09/24/2024 Resolutions 2024-232 RESOLUTION 2024-232
WHEREAS, the City of Grand Island ("City") and Grand Island Area Economic
Development Corporation("GIAEDC") desire to cooperate with each other in order to deliver the
Economic Development Program ("Program") authorized by Chapter 38 of the Grand Island City
Code, the State by and through the Local Option Municipal Economic Development Act (Neb.
Rev. Stat. 18-2701 et seq), and the electorate of the City upon their approval of the City's
Economic Development Plan("Plan") during the 2022 election as codified in Ordinance Number
9908; and,
WHEREAS, the Plan, as adopted, incorporates the assistance of GIAEDC in
administering the City's LB840 Economic Development Activities ("Program") on behalf of the
City and places certain Program administration requirements with the City, by and through the
City Administrator (Program Administrator), including fiscal management of the Economic
Development Fund ("Fund") and oversight of the Revolving Loan Fund ("Loan Fund"); and,
WHEREAS, GIAEDC has proposed a fiscal year 2024-2025 contract amount of
$355,960 to cover administration costs of the Program and anticipates submitting additional
reimbursement requests to the City for prospect development expenses of up to $70,240.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND,NEBRASKA,that the Mayor is hereby authorized to enter
into and execute a contract for fiscal year 2024-2025 between the City and GIAEDC for the
administration of the Program in the amount of$355,960, payable quarterly from the Fund at the
beginning of each quarter of the fiscal year.
BE IT FURTHER RESOLVED, that the Program Administrator is hereby
authorized to make reimbursement payments from the Fund to GIAEDC not to exceed the sum of
$70,240, upon the submittal of appropriate receipts and Program expense documentation for
prospect development expenses associated with the implementation of the City's LB840 Economic
Development Activities as approved by the voters.
Adopted by the City Council of the City of Grand Island,Nebraska, September 24, 2024.
er 4i '2ayor
Attest:
Grin
Ji Granere, City Clerk