HomeMy WebLinkAbout~Master - CEBA grant agreement for Renewable Energy Group RESOLUTION NO. 07-158
RESOLUTION SUPPORTING SUBMITTAL OF AN APPLICATION
FROM RENEWABLE ENERGY GROUP REQUESTING
CEBA FUNDS AND IDED ASSISTANCE AND AUTHORIZING THE CITY MANAGER TO
BEGIN NEGOTIATIONS FOR A LOAN AGREEMENT
FOR THE CITY OF AMES
WHEREAS, Renewable Energy Group (REG) is an Iowa company currently based in Ralston, Iowa,
that designs and builds turnkey bio-diesel plants; and,
WHEREAS, the company has experienced rapid growth of the alternative fuels industry and has a
project in process to move their corporate headquarters to Ames; and,
WHEREAS, REG has applied for financial assistance from the Iowa Department of Economic
Development(IDED), including direct assistance in the amount of$800,000 (CEBA); and,
WHEREAS, REG will be investing company funds totaling $1,000,000 for the project; and,
WHEREAS, the local match proposed for the project is a $100,000 low-interest loan to be funded by
the City and the Ames Economic Development Commission(AEDC); and,
WHEREAS, the City's commitment being requested is $75,000; and,
WHEREAS,this project would move 32 jobs to Ames and is expected to create 72 additional jobs over
the next three years; and,
WHEREAS, the company plans to use an existing building and will not require infrastructure
investment;
WHEREAS, REG has not finalized the assistance agreement with the IDED, however, City staff will
bring the project back to the Council as IDED assistance is finalized and local match requirements are
determined.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, to support
the application from Renewable Energy Group requesting CEBA funds and other IDED assistance and authorize
the City Manager to begin negotiations for a loan agreement in an amount not to exceed$75,000 in City funds.
ADOPTED THIS 1 Oth day of April, 2007.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Mahayni
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 1 Oth day of April, 2007.