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HomeMy WebLinkAbout~Master - Submittal of application from WebFilings for economic development assistance RESOLUTION NO. 13-499 RESOLUTION APPROVING SUBMITTAL OF APPLICATION FROM WEBFILINGS, LLC, FOR DEVELOPMENT ASSISTANCE FOR THE CITY OF AMES,IOWA WHEREAS, WebFilings, LLC is a company 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, which has software development and sales and marketing support operations located in the ISU Research Park, has applied for economic development assistance for a project that includes an additional 60,000 square foot building at the ISU Research Park, the addition of 700 new full-time positions, and designation of the Ames complex as the company's corporate headquarters; and, WHEREAS, the Iowa Economic Development Authority (IEDA) has agreed to provide $5,500,000 in incentives to the company,and this includes$500,000 in sales tax rebates,a$2,500,000 grant, and $2,500,000 in the form of a no interest loan; and, WHEREAS, a condition of this financial package is that the City of Ames provides a tax abatement incentive totaling $2,740,000 as a local match to the State funding; and, WHEREAS, at its October 29, 2013,meeting,the City Council approved the general terms of an agreement to provide a local match; and, WHEREAS,the next step in the process is to endorse the application to the IEDA for economic development assistance as the local sponsor; and, WHEREAS, the IEDA has approved the WebFilings application for assistance contingent on approval of the City of Ames as the local sponsor, and for the IEDA to continue with this project, the Council must adopt a resolution supporting the submittal of the WebFilings application for IEDA assistance, including the local match. NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Ames,Iowa,that the submittal of an application from WebFilings, LLC, requesting economic development assistance from the Iowa Economic Development Authority with local match to be provided in the form of property tax abatement in an amount not to exceed $2,740,000 is hereby approved. ADOPTED THIS 12`" day of November, 2013. Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Davis Seconded by: Orazem Voting aye: Davis, Larson, Orazem, Szopinski Voting nay: None Absent: Goodman Abstaining: Wacha Resolution declared adopted and signed by the Mayor this 12"' day of November, 2013.