HomeMy WebLinkAbout~Master - Application for economic assistance on behalf of WebFilings, LLC RESOLUTION NO. 10-019
RESOLUTION APPROVING SUBMITTAL OF APPLICATION
FOR ECONOMIC ASSISTANCE ON BEHALF OF
WEBFILINGS,LLC,
FOR THE CITY OF AMES
WHEREAS,Webfilings,LLC,is a company based in Mountain View,California,that has developed an
Internet-based service to provide support for preparing and submitting documents required by the Securities and
Exchange Commission; and,
WHEREAS,Webfilings has software development and sales and marketing support operations located in
the ISU Research Park, and it is now prepared to bring its product to market and intends to quickly expand
operations in Ames; and,
WHEREAS, during the development stage of the company, assistance was received from the Iowa
Department of Economic Development(IDED),including$250,000 from the Entrepreneurial Ventures Assistance
Program,a$150,000 Demonstration grant,and Internship training assistance; and,
WHEREAS,a$4.3 million expansion project is currently planned for the Ames location; and,
WHEREAS, the City of Ames and the Ames Economic Development Commission (AFDC) funding
totaling$100,000 provides the local match required for IDED assistance,and this project is expected to create 62
high-quality jobs and retain an additional 8; and,
WHEREAS,the local match from the City and AEDC will be contingent upon IDED assistance and future
approvals by the City Council; and,
WHEREAS, for the IDED to continue consideration of this project,the Council must adopt a resolution
supporting the submittal of the Webfilings application for IDED assistance; and,
WHEREAS, if the City Council supports the application for assistance, it needs to direct staff to begin
negotiations for a loan agreement with Webfilings,LLC,in an amount not to exceed$75,000 in City funds; and,
WHEREAS,the company appears to have strong support from equity investors and a management team
with a record of past success in bringing software products to market.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the submittal
of an application on behalf of Webfilings, LLC, requesting economic development assistance from the Iowa
Department of Economic Development is hereby approved, and staff is directed to begin loan agreement
negotiations with Webfilings,LLC,contingent upon approval for assistance by the IDED.
ADOPTED THIS 19"day of January,2010.
• LY-d& Asti Vg - �'"OUI
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Wacha
Voting aye: Davis,Goodman,Larson,Mahayni,Orazem,Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 19'day of January,2010.