09/24/2019 Resolutions 2019-301RESOLUTION 2019-301
WHEREAS, on November 6, 2012, 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, Dramco Tool Co., Inc. has applied for a forgivable loan for j ob creation,
job training, and infrastructure support in the amount of $150,000.00 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 on February 21, 2019 and was approved on March 7, 2019 by
the Citizens Advisory Review Committee; and
WHEREAS, Dramco Tool Co., 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 Dramco Tool Co., 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 of Grand Island, the Grand Island Area Economic Development Corparation
and Dramco Tool Co., Inc., to provide $150,000.00 in economic assistance to Dramco Tool Co., Inc.
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, September 24, 2019.
Attest:
RaNae Edwards, City Clerk
c__...
r G. Steele, Mayor
Approved as to Form �
September 23, 2019 tt City Attorney