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HomeMy WebLinkAbout~Master - EDSA Revolving Loan Fund application for Ball Plastic Container Corporation RESOLUTION NO. 01-467 RESOLUTION APPROVING CITY OF AMES' ECONOMIC DEVELOPMENT SET-ASIDE (EDSA) REVOLVING LOAN FUND APPLICATION ON BEHALF OF BALL PLASTIC CONTAINER CORPORATION WHEREAS,the City ofAmes'Revolving Loan Fund(RLF)Committee met on October 3,2001, and approved the request for a $50,000 EDSA RLF loan for 1/2 prime at five years for an expansion project consisting of the installation of two additional production lines and a 200,000-square-foot warehouse; and, WHEREAS,this project will create 50 jobs in two years and have a private investment by the company of$24,200,000 in machinery, equipment, and warehouse; 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 within the contract period; and, WHEREAS, the loan will be paid back in monthly payments over a 60-month period; and, WHEREAS, Ball Plastic Container Corporation has requested that the City of Ames accept a corporate guaranty as the security for this project; and, WHEREAS,to receive funding,a score of 15 is required,and Ball Plastic Container Corporation scored a 30 on the General Industrial/Manufacturing Criteria Matrix; and, WHEREAS, the RLF loan is contingent upon successful funding of the $150,000 EDSA forgivable loan request from the state of Iowa. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that the City of Ames' EDSA RLF application for a $50,000 five-year 1/2-prime loan for Ball Plastic Container Corporation is hereby approved contingent upon successful funding of the$150,000 EDSA forgivable loan request from the state of Iowa. ADOPTED THIS 9th day of October, 2001. C--,�'R:�� Diane R.Voss,City Clerk Ted edesco,Mayor Introduced by: Cross Seconded by: Hoffinan Voting aye: Campbell, Cross, Goodhue, Hoffinan, Quirmbach, Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 9th day of October, 2001.