04/14/2026 Resolutions 2026-98 RESOLUTION 2026-98
WHEREAS, The Local Option Municipal Economic Development Act, ("Act")Neb. Rev.
Stat. 18-2701, et seq., was passed by the Nebraska Legislature which found: (1) there is a high
degree of competition among states and municipalities in our nation in their effort to provide
incentives for businesses to expand or locate in their respective jurisdictions; (2)municipalities in
Nebraska are hampered in their efforts to effectively compete because of their inability under
Nebraska law to respond quickly to opportunities or to raise sufficient capital from local sources
to provide incentives for the provision of new services or business location or expansion decisions
which are tailored to meet the needs of the local community; (3) the ability of a municipality to
encourage the provision of new services or business location and expansion has a direct impact
not only upon the economic well-being of the community and its residents but upon the whole
State as well; and (4) there is a need to provide Nebraska municipalities with the opportunity of
providing assistance to business enterprises in their communities, whether for expansion of
existing operations,the creation of new businesses, or the provision of new services,by the use of
funds raised by local taxation when the voters and the municipality determine that it is in the best
interest of their community to do so; and
WHEREAS, the City of Grand Island has received a request for LB 840 funding from a
newly created entity Grand Island Expo Events & Livestock, Inc. (GI Expo), a Nebraska 501c(3)
Corporation, which is a subsidiary non-profit of the Hall County Livestock Improvement
Association (dba Fonner Park). GI Expo seeks to take over the operation of agricultural livestock
shows previously ran and administered by the Grand Island Livestock Complex Authority, a now
defunct organization; and,
WHEREAS, GI Expo filed an application for LB840 Revolving Loan funds on October
21, 2025; and
WHEREAS, the Grand Island Area Economic Development Corporation elected trustees
approved the application on March 2, 2026; and
WHEREAS, such request would require economic development loans totaling six hundred
thousand dollars ($600,000.00), to be distributed over two terms ($300,000 each term) in support
of expenses and operational expenses for the support of these agricultural shows to be hosted on
Fonner Park's campus ; and,
WHEREAS,the City appropriates,at the authorization of voters$950,000 per year in L840
funding, of which $405,288 is provided to GIAEDC for program administration; and,
WHEREAS, the City currently has $986,092 in available funds not otherwise committed
to other previously approved projects, resulting in sufficient funds being budgeted and
appropriated to fund the project request; and,
WHEREAS,by and through approval of this request the City Council understands it would
be entering into a loan agreement with GI Expo ("Borrower"), for direct financial assistance
pursuant to the terms and conditions set forth therein, including approval of forgiveness terms
incorporated therein; and,
WHEREAS,by and through approval of this request the City Council understands it would
be authorizing the development and execution of a loan agreement with GI Expo ("Borrower"),
for direct financial assistance and any forgiveness terms incorporated therein; and,
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF GRAND ISLAND,NEBRASKA: That the Mayor be authorized to execute a Loan
Agreement to be prepared and finalized by the City and any and all documents necessary to issue
said revolving loan between the City of Grand Island for direct financial assistance for the support
and delivery of agricultural shows to be hosted on Former Park's Campus by GI Expo for an
economic development loan totaling six hundred thousand dollars ($600,000.00), from funds
derived from LB 840 funds, and to execute all documents in accordance with the provisions of the
same as outlined herein.
Adopted by the City Council of the City of Grand Island,Nebraska, April 14, 2026.
(Roger G. Steele, Mayor
Attest:
,�, K-u-,,er-e
Ji Granere, City Clerk