HomeMy WebLinkAbout~Master - Termination of the IEDA and Local Economic Development Assistance Agreements with SmartAg and Xpanxion LLC RESOLUTION NO. 19-275
RESOLUTION APPROVING TERMINATION OF THE IEDA AND LOCAL
ECONOMIC DEVELOPMENT ASSISTANCE AGREEMENTS WITH
SMARTAG AND XPANXION, LLC,
FOR THE CITY OF AMES,IOWA
WHEREAS, in 2016,the City entered into Economic Development Agreements with local
software service company Xpanxion, LLC, as the local sponsor for Iowa Economic Development
Authority (IEDA) assistance and a separate agreement to provide a local match in the form of a
$36,000 forgivable loan; and,
WHEREAS, in late 2018 and early 2019, the City entered into similar agreements with ag
technology company, SmartAg,with a $50,000 forgivable loan as the local match; and,
WHEREAS, no funding or benefit has been provided under the IEDA and local match
agreements for both companies and both have requested to rescind the agreements; and,
WHEREAS,it is the City's understanding that both companies are continuing with expansion
in Ames, but possibly to a lesser extent and have secured other funding.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the termination of the IEDA and local Economic Development Assistance Agreements with
SmartAg and Xpanxion, LLC, are hereby approved.
ADOPTED THIS 11`h day of June, 2019.
A-11 , "- /' 'A
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Gartin
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this I I'day of June, 2019.