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HomeMy WebLinkAbout~Master - Transfer of ownership from Quality Attributes Software to Visenergy RESOLUTION NO. 09-156 RESOLUTION APPROVING TRANSFER OF OWNERSHIP FROM QUALITY ATTRIBUTES SOFTWARE,INC.,TO VISENERGY AND REPLACE PERSONAL GUARANTEES FOR THE CITY OF AMES WHEREAS, the City of Ames currently has an outstanding economic development loan with Quality Attributes Software (QAS), Inc., which 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 was recently sold to Visenergy,Inc.,which is a New Jersey-based solar electric engineering firm that offers turnkey solar electric systems for residential,commercial,and government clients; and, WHEREAS, Visenergy was looking for a building control software system that would complement its current solar electric business,and has asked that the City assign the current outstanding loan to QAS to Visenergy; and, WHEREAS,the QAS loan terms included a provision for a personal guarantee for the loan,and Visenergy has agreed to provide a replacement personal guarantee; and, WHEREAS,since the loan terms require approval by the City for sale or transfer of the company, the Council has the option to declare the loan in default or agree to the sale; and, WHEREAS,Visenergy plans to keep the operations of QAS located in Ames,and if it did choose to move the company,it would still be subject to default and penalties related to moving the company out of Ames; and, WHEREAS, the Iowa Department of Economic Development has also provided assistance to QAS and has agreed to the sale. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,Iowa, that the request from Quality Attributes Software, Inc., to transfer ownership to Visenergy and to replace personal guarantees is hereby approved. ADOPTED THIS 14t'day of April, 2009. `-4.�f Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Larson Seconded by: Goodman Voting aye: Doll, Goodman, Larson, Popken, Rice Voting nay: None Absent: Mahayni Resolution declared adopted and signed by the Mayor this 14t'day of April,2009.