HomeMy WebLinkAbout~Master - CEBA Venture Contract pertaining to CombiSep, Inc. RESOLUTION NO. 02-161
RESOLUTION APPROVING SUBMITTAL OF CEBA VENTURE
APPLICATION ON BEHALF OF COMBISEP,INC.,
FOR THE CITY OF AMES, IOWA
WHEREAS, CombiSep, Inc., has been awarded a $100,000 loan through the CEBA Venture
program; and,
WHEREAS,the City of Ames Revolving Loan Fund is loaning$50,000 to CombiSep, Inc., as
the local match and is the applicant on behalf of the company; and,
WHEREAS, the loan is in the form of a Royalty Agreement where the company will pay a
percentage of gross revenues until a repayment of$200,000 is received by the state of Iowa; and,
WHEREAS, the City of Ames has no liability with this contract.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that
the CEBA Venture contract with CombiSep,Inc.,and the Iowa Department of Economic Development
for$100,000 is hereby approved.
ADOPTED THIS 26"'day of March, 2002.
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Cross, Hoffrnan, Quirmbach, Vegge, Wirth
Voting nay: None Absent: Goodhue
Resolution declared adopted and signed by the Mayor this 26'day of March, 2002.