11/14/2006 Resolutions 2006-339
I
I
RES 0 L UTI 0 N 2006-339
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, CNH America, L.L.C., a limited liability company, has applied for a
forgivable loan in the amount of $200,000 and $100,000 towards construction of the plant addition
and $25,000 towards the training of new employees 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, CNH America, L.L.c. 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 CNH America, L.L.c. 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 CNH
America, L.L.c., a limited liability company, to provide $325,000 in economic assistance to CNH
America, L.L.c., to be used for expanding its business at 3445 West Stolley Park Road 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, November 14, 2006.
Attest:
_0'
/
,,~
QJ\.~ ffi~J
RaNae Edwards, City Clerk
Approved as to Form C
November 15, 2006 C City Attorney
,,,""
..,.";:'~,,..
',.
4.
~ llLlf. r..-fir _OJ,;