HomeMy WebLinkAbout~Master - Extension of CEBA funding for Phasient Learning Technologies RESOLUTION NO. 10-484
RESOLUTION APPROVING EXTENSION OF CEBA FUNDING WITH
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
AND PHASIENT LEARNING TECHNOLOGIES,LLC,
FOR THE CITY OF AMES
WHEREAS, Phasient Learning Technologies, LLC, is an Ames-based e-learning company
engaged in web-based training solutions; and,
WHEREAS,in January 2008,Phasient received approval for financial assistance from the Iowa
Department of Economic Development(IDED) in the form of a $100,000 CEBA loan; and,
WHEREAS,the CEBA contract included agreement by the City to act as the local government
sponsor; and,
WHEREAS, City has no financial liability under the agreement, and responsibility as the
sponsor is limited to "good faith enforcement" of the agreement; and,
WHEREAS,Phasient has requested,and the IDED has agreed,to amend the contract to extend
the project completion date from three years to four years from the date of the original agreement;and,
WHEREAS, approval of the amendment requires agreement by the City as the local sponsor.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that
the amendment to the CEBA funding agreement with the City of Ames, Phasient Learning
Technologies, LLC, and the Iowa Department of Economic Development extending the project
completion date by one year is hereby approved.
ADOPTED THIS 12th day of October, 2010.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Mahayni
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12th day of October, 2010.