HomeMy WebLinkAbout~Master - Revolving Loan Fund contract for BioForce Nanosciences, Inc. RESOLUTION NO. 03-166
RESOLUTION APPROVING REVOLVING LOAN FUND
CONTRACT FOR BIOFORCE NANOSCIENCES, INC.,
FOR THE CITY OF AMES
WHEREAS,Bioforce Nanosciences,Inc.,has applied for a$50,000 five-year loan with one-
year deferred payments from the City of Ames Revolving Loan Fund(RLF)and a$50,000 five-year
loan with one-year deferred payments from the Community Investment Fund(CIF); and,
WHEREAS,the City is participating in the CIF at the$25,000 level with the Ames Economic
Development Commission (AEDC)providing the matching $25,000; and,
WHEREAS,the City RLF Committee has approved the request,and the AEDC has approved
its participation in the Community Investment Fund; and,
WHEREAS, the RLF and CIF monies will also be used as a local match for a$100,000 no
interest loan and a $150,000 forgivable loan for a Physical Infrastructure Assistance Program
application to the State of Iowa; and,
WHEREAS, the monies will be for the purchase of additional equipment and an additional
8,000 square feet of space at the ISU Research Park.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Revolving Loan Fund application loan in the amount of $50,000 and a Community
Investment Fund loan in the amount of$25,000 for BioForce Nanosciences,Inc.,is hereby approved.
ADOPTED THIS 13'h day of May, 2003.
?.�J.& , 4 ��
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Cross, Goodhue, Hoffrnan, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13th of May, 2003.