HomeMy WebLinkAbout~Master - Agreements with Ag Leader Technology and IDED RESOLUTION NO. 08-034
RESOLUTION AUTHORIZING MAYOR TO SIGN ECONOMIC DEVELOPMENT
ASSISTANCE AGREEMENTS FOR AG LEADER TECHNOLOGY,INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS,Ag Leader Technology,Inc.,is a global leader in precision agricultural systems and is
committed to meeting the present and future needs of the precision agriculture industry by providing high-
quality products and first class support; and,
WHEREAS, Ag Leader Technology(ALT)has products which support a wide array of precision
farming practices,including grain and cotton yield monitoring,application rate monitoring and controlling,
site verification, global positioning, guidance, and assisted steering; and,
WHEREAS,the company is planning to expand operations and employment in Ames and does not
have adequate space available at its current site, and it will be building an addition to its existing facility;
and,
WHEREAS, it is also considering a 4,000 square foot training facility as a secondary structure on
the premises,and ALT's total investment for this planned expansion is$6,003,000 with 60 new j obs created
in Ames; and,
WHEREAS, the company is submitting an application to the Iowa Department of Economic
Development(IDED)for direct assistance in the amount of$203,000 for Value Added Agricultural Products
and Processes Financial Assistance Program (VAAPFAP) award and tax credits and new jobs training
assistance under the High Quality Job Creation Program(HQJCP)totaling$250,000; and,
WHEREAS,both IDED programs require that the City of Ames act as a sponsoring agency,and the
City responsibilities are limited to review of application and project comopletion and to act as the pass-
through agency for IDED funding; and,
WHEREAS, the application includes a local match for the project using industrial property tax
abatement available through Section 24.8 of the Ames Municipal Code.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the
authorization of the mayor to sign economic development assistance agreements with Ag Leader
Technology, Inc., and the Iowa Department of Economic Development Agreements is hereby approved.
ADOPTED THIS 12t1i day of February,2008.
C�A�I'R
`-4,1 �� Vim' �1. ✓
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Mahayni
Voting aye: Doll, Goodman, Larson, Mahayni, Popken,Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12t'day of February, 2008.