HomeMy WebLinkAbout~Master - CEBA contract amendment for VisionAire Corporation RESOLUTION NO. 01-162
RESOLUTION APPROVING AMENDMENT #1
TO THE VISIONAIRE CORPORATION
CEBA CONTRACT
FOR THE CITY OF AMES,IOWA
WHEREAS, the state of Iowa has agreed to extend the $400,000 CEBA contract with the
City of Ames and VisionAire Corporation for the period of one year; and,
WHEREAS, the project completion date has been extended to December 31, 2001; and,
WHEREAS,the Iowa Department of Economic Development(IDED)has also amended the
contract to state that if the business achieves at least 50%,but less than 100%, of the Job Creation
Obligation(153)by December 31,2001,IDED will forgive$2,614/job created and/or retained;and,
WHEREAS,any shortfall will be amortized over three years from the proj ect completion date
at 6%per annum with equal payments; and,
WHEREAS, interest will be charged at 6% per annum from the date of the first CEBA
disbursement on the shortfall amount with that amount accrued as of the Project Completion date
and being due and payable immediately; and,
WHEREAS, if VisionAire Corporation has not met at least 50% of the Job Creation
Obligation at the Project Completion Date, 100%of the CEBA award will be repaid as the shortfall
amount under the above-described terms and conditions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that Amendment#1 to the CEBA Contract for the VisionAire Corporation is hereby approved.
ADOPTED THIS 24th day of April, 2001.
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 24th day of April, 2001.