HomeMy WebLinkAbout~Master - Revolving Loan Fund Agreement with CombiSep, Inc. RESOLUTION NO. 01-562
RESOLUTION APPROVING REVOLVING LOAN FUND
AGREEMENT WITH COMBISEP,INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS, CombiSep, Inc., has been awarded a five-year $50,000 loan at 2.5% interest
through the City of Ames Revolving Loan Fund Program; and,
WHEREAS, this money is being used as the local match for a $100,000 CEBA Venture
award from the State of Iowa; and,
WHEREAS, if after five years, 25 new jobs have not been created or retained, then
CombiSep, Inc.,must pay$2,000 per job not attained and interest would then accrue at 2.5%; and,
WHEREAS,if the company ceases operations in the Ames community within five years,then
a penalty of$50,000 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 Agreement with CombiSep, Inc., is hereby approved.
ADOPTED THIS 18`'' day of December, 2001.
V;4
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Goodhue
Seconded by: Wirth
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 18t'day of December, 2001.