04/08/2025 Resolutions 2025-125 RESOLUTION 2025-125
WHEREAS, the City of Grand Island has adopted an Economic Development
Program and authorized the Grand Island Area Economic Development Corporation, in
conjunction with the City Administrator, to oversee the process of approving applications for
economic development incentives; and
WHEREAS, Dramco Tool Company ("Dramco") has applied for LB840 funds to
assist in the hiring, and training, of ten (10) new full time equivalent employees through 2029;
and,
WHEREAS, Dramco has requested $120,000 in funding over the next four years
for job creation and $40,000 in funding over the next four years for job training; and,
WHEREAS, Dramco has requested that these funds be disbursed as follows:
Job Creation Grant(10 new FT employees by 2029)
o $48,000 to be disbursed within 30 days of April 8, 2026.
• Conditioned on having 62 FTE.
o $24,000 to be disbursed within 30 days of April 8, 2027.
• Conditioned on having 64 FTE.
o $24,000 to be disbursed within 30 days of April 8, 2028.
• Conditioned on having 66 FTE.
o $24,000 to be disbursed within 30 days of April 8, 2029.
• Conditioned on having 68 FTE.
Job Training Grant(10 new FT employees by 2029)
o $10,000 to be disbursed within 30 days of April 8, 2026.
• Conditioned on having 62 FTE.
o $10,000 to be disbursed within 30 days of April 8, 2027.
• Conditioned on having 64 FTE.
o $10,000 to be disbursed within 30 days of April 8, 2028.
• Conditioned on having 66 FTE.
o $10,000 to be disbursed within 30 days of April 8, 2029.
• Conditioned on having 68 FTE.
WHEREAS, this requested grant represents approximately 10% of the costs
Dramco estimates they will incur related to job creation and training for these positions; and,
WHEREAS, such application has been reviewed and approved by the City
Administrator, serving as the LB840 Program Administrator; and
WHEREAS, it is in the best interests of the City to provide economic development
funding to Dramco Tool Company 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 a reimbursable job training grant in an
amount not to exceed $40,000.00 is hereby approved, and the Mayor is authorized to sign the
agreement on behalf of the City of Grand Island.
BE IT FURTHER RESOLVED,that a reimbursable job creation grant in an amount
not to exceed $120,000.00 is hereby approved, and the Mayor is authorized to sign the agreement
on behalf of the City of Grand Island.
Adopted by the City Council of the City of Grand Island,Nebraska, April 8, 2025
Rog G. Steele, Mayor
Attest:
f`?-i1t,
Ji Granere, City Clerk
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