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Home My WebLink About~Master - Endorsement of application for financial assistance for AMCOR Rigid Plastics USA, Inc. RESOLUTION NO. 12-314 RESOLUTION APPROVING ENDORSEMENT OF IOWA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE FOR AMCOR RIGID PLASTICS USA, INC., FOR THE CITY OF AMES,IOWA WHEREAS, AMCOR is a large, multi-national company with several business lines, including operation of a plastic beverage container manufacturing plant in Ames (the former Ball Plastics Plant); and, WHEREAS, the company is reviewing options for re-tooling plants to modern equipment to improve efficiency, including the Ames plant; and, WHEREAS, AMCOR has applied for economic development assistance from the Iowa Economic Development Authority(IEDA)with a local match provided by the City of Ames and the Ames Economic Development Commission(AEDC); and, WHEREAS,the project will include improvements to the existing building, as well as new production equipment and is expected to retain 150 full-time jobs in Ames; and, WHEREAS, total investment expected for the project is over $25 million, including a $175,000 forgivable loan from IEDA; and, WHEREAS,the IEDA will review AMCOR's application for assistance,and the local match from the City will be contingent upon approval of the final agreement by the City Council; and, WHEREAS, for the IEDA to continue consideration of this project, the City Council must adopt a resolution supporting the submittal of the AMCOR application for IEDA assistance; and, WHEREAS, if Council supports the application, the local match for the project will be a $35,000 forgivable loan to be funded with $17,500 from the City and$17,500 from the AEDC. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that support of the submittal of an application from AMCOR Rigid Plastics,USA, Inc.,requesting economic development assistance from IEDA with local match to be provided in the form of a forgivable loan in the amount of$35,000 is hereby approved. ADOPTED THIS 12'h day of June, 2012. Awo c Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Davis Seconded by: Larson Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 12" day of June, 2012.