Styling Furniture RESOLUTION NO. 00-266
RESOLUTION APPROVING A$25,000 COMMUNITY INVESTMENT FUND
APPLICATION FOR HOME STYLING FURNITURE, INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS, Home Styling Furniture, Inc., has applied for a$50,000 no-interest five-year loan
from the Community Investment Fund; and,
WHEREAS,the City of Ames' contribution would be$25,000 with matching funds coming from
the Ames Seed Capital Fund; and,
WHEREAS, the City of Ames Revolving Loan Fund 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 of
$225,000; and,
WHEREAS, Home Styling Furniture, Inc., is a new company that will be manufacturing
traditional furniture lines and marketing them initially in the Midwest marketplace; and,
WHEREAS, the loan will be repaid in monthly payments over a 60-month period; and,
WHEREAS, the company has requested that the Community Investment Fund accept personal
guarantees from the three principal owners in this project; 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.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames, Iowa, that
the $25,000 City of Ames' participation in the Community Investment Fund for a five-year, no-interest
loan for Home Styling Furniture, Inc., is hereby approved.
ADOPTED THIS 13th day of June, 2000.
C:�"_R. L Y-14&
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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.