HomeMy WebLinkAbout~Master - Revolving Loan Agreement with WebFilings, LLC RESOLUTION NO. 10-127
RESOLUTION APPROVING REVOLVING LOAN AGREEMENT WITH
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 the company is now prepared to bring its product
to market and intends to quickly expand operations in Ames; and,
WHEREAS,during the development stage ofthe 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
the City and Ames Economic Development Commission (AEDC) funding totaling $100,000
provides the local match required for IDED assistance; and,
WHEREAS, this project is expected to create 62 high quality jobs and retain an additional
8 jobs; and,
WHEREAS, the Webfilings application for assistance to the IDED was recently approved
by the IDED board.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that a loan agreement with Webfilings LLC in the amount of$100,000,with$75,000 funded by the
City and$25,000 funded by the Ames Economic Development Commission, is hereby approved.
ADOPTED THIS 13th day of April, 2010.
`-4 Vim' �Lv
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Wacha
Seconded by: Davis
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13'day of April, 2010.