HomeMy WebLinkAbout~Master - CombiSep waiver of Revolving Loan penalty RESOLUTION NO. 06-437
RESOLUTION WAIVING PENALTY FOR FAILURE TO
CREATE FIFTEEN JOBS AS PROVIDED IN THE
ECONOMIC DEVELOPMENT REVOLVING LOAN
AGREEMENT WITH COMBISEP,INC.
WHEREAS,the City of Ames entered into a revolving loan agreement with CombiSep,Inc.
in December of 2001, said agreement providing for a penalty if 25 new jobs were not created within
five years, and
WHEREAS, CombiSep, Inc. has requested waiver of the penalty of$2000 for each of the
jobs CombiSep failed to create as promised, and
WHEREAS,CombiSep,Inc.has agreed to pay additional interest in the amount of$5016.84
to the City of Ames, and
WHEREAS,Advanced Analytical Technologies,Inc. (AATI)is acquiring CombiSep,Inc.
and has agreed as part of their revolving loan agreement with the City of Ames to create forty-nine
jobs within two years, therefore:
BE IT RESOLVED,by the City Council of the City of Ames,Iowa, that it hereby waives
the $30,000 penalty of CombiSep, Inc. upon the conditions that Combisep, Inc. pay additional
interest and that AATI execute a revolving loan agreement requiring creation of forty-nine jobs
within two years.
DONE this day of ()C10►O ey^ , 2006.
Diane R. Voss, City Clerk Ann H. Campbell,Mayor
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