04/10/2000 Resolutions 2000-108
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RES 0 L UTI 0 N 2000-108
WHEREAS, on June 13, 1994, by Resolution 94-147, the City of Grand Island
approved a Community Development Block Grant (CDBG) Income Reuse Plan for the Economic
Revolving Loan Fund; and
WHEREAS, as a result of CDBG loan repayments, said revolving loan fund currently
contains approximately $96,344 and continues to increase as a result of loan repayments; and
WHEREAS, the Nebraska Department of Economic Development (DED) has pre-
approved a CDBG loan request from Overhead Door, Inc. (Borrower) in the amount of$500,000 to
fund a second plant expansion which will create 55-60 new jobs, paying an average of$11 per hour;
said expansion being in addition to an earlier announcement which would create 128 new jobs; and
WHEREAS, as a condition of its loan commitment, the DED is requiring the City of
Grand Island to commit $96,344 of its revolving loan fund as a partial source for the $500,000 loan
to the borrower; and
WHEREAS, the borrower would repay the CDBG loan to the City's revolving loan
fund to be used for future economic development projects; and
WHEREAS, the grant application for the CDBG loan must be made to the DED by
the City, and the City is required to administer such loan to the borrower; and
WHEREAS, the City shall receive consideration in the amount of $5,000 from the
DED for such grant administrative work; and
WHEREAS, the Community Development Department and the office of the City
Attorney have reviewed the grant application and approved said documents and recommend that the
City proceed with the grant application for final consideration by the DED.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized to proceed
with the formulation of any and all contracts, documents and other memoranda between the City of
Grand Island and the Nebraska Economic Development Department to effect acceptance ofthe grant
application as outlined above.
Adopted by the City Council of the City of Grand Island, Nebraska on April 10, 2000.
cm~J&tn~~ryJ
Approved as to Form T ~
April?,2000 ... City Attorney