HomeMy WebLinkAbout~Master - Application for CEBA funds on behalf of Quality Attributes RESOLUTION NO. 06-451
RESOLUTION APPROVING SUBMITTAL OF APPLICATION
TO IDED FOR CEBA FUNDS ON BEHALF OF
QUALITY ATTRIBUTES
FOR THE CITY OF AMES
WHEREAS,Quality Attributes Software,Inc.,(QAS),is an Ames-based software development company
engaged in the integration,monitoring,collection,and display of building control systems and the energy used
by buildings from any number of data points; and,
WHEREAS,QAS has developed three distinct lines of business software products that serve segments
in the intelligent building information and energy conservation business; and,
WHEREAS, QAS has applied for financial assistance from the Iowa Department of Economic
Development(IDED),including direct assistance in the amount of$200,000 and$204,000 in training assistance
from DMACC; and,
WHEREAS, rapid growth in recent sales and in the "green building" industry overall has created an
opportunity for QAS to expand from its current employment base of eight employees to 34; and,
WHEREAS, QAS will be investing company funds totaling$960,000 for the project; and,
WHEREAS,the local match proposed for the project is a$40,000 low-interest loan to be funded equally
by the City and the Ames Economic Development Commission for a total City commitment of$20,000; and,
WHEREAS, QAS has applied for a Revolving Loan Fund loan from the City of Ames; and,
WHEREAS,the loan funds will provide a local match for other assistance; and,
WHEREAS, the Economic Development Committee, comprised of the City Manager, City Attorney,
Director of Finance, and Ames Economic Development Commission Executive Director, has reviewed the
application and recommends funding of a Revolving Loan Fund loan in the amount of$20,000 at an interest rate
of one-half of the prime rate (4.125%).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the
submittal of an application from Quality Attributes Software,Inc.,requesting CEBA funds is hereby approved
and the City Manager authorized to begin negotiations for a loan agreement from Quality Attributes Software,
Inc., for a$20,000 Revolving Loan Fund to be brought back to the City Council for approval.
ADOPTED THIS 14'h day of November,2006.
Diane R. Voss, City Clerk Ann H. Campbell,Mayor
Introduced by: Goodman
Seconded by: Rice
Voting aye: Doll, Goodman, Larson,Mahayni,Popken, Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 14'day of November,2006.