HomeMy WebLinkAbout~Master - Forgivable Loan Agreement with Sauer-Danfoss RESOLUTION NO. 05-081
RESOLUTION DECLARING SAUER-DANFOSS IN COMPLIANCE
WITH TERMS OF FORGIVABLE LOAN AGREEMENT
DATED JULY 28, 1998,
FOR THE CITY OF AMES
WHEREAS, on July 28, 1998, the City of Ames and the Ames Chamber of Commerce
entered into a forgivable loan agreement with the Sauer-Sunstrand(now known as Sauer-Danfoss)
Company; and,
WHEREAS,this loan,done in conjunction with economic development incentives from the
state, was for expansion of facilities and the employment base in Ames; and,
WHEREAS, the loan terms included a requirement that Sauer-Danfoss add 40 jobs within
the five-year term of the loan; and,
WHEREAS, Sauer-Danfoss has provided the City with notice that they have met and
exceeded the job creation requirement and provided a listing of new employees and their date of hire.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that Sauer-Danfoss is in compliance with the terms of the forgivable loan agreement dated July 28,
1998, and staff is authorized to provide such notice to Sauer-Danfoss.
ADOPTED THIS 8t'day of March, 2005.
C�A�?I�
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Cross, Goodhue, Goodman, Mahayni
Voting nay: None Absent: Wirth
Abstaining: Vegge
Resolution declared adopted and signed by the Mayor this 8"'day of March, 2005.