HomeMy WebLinkAbout~Master - RLF contract with Phasient Learning Technologies RESOLUTION NO. 03-007
RESOLUTION APPROVING REVOLVING LOAN FUND CONTRACT
WITH PHASIENT LEARNING TECHNOLOGIES
FOR THE CITY OF AMES
WHEREAS, Phasient Learning Technologies has been awarded a three-year $50,000 loan
at 2.13%through the City of Ames Revolving Loan Fund(RLF) Program; and,
WHEREAS, penalty provisions as approved by City Council are that the 35 jobs must be
created/retained in two years or Phasient Learning Technologies must pay a penalty for jobs not
created or retained; and,
WHEREAS, if the company ceases operations in the Ames community within three years,
a penalty of$50,000 would be assessed along with the repayment of the loan with interest.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames Revolving Loan Fund contract with Phasient Learning Technologies is hereby
approved.
ADOPTED THIS 14t' day of January, 2003.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Cross, Goodhue, Hoffinan, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 14t'of January, 2003.