HomeMy WebLinkAbout~Master - CEBA Contract for Demonstratives, Inc. RESOLUTION NO. 01-078
RESOLUTION APPROVING
CEBA CONTRACT WITH DEMONSTRATIVES,INC.,AND
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
FOR THE CITY OF AMES,IOWA
WHEREAS, Demonstratives, Inc., has been awarded a $75,000 loan through the CEBA
program; and,
WHEREAS, the forgivable portion of the loan is for $37,500 for three years with the loan
for $37,500 at 4% for five years; and,
WHEREAS,the City of Ames Revolving Loan Fund is loaning$25,000 to Demonstratives,
Inc., and the City is the applicant on behalf of the company; and,
WHEREAS, if after three years 30 new jobs have not been created, Demonstratives, Inc.,
must pay$1,250 per job not attained and interest would then accrue at 6%.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the CEBA contract among the City of Ames,the Iowa Department of Economic Development,
and Demonstratives, Inc., is hereby approved.
ADOPTED THIS 6th day of March, 2001.
C:�'*�R. LX-I&
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Campbell
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 6th day of March, 2001.