HomeMy WebLinkAbout~Master - Revolving Loan Fund application by Prairie Logic, Inc. RESOLUTION NO. 02-070
RESOLUTION APPROVING REVOLVING LOAN FUND
APPLICATION BY PRAIRIE LOGIC, INC.,
FOR THE CITY OF AMES, IOWA
WHEREAS,Prairie Logic,Inc.,has applied for a$38,500 six percent,three-year loan from
the City of Ames Revolving Loan Fund(RLF); and,
WHEREAS,the RLF Committee met on October 15,2001, and approved the request; and,
WHEREAS,this project will create 18 jobs in Ames in three years,and the estimated average
wage rate for these positions will be $18.00 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; and,
WHEREAS, the $38,500 RLF loan will be for the development of a medical field system
which will utilize their Experience Capture System for physical therapy.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Revolving Loan Fund application by Prairie Logic,Inc.,in the amount of$38,500 is hereby
approved.
ADOPTED THIS 12th day of February, 2002.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Hoffman
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12"day of February, 2002.