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HomeMy WebLinkAbout~Master - IDED Contract for WebFilings, Inc. RESOLUTION NO. 10-566 RESOLUTION APPROVING CONTRACT WITH IDED AND WEBFILINGS,INC., FOR THE CITY OF AMES,IOWA WHEREAS,WebFilings,Inc.,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(SEC); and, WHEREAS, WebFilings has software development and sales and marketing support operations 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 October 2010, the Council endorsed a WebFilings application for assistance to the Iowa Department of Economic Development (IDED), and the application was approved and the contract for assistance includes an IDED forgivable loan in the amount of$2,259,000 and state tax benefits under the High Quality Jobs Program totaling$2,515,380; and, WHEREAS,the local match from the City will be in the form of property tax abatement under the Industrial Property Tax Abatement Program; and, WHEREAS,the project has planned capital investment of over$18,000,000 and includes the construction of a 51,000 square foot building in the ISU Research Park,and employment at the Ames facility is expected to grow by over 250 employees; and, WHEREAS,this economic development agreement is a bit unique in that no additional action will be required of the City Council,and,traditionally,the City is asked to provide a local match in the form of a cash investment;and, WHEREAS,in this case,there will not be a separate agreement between the City of Ames and WebFilings;and, WHEREAS,the company will apply for the recently extended Industrial Property Tax Abatement Program,and, if qualified,will be granted the five-year,partial abatement under the standard terms; and, WHEREAS,therefore,even if the jobs are not created,the City's investment in the form of tax abatement will be applied only if a new building is constructed, and in this way,the City will reap the benefit of a"local match." NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the contract for economic development financial assistance with the Iowa Department of Economic Development and WebFilings,Inc., with a local match in the form of abated property taxes under the Industrial Property Tax Abatement Program is hereby approved. ADOPTED THIS 30`h day of December, 2010. LY-d& A. ';(/. Diane R. Voss, City Clerk Ann H. Campbell, Mayor IF Introduced by: Davis Seconded by: Larson Voting aye: Davis,Larson,Mahayni, Orazem Voting nay: None Abstaining: Wacha Absent: Goodman Resolution declared adopted and signed by the Mayor this 30`h day of December,2010.