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HomeMy WebLinkAbout~Master - Application for financial assistance for Webfilings, LLC RESOLUTION NO. 10-498 RESOLUTION ENDORSING IDED APPLICATION FOR FINANCIAL ASSISTANCE FOR WEBFILINGS,LLC,WITH LOCAL MATCH 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 preparation and submittal of documents required by the Securities and Exchange Commission(SEC);and, WHEREAS,Webfilings has software development and sales and marketing support operations located in the ISU Research Park,and the company has successfully brought its product to market and intends to quickly expand operations in Ames; and, WHEREAS,in May 2010,the City and Ames Economic development Commission provided loan funding totaling $100,000 as the local match for Iowa Department of Economic Development(IDED) assistance for Webfilings; and, WHEREAS,the May 2010 project was expected to create 62 high-quality jobs and retain an additional 8, and six months into the project,employment at Webfilings is at 67 full-time and 11 part-time and market demand has led the company to expand further; and, WHEREAS,the new project includes construction of a 51,000 square-foot building in the ISU Research Park, with employment expected to grow to 257 employees; and, WHEREAS,the Webfilings'current application for assistance to the IDED will be reviewed for approval by the IDED board on October 21,2010,and the local match from the City 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 City Council must adopt a resolution supporting the submittal of the Webfilings application; and, WHEREAS, if the Council supports the application for assistance,the local match for the project is $400,000 and can be provided in the form of property tax abatement under the Industrial Property Tax Abatement Program; and, WHEREAS,the company appears to have strong support from equity investors and a management team with a record of past success with software products. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that endorsement of the submittal of an application from Webfilings, LLC, requesting economic development assistance from the Iowa Department of Economic Development, with a local match to be provided in the form of Industrial Property Tax Abatement,is hereby approved. ADOPTED THIS 19`"day of October, 2010. C��"R we� Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Davis Seconded by: Mahayni Voting aye: Davis,Goodman,Mahayni,Larson,Orazem Voting nay: None Abstaining: Wacha Absent: None Resolution dcclarcd adoptcd and signcd by the Mayor this 19`"day of Octobcr, 2010.