02/10/2009 Resolutions 2009-37RESOLUTION 2009-37
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, Ace Machine Shop & Sales, Inc. has applied for a forgivable loan in the
amount of $32,500 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 3, 2009 by the Citizens Advisory
Review Committee; and
WHEREAS, Ace Machine Shop & Sales, 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 Ace Machine Shop & Sales, 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 Ace Machine Shop
& Sales, Inc., to provide a $32,500 in economic assistance through a forgivable loan to Ace Machine
Shop & Sales, Inc., to be used for establishing its business at 1104 West Oklahoma 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 10, 2009.
Margaret ornady, Mayor
Attest:
RaNae Edwards, City Clerk
Approved as to Form ^ ° J/ ;`~ ,
February 9, 2009 ^ City Attorney