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HomeMy WebLinkAbout~Master - Endorsement of application for financial assistance for Solum, Inc. RESOLUTION NO. 12-315 RESOLUTION APPROVING ENDORSEMENT OF IOWA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE FOR SOLUM,INC., FOR THE CITY OF AMES,IOWA WHEREAS,Solum is a Mountain View,California,based agricultural technology company that has developed advanced measurement systems for soil sample analysis, and its first commercial application is a product that provides producers in the corn and soybean markets with high resolution soil nutrient information that can be integrated with agricultural GPS tools to customize soil treatment to maximize yields and control cost of soil treatments; and, WHEREAS,the company has chosen Ames as the center for agronomy and lab operations and will maintain the Mountain View location for hardware and software development; and, WHEREAS, Solum 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 leasing space in a South Bell TIF District building and is expected to add 25 full-time jobs in Ames; and, WHEREAS, total investment expected for the project is $16.14 million, including a $100,000 forgivable loan from the IEDA, as well as other state tax credits and incentives projected to total an additional $158,000; and, WHEREAS,the IEDA will review Solum'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 Council must adopt a resolution supporting the submittal of the Solum application for IEDA assistance; and, WHEREAS, if the Council supports the application for assistance, the local match for the project will be a$40,000 forgivable loan to be funded with $20,000 from the City and$20,000 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 Solum, Inc., requesting economic development assistance from the IEDA with local match to be provided in the form of a forgivable loan in the amount of$40,000 is hereby approved. ADOPTED THIS 12th day of June, 2012. C-A y/. 67,9040 Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Goodman Seconded by: Davis Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 12th day of June, 2012.