07/28/2009 Resolutions 2009-184RESOLUTION 2009-184
WHEREAS, the City has a Deed of Trust filed on property in the Platte Valley
Industrial Park in the amount of $250,000 to secure Community Development Block Grant funds
that were loaned to the Grand Island Area Economic Development Corporation; and
WHEREAS, the GIAEDC is requesting the City forgive the loan dated October 4,
2007 in the amount of $250,000 and release the Deed of Trust filed for record on the 5th day of
October, 2007 and recorded as Instrument No. 0200708621 in the office of the Register of Deeds
of Hall County, Nebraska, ;and
WHEREAS, the terms set forth in a July 2005 Memorandum of Understanding
between the City of Grand Island, the Nebraska Department of Economic Development, and the
Economic Development Corporation have been met;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, that the City of Grand Island does hereby
forgive the loan to Grand Island Area Economic Development Corporation dated October 4,
2007 in the amount of $250,000 and releases the Deed of Trust dated October 4, 2007 and
recorded as Instrument No. 0200708621 in the office of the Register of Deeds, Hall County,
Nebraska. The Mayor is authorized and directed to sign the request for reconveyance to the
trustee.
Adopted by the City Council of the City of Grand Island, Nebraska, July 28, 2009.
M rgaret Hornady, Mayor
Approved as to Form n "t .3~+1r.
July 27, 2009 n City Attorney