02/22/2011 Resolutions 2011-47RESOLUTION 2011-47
WHEREAS, on July 22, 2003, the City of Grand Island adopted an Economic
Development Program and a Citizens Advisory Review Committee to oversee the process of
approving applications for economic development incentives; and
WHEREAS, Standard Iron, Inc. has applied for a forgivable loan for job incentive and
infrastructure in the amount of $225,000.00 from the Grand Island Area Economic Development
Corporation in accordance with the Economic Development Program; and
WHEREAS, such application has been approved by the executive committee ofthe
Economic Development Corporation and was approved on February 8, 2011 bythe Citizens Advisory
Review Committee; and
WHEREAS, Standard Iron, Inc. will be required to meet or exceed employment
numbers and employee salary levels as outlined in the Economic Development Agreement to retain all
of the economic incentives granted under the agreement; and
WHEREAS, it is in the best interests of the City to provide economic development
funding to Standard Iron, Inc. as provided by the Grand Island Economic Development Program.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Economic Development Agreement by and
between the City, the Grand Island Area Economic Development Corporation and Standard Iron,
Inc., to provide $225,000.00 in economic assistance to Standard Iron, Inc., to be used for expanding
its business in Grand Island is hereby approved.
BE IT FURTHER RESOLVED, that the Mayor is hereby authorized and directed to
execute such agreement on behalf of the City of Grand Island.
Adopted by the City Council of the City of Grand Island, Nebraska, February 22, 2011.
Attest:
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RaNae Edwards, City Clerk
Approved as to Form n ~_
February 21, 2011 n City Attorney