HomeMy WebLinkAbout~Master - Application on behalf of Phasient Learning Technologies RESOLUTION NO. 07-324
RESOLUTION APPROVING SUBMITTAL OF APPLICATION FOR
DEVELOPMENT ASSISTANCE ON BEHALF OF
PHASIENT LEARNING TECHNOLOGIES,LLC,
FOR THE CITY OF AMES
WHEREAS, Phasient Learning Technologies, LLC, is an Ames-based eLearning company
engaged in web-based training solutions; and,
WHEREAS, Phasient's products and services include development of courseware, learning
management systems, and course development tools; and,
WHEREAS, the company began operations in January 2002, and beginning in 2004, has seen
steady increases in sales; and,
WHEREAS,Phasient has applied for financial assistance from the Iowa Department of Economic
Development(IDED)for direct assistance in the amount of a$100,000 CEBA loan(50%forgivable/50%
no-interest loan); and,
WHEREAS,Phasient will be investing company funds totaling$4,175,000 for the project, and
the funding will be used for development of the next generation of products and will include increasing
full-time employment from the current level of 4 to a total of 28 over three years; and,
WHEREAS,the local match proposed for the project is a$20,000 no-interest loan to be funded
by the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that
the submittal of an application to the Iowa Department of Economic Development on behalf of Phasient
Learning Technologies, LLC, for development assistance is hereby approved.
ADOPTED THIS 10' day of July, 2007.
LY-14& A. 'Pol. e---'A4'd
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Rice
Seconded by: Popken
Voting aye: Doll, Goodman, Mahayni, Popken, Rice
Voting nay: None Absent: Larson
Resolution declared adopted and signed by the Mayor this 10'day of July, 2007.