HomeMy WebLinkAbout~Master - Revolving Loan Fund application for ProPlanner RESOLUTION NO. 02-458
RESOLUTION APPROVING AMES REVOLVING LOAN FUND
APPLICATION FOR PROPLANNER.NET, INC.,
FOR THE CITY OF AMES
WHEREAS,ProPlanner.NET,Inc.,has applied for a$50,000,one-halfprime,three-year loan
from the City of Ames' Revolving Loan Fund(RLF); and,
WHEREAS, the City of Ames' RLF Committee met and approved the request; and,
WHEREAS,this project will create/retain 28 jobs in Ames over two years,and the estimated
wage rate for the positions created will be $24.04 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 within the three-year loan term;
and,
WHEREAS, the $50,000 RLF loan will assist in the development of an integrated suite of
engineering applications to help industrial and manufacturing engineers design and plan the
production system for new and improved manufactured products.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames' Revolving Loan Fund application for ProPlanner.NET, Inc., is hereby
approved.
ADOPTED THIS 27t''day of August, 2002.
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Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Quirmbach
Seconded by: Vegge
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27t' of August, 2002.