HomeMy WebLinkAbout~Master - Extension of Job Creation Program for NewLink Genetics RESOLUTION NO. 10-485
RESOLUTION APPROVING EXTENSION OF JOB CREATION PROGRAM
AGREEMENT WITH IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
AND NEWLINK GENETICS
FOR THE CITY OF AMES
WHEREAS,NewLink Genetics is an Ames-based pharmaceutical development company;and,
WHEREAS, in 2005, NewLink received approval for financial assistance from the Iowa
Department of Economic Development(IDED)with direct assistance provided in the form of$200,000
High Quality Job Creation Program (HQJC) forgivable loan; and,
WHEREAS,the HQJC contract included agreement by the City to act as the local government
sponsor; and,
WHEREAS, the City has no financial liability under the agreement, and the responsibility as
the sponsor is limited to "good faith enforcement" of the agreement; and,
WHEREAS,NewLink has requested,and the IDED has agreed,to amend the contract to extend
the project completion date from five years to six 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 High Quality Job Creation forgivable loan with the City of Ames, NewLink
Genetics,and the Iowa Department of Transportation extending the project completion date by one year
is hereby approved.
ADOPTED THIS 12" 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 12t'day of October, 2010.