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Home My WebLink About~Master - Endorsing Iowa Economic Development Authority Application for Finanical Assistance for 3M Company RESOLUTION NO. 18-523 RESOLUTION ENDORSING IOWA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE FOR 3M COMPANY FOR THE CITY OF AMES WHEREAS, the 3M Company has applied for economic development assistance from the Iowa Economic Development Authority(IEDA)to expand operations at the Ames plant; and, WHEREAS,the application does not include a request for a local match,but local sponsorship of the application is required to proceed; and, WHEREAS, the project will include converting approximately 30,000 square feet of space at the Ames plant currently used for warehousing and light manufacturing to a more intense manufacturing use; and, WHEREAS,total investment expected for the project is$30,185,400,including a$2,278,477 assistance package from IEDA,primarily in the form of investment tax and other state tax credits;and, WHEREAS, this project utilizes existing buildings at the Ames facility and is expected to create an additional 16 jobs; and, WHEREAS,the City's involvement will be administrative as the local sponsor; and, WHEREAS,the IEDA will review the 3M application for assistance on September 21,2018, and for the IEDA to continue consideration of this project, the City Council must adopt a resolution supporting the submittal of the 3M application for IEDA assistance. NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Ames,Iowa, that support of the submittal of an application from the 3M Company requesting economic development assistance from the Iowa Economic Development Authority is hereby approved,with no local match from the City of Ames. ADOPTED THIS 1 Vh day of September, 2018. 'AaAoty�� Diane . Voss, City Clerk John . Haila, Mayor Introduced by: Beatty-Hansen Seconded by: Betcher Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 11' day of September, 2018.