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HomeMy WebLinkAbout~Master - Economic Development Tax Exemption Incentive Agreement with Workiva RESOLUTION NO. 14-514 RESOLUTION APPROVING ECONOMIC DEVELOPMENT TAX EXEMPTION INCENTIVE AGREEMENT WITH WORKIVA FOR THE CITY OF AMES,IOWA WHEREAS, Workiva(formerly WebFilings)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), as well as other reporting products; and, WHEREAS, Workiva has software development, sales and marketing support operations located in the ISU Research Park,and it has received economic development assistance for a project that included 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, to incentivize Workiva's jobs creation, the Iowa Economic Development Authority(IEDA)has agreed to provide$5,500,000 in incentives to the company($500,000 in sales tax rebates, $2,500,000 in the form of a no interest loan, and a $2,500,000 grant); 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 the October 29, 2013, meeting,the City Council approved general terms of an agreement to provide a local match and directed City Staff to develop a contract that meet certain terms; and, WHEREAS,City staff has worked out an agreement with Workiva that meets all of the basic terms set by the City Council, and the Council may now proceed with action to approve the local match requirements for the IEDA economic development assistance for business expansion in Ames. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Economic Development Property Tax Exemption Agreement with Workiva in an amount not to exceed$2,740,000 as a local match to the IEDA economic development assistance is hereby approved. ADOPTED THIS 23' day of September, 2014. cl�,'�R A. cam'• �l�•w Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Nelson Seconded by: Orazem Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 23"day of September, 2014.