11/04/2008 Resolutions 2008-318RESOLUTION 2008-318
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of Tnist
dated October 4, 2007 and recorded on October 5, 2007, as Instrument No. 0200708621, in the
amount of$250,000.00, secured by property described as follows:
Lot One (1), Platte Valley Industrial Park Sixth Subdivision, in the City of Grand Island, Hall
County, Nebraska. (Formerly known as Lot 7, Platte Valley Industrial Park Third Subdivision in
said City).
WHEREAS, Grand Island Area Economic Development Corporation wishes to sell the
property in furtherance of its mission and in compliance with a CDBG program loan affecting the
property; and
WHEREAS, the value of the above-described real estate is sufficient to adequately secure
both loans; and
WHEREAS, the requested subordination of the City's lien priority is in the best interests of all
parties.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized and directed to
execute an agreement subordinating the lien priority of the above described Deed of Trust to the City of
Grand Island, as beneficiary to that of the new loans and Deeds of Tn~st of Platte Valley State Bank &
Trust and Nebraska Economic Development Corporation ("NEDCO") and/or U.S. Small Business
Administration ("SBA"), Beneficiary, as more particularly set out in the subordination agreement
Adopted by the City Council of the City of Grand Island, Nebraska, November 4 , 2008.
Margar Hornady, Mayor
Attest:
ds, City Clerk
/,~~.~,
Approved as to Form n _
October 31, 2008 o City Attorney