06/10/2003 Resolutions 2003-168
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RES 0 L UTI 0 N 2003-168
WHEREAS, on December 17, 2002, by Resolution 2002-394, the City of Grand
Island approved the Memorandum of Understanding Mutual Agreement for Inducement Loans and
Benefits 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 to lend funds and provide inducements in support of the operation of the Grand Island
manufacturing facility; and
WHEREAS, the Memorandum of Understanding provided that the parties would
participate in ajoint and mutual program to buy down the effective interest rates to be charged by the
Grand Island Partners (GIP), a consortium of financial institutions, for two potential loans to New
Holland North America which are generally described in such Memorandum of Understanding; and
WHEREAS, a CNH Interest Buydown Agreement has been drafted to accomplish this
provision of the Memorandum of Understanding; and
WHEREAS, according to the CNH Interest Buydown Agreement, the City would be
obligated to increase its annual budgeted appropriation to the Economic Development Corporation in
an amount sufficient to replace the program funds expending in buying down the interest rate(s) of
the GIP loans to Case New Holland; and
WHEREAS, a proposed CNH Interest Buydown Agreement has been reviewed and
approved by the City Attorney.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the CNH Interest Buydown Agreement
between the City, the Grand Island Area Economic Development Corporation, and Wells Fargo Bank
Nebraska as lead lender and acting on behalf ofthe Grand Island Partners, a Consortium of Financial
Institutions is hereby approved; and the Mayor is hereby authorized and directed to execute such
agreement on behalf of the City of Grand Island.
Adopted by the City Council of the City of Grand Island, Nebraska, June 10, 2003.
QS\~~ ffiw~
RaNae Edwards, City Clerk
Approved 85 to Form oJ
June 5, 2003 \{~City Attorney