HomeMy WebLinkAbout~Master - Revolving Loan Fund Application for CombiSep, Inc. RESOLUTION NO. 01-295
RESOLUTION APPROVING REVOLVING LOAN FUND
APPLICATION BY COMBISEP, INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS, CombiSep, Inc., has applied for a $50,000, one-half of prime, five-year loan
from the City of Ames Revolving Loan Fund(RLF); and,
WHEREAS, the RLF Committee met and approved the request; and,
WHEREAS, this project will create 25 jobs in Ames in three years; and,
WHEREAS, a penalty of twice the original loan amount and all principle and interest due
and payable will be assessed if the company leaves the community within the loan period; and,
WHEREAS, the loan will be repaid in monthly payments over a 60-month period, and
company officials will provide personal guarantees as the security in this project; and,
WHEREAS,this request is contingent upon receiving CEBA funding from the State of Iowa
and a Small Business Innovation Research (SBIR) Award from the National Science Foundation
(NSF); and,
WHEREAS, staff have recommended 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$50,000 five-year loan for CombiSep,
Inc., is hereby approved contingent upon successful CEBA funding from the State of Iowa and a
Small Business Innovation Research award from the National Science Foundation.
ADOPTED THIS 1 Oth day of July, 2001.
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Cross
Seconded by: Hoffman
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 1 Oth day of July, 2001.