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HomeMy WebLinkAbout~Master - Loan agreements with Quality Attributes Software, Inc. RESOLUTION NO. 07-118 RESOLUTION AUTHORIZING MAYOR TO SIGN LOAN AGREEMENTS WITH QUALITY ATTRIBUTES SOFTWARE, INC., REGARDING REVOLVING LOAN FUND 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, the company has received approval for financial assistance from the Iowa Department of Economic Development(IDED),including direct assistance in the amount of$200,000 from the CEBA program and$204,000 in job training assistance; and, WHEREAS, QAS will be investing company funds totaling $960,000 for the project; and, WHEREAS,the local match for this project was a$40,000 low-interest loan to be funded equally by the City and the Ames Economic Development Commission (AEDC) for total City commitment of $20,000; and, WHEREAS, the company has committed to create 26 new positions and retain eight (8); and, WHEREAS,at the City Council's direction,the City Manager,Finance Director,AEDC,and City Attorney have worked with QAS, Inc., staff and have prepared loan agreements that meet the general terms approved by the Council for a Revolving Loan Fund loan in the amount of$40,000(funded equally by the City and AEDC at an interest rate at one-half of the prime rate (4.125%). NOW,THEREFORE,BE IT RESOLVED by the City Council the City of Ames,Iowa,that the Mayor is hereby authorized to sign loan agreements with Quality Attributes Software,Inc.,for a$40,000 Revolving Loan Fund loan. ADOPTED THIS 27th day of March, 2007. UJLJI�', e---,A4,d Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Popken Seconded by: Doll Voting aye: Doll, Goodman, Mahayni, Popken, Rice Voting nay: None Absent: Larson Resolution declared adopted and signed by the Mayor this 27t'day of March, 2007.