HomeMy WebLinkAbout~Master - Revolving Loan Fund contract with ProPlanner, Inc. RESOLUTION NO. 02-499
RESOLUTION APPROVING REVOLVING LOAN FUND CONTRACT
WITH PRO PLANNER, INC., FOR$50,000
FOR THE CITY OF AMES
WHEREAS,Pro Planner,Inc.,has been awarded a three-year$50,000 loan at 2.38%through
the City of Ames Revolving Loan Fund program; and,
WHEREAS,if,after two years,28 jobs have not been created or retained,then Pro Planner,
inc., must pay a penalty per job not attained and interest would then accrue at 2.38%; and,
WHEREAS,if the company ceases operations in the Ames community within five years,then
a penalty of$50,000 would be assessed along with the repayment of the loan with interest; and,
WHEREAS,the loan is secured by first-position UCC filings with Story County and the state
of Iowa on the assets of the company and a corporate guarantee.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Revolving Loan Fund contract with ProPlanner, Inc., for$50,000 is hereby approved.
ADOPTED THIS 24th day of September, 2002.
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Hoffman
Seconded by: Goodhue
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 24"of September, 2002.