HomeMy WebLinkAbout~Master - Revolving Loan Fund application for Demonstratives, Inc. RESOLUTION NO. 01-012
RESOLUTION APPROVING CITY OF AMES
REVOLVING LOAN FUND APPLICATION BY
DEMONSTRATIVES, INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS,Demonstratives,Inc.,has applied for a$25,000 one-half prime,five-year loan
from the City of Ames Revolving Loan Fund (RLF) to be used as the local match for a $75,000
CEBA Forgivable Loan/Loan Application to the State of Iowa; and,
WHEREAS,the RLF Committee has reviewed the application and approved the request;and,
WHEREAS, this project will create 30 jobs in Ames in three years with the average wage
rate for the positions created at$23.00 per hour; and,
WHEREAS, a penalty of twice the original loan amount and all principal and interest due
and payable will be assessed if the company leaves the community; and,
WHEREAS, the company officials will provide personal guarantees as the security on this
project; and,
WHEREAS, this request is contingent upon CEBA funding from the State of Iowa; and,
WHEREAS, City staff is recommending approval of this request.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames Revolving Loan Fund application for a$25,000,one-half prime,five-year loan
for Demonstratives,Inc., is hereby approved subject to successful CEBA funding from the State of
Iowa.
ADOPTED THIS 9th day of January, 2001.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach
Voting nay: None Absent: Wirth
Resolution declared adopted and signed by the Mayor this 9th day of January, 2001.