12/19/2006 Resolutions 2006-370
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RES 0 L UTI 0 N 2006-370
WHEREAS, in 1993 Nova-Tech, Inc., was the recipient of a 5% Community
Development Block Grant in the amount of $340,500 at 5% interest for working capital; and
WHEREAS, the City of Grand Island and Nova-Tech, Inc., entered into
Memorandum of Understanding CDBG No. 93-ED-018, on or about February 14, 1994, wherein
Nova- Tech, Inc., agreed to repay the loan in 25 installments following a $17,000.00 initial interest
payment; and
WHEREAS, the City of Grand Island and Nova-Tech, Inc, have agreed to restructure
the repayment provisions of the loan set forth in the Memorandum of Understanding, wherein
interest accrued to date shall be forgiven, a 0% interest rate assigned to the negotiated account,
Nova- Tech, Inc., shall pay $50,000.00 to the City of Grand Island on or before January 15, 2008;
and
WHEREAS, the proposed Amendment to Memorandum of Understanding, CDBG
No. 93-ED-0 18 has been reviewed and approved by the Interim City Attorney.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Amendment to Memorandum of
Understanding, CDBG No. 93-ED-0 18 between the City of Grand Island and Nova- Tech, Inc., for a
restructure of repayment provisions is hereby approved; and the Mayor is hereby authorized and
directed to execute such Amendment to Memorandum of Understanding on behalf of the City of
Grand Island.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that
Adopted by the City Council of the City of Grand Island, Nebraska, December 19,2006.
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Margaret ornady, Mayor
Attest:
Approved as to Form C
December 14, 2006
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