12/17/2002 Resolutions 2002-394
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RES 0 L UTI 0 N 2002-394
WHEREAS, during the summer of2000, CNH Global, the parent company of the
local New Holland manufacturing plant, announced that it was closing 20 percent of its
manufacturing plants worldwide and reduce its workforce by approximately 20 percent; and
WHEREAS, as an incentive to keep the local manufacturing plant in operation, City
officials, the State of Nebraska and various local agencies and lending institutions partnered together
to formulate a plan to assist New Holland in its efforts to remain in the Grand Island area; and
WHEREAS, it was determined that the Grand Island New Holland facility would be
used exclusively for the production of modem harvesting machinery; and
WHEREAS, a proposed Memorandum of Understanding Mutual Agreement for
Inducement Loans and Benefits has been prepared to provide incentives to New Holland for
remaining in the community.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Memorandum of Understanding Mutual
Agreement for Inducement Loans and Benefits is hereby approved by and between New Holland
North America, Inc., the City of Grand Island, the Grand Island Area Economic Development
Corporation, and Wells Fargo Bank Nebraska as lead lender of Grand Island Partners which sets out
the terms, conditions, and commitments of the respective parties to lend funds and provide
inducements in support of the operation of the Grand Island manufacturing facility.
Adopted by the City Council of the City of Grand Island, Nebraska on December 17, 2002.
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RaNae Edwards, City Clerk
Approved as to Form T ~
December 12, 2002 A. City Attorney