HomeMy WebLinkAbout~Master - VisionAire settlement agreement for RISE grant repayment RESOLUTION NO. 02-266
RESOLUTION APPROVING VISIONAIRE SETTLEMENT
AGREEMENT FOR RISE GRANT REPAYMENT
FOR THE CITY OF AMES
WHEREAS,on February 12,2002, staff advised the City Council of the possibility that the
Iowa Department of Transportation(IDOT)would declare the City of Ames in default of RISE grant
requirements that the VisionAire Corporation create 151 jobs within three years of the completion
of the South Riverside Street Improvement Project; and,
WHEREAS,the IDOT has already granted the City one one-year extension for the company
to create the promised number of jobs; and,
WHEREAS,after considering this issue,the City Council requested that the staff work with
VisionAire officials to develop a repayment plan that would be acceptable to the IDOT; and,
WHEREAS, subsequent discussions between VisionAire officials and City staff yielded an
agreement; and,
WHEREAS,the City has now been notified that on May 7,2002,IDOT staff will recommend
to the Iowa Transportation Commission that the RISE project agreement with the City of Ames be
declared in default, and the City will owe the state $244,850; and,
WHEREAS,the agreement between the City and VisionAire Corporation calls for an upfront
payment of$61,212.56 on June 20,2002,and 12 quarterly payment of$15,303.12 thru July 1,2005.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Installment Payment Agreement between VisionAire Corporation and the City of Ames
whereby VisionAire is bound to pay to the City the sum of$244,850 is hereby approved.
ADOPTED THIS 23rd day of April, 2002.
�?- u L& _
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Quirmbach
Seconded by: Hoffman
Voting aye: Cross, Hoffinan, Quirmbach,Vegge, Wirth
Voting nay: None Absent: None
Abstaining: Goodhue
Resolution declared adopted and signed by the Mayor this 23rd day of April, 2002.