HomeMy WebLinkAbout~Master - Community Investment Fund loan contract with Ball Plastic Container Corporation RESOLUTION NO. 02-071
RESOLUTION APPROVING COMMUNITY INVESTMENT FUND
FORGIVABLE LOAN CONTRACT WITH BALL PLASTIC CONTAINER
CORPORATION AND THE AMES CHAMBER OF COMMERCE
FOR THE CITY OF AMES, IOWA
WHEREAS, this action is to approve the contract between the City, the Ames Chamber of
Commerce,and Ball Plastic Container Corporation for the Community Investment Fund Forgivable
Loan; and,
WHEREAS,the project would create 30 jobs and the investment of at least$20,400,000 by
the company; and,
WHEREAS,if Ball Plastic Container Corporation does not create all of the 30 jobs as stated,
then it pays a penalty of$833.33 per job not created, plus interest from the beginning of the loan
date; and,
WHEREAS, if the company moves from the Ames site, the penalty is $50,000 plus the
balance of the forgivable loan; and,
WHEREAS,staff has recommended approval of the Community Investment Fund Forgivable
Loan contract.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Community Investment Fund Forgivable Loan Contract with the Ames Chamber of
Commerce and Ball Plastic Container Corporation is hereby approved.
ADOPTED THIS 12t''day of February, 2002.
CJ,V"&h
1 dd• --
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 12t'day of February, 2002.