02/26/2008 Resolutions 2008-75RESOLUTION 2008-75
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, Hastings Foods, LLC, has applied for a forgivable loan for job incentive
and infrastructure in the amount of $70,000.00 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 of the
Economic Development Corporation and was approved on February 19, 2008 by the Citizens
Advisory Review Committee; and
WHEREAS, Hastings Foods, LLC 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 Hastings Foods, LLC 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 Hastings
Foods, LLC, to provide $70,000.00 in economic assistance to Hastings Foods, LLC, to be used for
expanding its business at 3321 Island Circle 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 26, 2008.
Margar t Horna y, ayor
Attest:
RaNae Edwards, City Clerk
Approved as to Form c
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February 25, 2008 ~ City Attorney