HomeMy WebLinkAbout~Master - Community Investment Fund Contract Re: Home Styling Furniture RESOLUTION NO. 00-295
RESOLUTION APPROVING THE COMMUNITY INVESTMENT FUND (CIF)
CONTRACT AMONG HOME STYLING FURNITURE, INC., THE CITY OF AMES,
AND THE AMES SEED CAPITAL FUND IN THE AMOUNT OF $50,000
WHEREAS, Home Styling Furniture, Inc.,has been approved for$50,000 for CIF funding
$25,000 from the City of Ames and$25,000 from the Ames Seed Capital Fund)to create 35 jobs in
two years, with a private investment of$225,000; and,
WHEREAS, the loan is for $50,000 for five years at no interest, with monthly repayments
after the first year; 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 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 personal guarantees from each of the three
principal owners of the company.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Community Investment Fund contract among Home Styling Furniture, Inc., the City of
Ames, and the Ames Seed Capital Fund in the amount of$50,000 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, Hoffinan, Quirmbach, Wirth
Voting nay: None Absent: Campbell
Resolution declared adopted and signed by the Mayor this 27th day of June, 2000.