02/26/2008 Resolutions 2008-76RESOLUTION 2008-76
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, Nova-Tech, Inc., has applied for a forgivable loan for job incentive in
the amount of $60,000.00 and $100,000.00 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 February 19, 2008 by the Citizens
Advisory Review Committee; and
WHEREAS, Nova-Tech, Inc. 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 Nova-Tech, Inc. 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 Nova-Tech,
Inc., to provide $160,000.00 in economic assistance toNova-Tech, Inc., to be used for expanding its
business at 1982 East Citation Way 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.
Marga et Hornady, Mayor
Attest:
o.Q. ~~,
RaNae Edwards, City Clerk
Approved as to Form °-
February 25, 2008 a City Attorney