11/14/2006 Resolutions 2006-340
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RES 0 L UTI 0 N 2006-340
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, O'Neill Wood Resources, has applied for a forgivable loan in the
amount of$45,000 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 of the
Economic Development Corporation and was approved on November 7, 2006 by the Citizens
Advisory Review Committee; and
WHEREAS, O'Neill Wood Resources 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 ofthe City to provide economic development
funding to O'Neill Wood Resources 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 O'Neill
Wood Resources, to provide a $45,000 in economic assistance through a forgivable loan to O'Neill
Wood Resources, to be used for establishing its business at 558 South Stuhr Road in Grand Island is
hereby approved.
BE IT FURTHER RESOL VED, 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, November 14,2006.
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Attest:
PJ\~ 2Q~
RaNae Edwards, City Clerk
Approved as to Form
November 13, 2006 C City Attorney
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