HomeMy WebLinkAbout~Master - Forgivable Loan Agreement with Boehringer Ingelheim Vetmedica, Inc. RESOLUTION NO. 11-180
RESOLUTION APPROVING FORGIVABLE LOAN AGREEMENT
WITH BOEHRINGER INGELHEIM VETMEDICA,INC.,
FOR THE CITY OF AMES,IOWA
WHEREAS, Boehringer Ingelheim Vetmedica, Inc., (BIVI) is one of the world's leading
pharmaceutical companies with operations in several locations in the United States; and,
WHEREAS, with the acquisition of Fort Dodge Animal Health, BIVI is expanding Iowa-
based operations,including the BIVI Health Management Center located in the ISU Research Park;
and,
WHEREAS, the company will be expanding a well-established business line retaining 41
jobs in Ames and creating an additional 15 jobs with an average annual salary of$78,800; and,
WHEREAS, the project will require no infrastructure investment in Ames, and expanded
operations will be located in additional leased space at the ISU Research Park; and,
WHEREAS, on November 16, 2010, the City Council adopted a resolution supporting the
submittal ofthe BIVI application for Iowa Department ofEconomic Development(IDED)assistance
and a local match for the project in the form of a$61,000 forgivable loan; and,
WHEREAS,approval ofthe local match was contingent upon approval ofthe application for
assistance by IDED, and the application has been approved by IDED and terms have been agreed
upon for the forgivable loan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Forgivable Loan Agreement with Boehringer Ingelheim Vetmedica, Inc., in the amount of
$61,000 as the local match for state economic development assistance is hereby approved.
ADOPTED THIS 26th day of April, 2011.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
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 26th day of April, 2011.