05/22/2007 Resolutions 2007-129RESOLUTION 2007-129
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, Principal Life Insurance Company has applied for a forgivable loan for
job incentive in the amount of $300,000.00 and $30,000.00 towards infrastructure 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 May 15, 2007 by the Citizens Advisory
Review Committee; and
WHEREAS, Principal Life Insurance Company 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 Principal Life Insurance Company 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 Principal Life
Insurance Company, to provide $330,000.00 in economic assistance to Principal Life Insurance
Company, to be used for expanding its business at 3025 West College Street 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, May 22, 2007.
Margar Hornady, ayor
Attest:
Q~.~ ~
RaNae Edwards, City Clerk
Approved as to Form o
May 21, 2007 o City Attorney