HomeMy WebLinkAbout~Master - CEBA Contract Between City of Ames, IDED, and Premise Systems, Inc. RESOLUTION NO. 00-427
RESOLUTION APPROVING CEBA CONTRACT
BETWEEN CITY OF AMES, IDED,
AND PREMISE SYSTEMS, INC.
WHEREAS,Premise Systems,Inc.,has been awarded a three-year$120,000 Forgivable Loan
through the CEBA program; and,
WHEREAS, the Ames Seed Capital Fund is loaning $50,000 to Premise Systems, Inc., as
the local match,and the City of Ames is not participating with the local match for this program;and,
WHEREAS, the City of Ames is still the applicant on behalf of the company; and,
WHEREAS, if after three years,60 new jobs have not been created,Premise Systems,Inc.,
must pay$1,905/job not attained and interest would 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 Premise Systems, Inc., is hereby
approved.
ADOPTED THIS 12th day of September, 2000.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Wirth
Seconded by: Cross
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12th day of September, 2000.