04/10/2012 Resolutions 2012-101RESOLUTION 2012-101
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, Medbery Fabrication LLC has applied for a forgivable loan for job
incentive and equipment in the amount of $76,000.00 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 Apri13, 2012 by the Citizens Advisory
Review Committee; and
WHEREAS, Medbery Fabrication 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 Medbery Fabrication 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 Medbery
Fabrication LLC, to provide $76,000.00 in economic assistance to Medbery Fabrication LLC, to be
used for expanding its business 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, .�pril 10, 2012.
Attest:
0. o.r�. (,,�oJ�.,
RaNae Edwards, City Clerk
ay V
Approved as to Form �
Apri1 9, 2012 a ity A rney