HomeMy WebLinkAbout~Master - Revolving Loan Fund application for Palisade Systems, Inc. RESOLUTION NO. 01-474
RESOLUTION APPROVING CITY OF AMES
REVOLVING LOAN FUND APPLICATION
BY PALISADE SYSTEMS,INC.,
FOR THE CITY OF AMES, IOWA
WHEREAS,Palisade Systems,Inc.,has applied for a$50,000,one-half ofprime,five-year loan
from the City of Ames Revolving Loan Fund(RLF); and,
WHEREAS, the City of Ames RLF Committee met on October 15, 200, and approved the
request; and,
WHEREAS,this project will create 46 jobs in Ames in three years,and the average wage rate
for the positions created will be $23.08 per hour; 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 during the loan period; and,
WHEREAS,the loan will be paid back in monthly installments over a 60-month period; and,
WHEREAS,the company will provide a corporate guarantee as the security in this project;and,
WHEREAS, the $50,000 RLF loan will be the local match for the $100,000 of forgivable
loan/loan funds requested 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 Revolving Loan Fund application for a$50,000 five-year loan for Palisade Systems,
Inc., is hereby approved contingent upon the successful CEBA funding from the State of Iowa.
ADOPTED THIS 23rd day of October, 2001.
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Goodhue
Seconded by: Hoffman
Voting aye: Campbell, Cross, Goodhue, Hoffinan, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23rd day of October, 2001.