HomeMy WebLinkAbout2006-07-24-Resolutions 06-149_Grant Appl - CEBA - MortgageHubRESOLUTION 06-149
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA
AUTHORIZING THE MAYOR TO SIGN THE APPLICATION AND THE CITY
ADMINISTRATOR TO ACT ON THE CITY'S BEHALF IN THE FILING OF AN
APPLICATION TO THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT FOR
ASSISTANCE TO MORTGAGEHUB,UNDER THE CEBA PROGRAM.
WHEREAS,under the terms of Iowa Code Sections 15.315 through 15.320 establishing the
Community Economic Development Betterment Account (CEBA),and administrative rules of the
Iowa Department of Economic Development,the State of Iowa has authorized the making of
grants and loans to cities to aid in financing of specific economic development projects,and;
WHEREAS,the purpose of the CEBA program is to assist communities and rural areas of the
State ofIowa with their economic development efforts,and to increase employment opportunities
for Iowans by increasing the level of economic activity and development within the State,and;
WHEREAS,only a political subdivision of the State ofIowa may apply to receive funds for any
of the purposes specified in Iowa Code Sections 15.315 through 15.320,and;
WHEREAS,the political subdivision shall make application to the department specifying the
purpose for which the funds will be used,and;
WHEREAS,MortgageHub moved the company and its employees from Conshohocken,
Pennsylvania to Urbandale Iowa,and;
WHEREAS,MortgageHub has recently purchased a building located at 275 NE Venture Drive in
Waukee and is requesting that Waukee assume the responsibilities as sponsoring governmental
agency for the CEBA grant the company was awarded on July 21,2005.
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF WAUKEE DOES AS
FOLLOWS:
SECTION 1.The City of Waukee endorses the MortgageHub project.
SECTION 2.An immediate,non speculative opportunity exists for permanent job retention and
creation.
SECTION 3.The proposed CEBA funds al'e necessary for the retention and expansion of
MortgageHub in Waukee,Iowa.
SECTION 4.An immediate commitment is necessary because the project is dependent upon the
CEBA funds for the working capital,building remodeling and the purchase of fumiture and
fixtures and computer hardware associated with this project.
SECTION 5.The Mayor ofthe City of Waukee is hereby authorized to execute and file an
application as the sponsoring governmental agency on behalf of the City of Waukee with the
State ofIowa for the existing $75,000 Forgivable CEBA loan and $75,000 CEBA loan to aid in
financing the proj ect.1
SECTION 6.The City Council hereby approves the submission of the CEBA application to
the Iowa Department of Economic Development
SECTION 7.The State ofIowa requires Cities to demonstrate local commitment to projects
they sponsor.The City of Waukee will meet its local financial commitment by entering into an
agreement with the company to provide a nonforgivable $15,000 loan at one percent (1 %)
interest for one (1)year secured by the company's building after execution of the prior
agreement.
Passed by the City Council of the City of Waukee,Iowa,and approved this the 24th day of
July 2006.~,,6
L~Peard,Mayor
Attest:
John .on,Interim City Administrator/Clerk
ROLL CALL VOTE
Donald L.Bailey,JI.
Isaiah McGee
Jeff Mertz
Darlene Stanton
Mike Watts
AYE
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NAY ABSENT
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