HomeMy WebLinkAbout~Master - Amendment to 2010 Economic Development Agreement with WebFilings RESOLUTION NO. 13-500
RESOLUTION APPROVING AMENDMENT TO 2010 ECONOMIC DEVELOPMENT
AGREEMENT WITH WEBFILINGS,LLC, IOWA ECONOMIC DEVELOPMENT
AUTHORITY,AND THE CITY OF AMES,IOWA
WHEREAS, in December 2010,the City entered into an economic development agreement
with the Iowa Economic Development Authority(IDEA)and WebFilings,LLC,for construction of
Phase I of the WebFilings office facility; and,
WHEREAS, the City commitment included a $100,000 loan to the company; and,
WHEREAS,the company is current with the loan and has met the employment requirements
for the agreement, and state assistance included loan and various state tax incentives; and,
WHEREAS,the company is now asking to amend the contract to allow for direct collection
of sales tax related to construction of the building, rather than receiving credit back from the State
of Iowa; and,
WHEREAS, the amendment also makes a small adjustment to the Investment Tax Credit
provided by the state; and,
WHEREAS, this amendment will have no impact on the City of Ames portion of the
agreement,but the City does need to sign the amendment as a party to the original agreement.
NOW, THEREFORE,BE IT RESOLVED,by the City Council of the City of Ames, Iowa,
that an amendment to the 2010 Economic Development Agreement with WebFilings,LLC,and the
Iowa Economic Development Authority to adjust the terms of the State of Iowa credit for sales tax
and Investment Tax Credits is hereby approved,and the Mayor is authorized to sign the agreement.
ADOPTED THIS 12th day of November, 2013.
L-4 1 /40,040 7
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.