HomeMy WebLinkAbout~Master - Revolving Loan Fund Contract with Demonstratives, Inc.es, Inc.es, Inc. RESOLUTION NO. 01-079
RESOLUTION APPROVING REVOLVING LOAN FUND
CONTRACT WITH DEMONSTRATIVES,INC.,
FOR THE CITY OF AMES, IOWA
WHEREAS, Demonstratives, Inc., has been awarded a five-year $25,000 loan at 4.25%
through the City of Ames Revolving Loan Fund Program; and,
WHEREAS,this money is being used for the local match for a$75,000 CEBA award from
the State of Iowa; and,
WHEREAS,if after five years 30 new j obs have not been created,then Demonstratives,Inc.,
must pay$833.33 per job not attained and interest would then accrue at 4.25%; and,
WHEREAS,if the company ceases operations in the Ames community within five years,then
a penalty of$25,000 would be assessed along with the repayment of the loan with interest.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames Revolving Loan Fund contract between the City and Demonstratives,Inc.,is
hereby approved.
ADOPTED THIS 6th day of March, 2001.
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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.