HomeMy WebLinkAbout~Master - Revolving Loan Fund Contract for Home Styling Furniture RESOLUTION NO. 00-294
RESOLUTION APPROVING REVOLVING LOAN FUND CONTRACT
FOR HOME STYLING FURNITURE, INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS, Home Styling Furniture, Inc., has been approved for $50,000 in
Revolving Loan Fund (RLF) funding to create 35 jobs in two years, with a private investment of
$225,000; and,
WHEREAS,the RLF loan is for$50,000 for five years at an interest rate of one-half of prime
with monthly repayments; and,
WHEREAS, if the company does not create the jobs during the term of the loan, a penalty
of$1,428.57/job not created will be assessed; and,
WHEREAS,a penalty of twice the original loan amount plus the entire principal and interest
will be due and payable if the company leaves the community during the term of the loan; and,
WHEREAS, the City of Ames' security is a first position lien on the machinery and
equipment of the company.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames' Revolving Loan Fund Contract with Home Styling Furniture,Inc.,is hereby
approved.
ADOPTED THIS 27th day of June, 2000.
•
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Quirmbach
Voting aye: Cross, Goodhue, Hofftnan, Quirmbach, Wirth
Voting nay: None Absent: Campbell
Resolution declared adopted and signed by the Mayor this 27th day of June, 2000.