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HomeMy WebLinkAbout~Master - Approving Support of Iowa Economic Development Authority Application for Financial Assistance for SmartAg RESOLUTION NO. 18-483 RESOLUTION APPROVING SUPPORT OF IOWA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE FOR SMARTAG, FOR THE CITY OF AMES,IOWA WHEREAS, SmartAg, LLC is a startup agriculture automation company that has developed a driverless tractor system that it will be bringing to the market in the near future; and, WHEREAS,the company is in the process of expanding and moving from the ISU Research Park to a building in the South Bell TIF District; and, WHEREAS, SmartAg has applied for economic development assistance from the Iowa Economic Development Authority(IEDA) for a project that includes the build-out and leasing of 10,000 square feet in a spec building located in the South Bell TIF district; and, WHEREAS, the project also includes employment growth to 40 full-time positions with 33 of the jobs above 120% of the IEDA Story County labor-shed rate of$26.11 per hour and seven jobs just below; and, WHEREAS,total investment expected for the project is$2.520,000,including a$50,000 forgivable loan as the local match, as well as other state tax credits and incentives; and, WHEREAS,the IEDA will review SmartAg'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 SmartAg application for IEDA assistance; and, WHEREAS, if the Council supports the application for assistance, the local match for the project will be a$50,000 forgivable loan to be funded half from the City'S Economic Development Fund and half 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 SmartAg,LLC,requesting economic development assistance from the IEDA with local match to be provided in the form of a forgivable loan in the amount of$50,000 is hereby approved. ADOPTED THIS 14th day of August, 2018. YV Diane R. Voss, City Clerk John- Haila, Mayor Introduced by: Beatty-Hansen Seconded by: Gartin Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 14' day of August, 2018.