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Home My WebLink About~Master - Loans for Sauer Danfoss RESOLUTION NO. 06-472 RESOLUTION APPROVING COMMUNITY INVESTMENT FUND FORGIVABLE LOAN AND REVOLVING LOAN FUND FOR SAUER-DANFOSS FOR THE CITY OF AMES WHEREAS, Sauer-Danfoss, Inc., is a designer,manufacturer, and service provider in the fluid power and mobile hydraulic business; and, WHEREAS, the company is expanding operations and employment at their Ames site through consolidation from other locations and business growth; and, WHEREAS,total investment for this planned expansion is$6,750,000,with 208 new j obs being created in Ames; and, WHEREAS, the company received approval from the Iowa Department of Economic Development (IDED)for direct assistance in the amount of$750,000 and tax credits and refunds totaling$400,000; and, WHEREAS,the company also was awarded$985,000 in the form of training assistance from DMACC; and, WHEREAS,Sauer-Danfoss,Inc.,will be investing company funds totaling$4,465,000 for the project; and, WHEREAS,the local match required for the project is$150,000 with$50,000 as a forgivable loan and a$100,000 loan; and, WHEREAS, both loans will be funded equally by the City and Ames Economic Development Commission for a total City commitment of$75,000; and, WHEREAS, at the August 8, 2006, City Council meeting,the Mayor and Council authorized the City Manager to begin negotiations for loan agreements with Sauer-Danfoss, Inc., for a $25,000 Community Investment Fund forgivable loan and a$50,000 Revolving Loan Fund loan to be brought back to the City Council for approval. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Mayor is hereby authorized to sign loan agreements with Sauer-Danfoss, Inc., for a $25,000 Community Investment Fund forgivable loan and a$50,000 Revolving Loan Fund loan. ADOPTED THIS 28"'day of November,2006. --L§�— /0011!"".A'd JV. e4o*tollw�A& Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Mahayni Seconded by: Popken Voting aye: Doll, Goodman, Larson,Mahayni,Popken,Rice Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 28'day of November,2006.