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Home My WebLink About~Master - Termination of economic development agreement with Solum, Inc., and IEDA RESOLUTION NO. 14-103 RESOLUTION APPROVING TERMINATION OF CONTRACT FOR ECONOMIC DEVELOPMENT ASSISTANCE WITH SOLUM,INC., FOR THE CITY OF AMES,IOWA WHEREAS, Solum,Inc.(Solum)is a California-based technology company that developed an advanced measurement system for soil sample analysis; and, WHEREAS,Solum's first commercial application was a product that provided 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,thereby maximizing yields and controlling the cost of soil treatments; and, WHEREAS, Solum chose Ames as the center for agronomy and its lab is located on South Bell Avenue; and, WHEREAS, in February 2013, Solum entered into an economic development assistance agreement with the Iowa Economic Development Authority(IEDA), and the City of Ames was a party to the IEDA agreement as the local sponsor; and, WHEREAS, on February 14, 2014, Solum gave notice of its intent to sell the Ames-based business to an unnamed large agricultural company and has indicated that the buyer intends to maintain the business in Ames; and, WHEREAS, with the sale, Solum desires to terminate the agreement and be provided confirmation that parties of the agreement have no claims against the Solum business located in Iowa; and, WHEREAS, granting its request will release the funds for other uses. NOW, THEREFORE, BE IT RESOLVED,by the City Council of the City of Ames, Iowa, that termination of the contract for economic development assistance with the Iowa Economic Development Authority and Solum, Inc., is hereby approved. ADOPTED THIS 25th day of February, 2014. 1-�� A. Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Goodman Seconded by: Nelson Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 25th day of February, 2014.