HomeMy WebLinkAbout~Master - CEBA funding agreement re: Phasient Learning Technologies RESOLUTION NO.08-005
RESOLUTION APPROVING CEBA FUNDING AGREEMENT WITH
PHASIENT LEARNING TECHNOLOGIES,LLC,AND
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
FOR THE CITY OF AMES,IOWA
WHEREAS,Phasient Learning Technologies,LLC,is an Ames-based e-learning company engaged in web-
based training solutions,and its 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 received approval for financial assistance from the Iowa Department of
Economic Development (IDED) for direct assistance in the amount of a $100,000 CEBA loan, and IDED's
assistance is for a prof ect to fund the expansion of Phasient's Learning Management Systems through development
and direct sales of new e-learning technologies at the Ames location; and,
WHEREAS,the project involves acquisition of computer hardware/software,research and development,
working capital, and job training; and,
WHEREAS,this project will increase full-time employment at the site by 24 employees,and Phasient will
be investing company funds totaling$4,175,000 for the project; and,
WHEREAS, the local match for the project is a $20,000 no-interest Revolving Loan Fund loan to be
funded by the City; and,
WHEREAS,the company received assistance for a previous project,and the company repaid its loan with
the City on time,however, it did not meet the employment target and owes a penalty of$12,500; and,
WHEREAS,the company has asked to pay this penalty from the proceeds of the new Revolving Loan Fund
loan.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the CEBA
funding agreement with the Iowa Department of Economic Development and Phasient Learning Technologies,
LLC, is hereby approved, and the mayor is authorized to enter into a Revolving Loan Fund agreement with
Phasient Learning Technologies,LLC,for a$20,000 no-interest loan with$12,500 of proceeds to be used for the
employment penalty on a prior loan agreement.
ADOPTED THIS 8th day of January,2008.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Popken
Seconded by: Goodman
Voting aye: Doll, Goodman, Larson,Mahayni,Popken,Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8tn day of January, 2008.