07/13/2004 Resolutions 2004-170
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RES 0 L UTI 0 N 2004-170
WHEREAS, on July 22, 2003, the City of Grand Island adopted an Economic
Development Program and a Citizens Advisory Review Committee to oversee the process of
approving applications for economic development incentives; and
WHEREAS, Standard Iron and Wireworks, Inc. has applied for a forgivable loan in
the amount of $200,000 from the Grand Island Area Economic Development Corporation in
accordance with the Economic Development Program; and
WHEREAS, such application has been approved by the executive committee ofthe
Economic Development Corporation and was approved on June 21, 2004 by the Citizens Advisory
Review Committee; and
WHEREAS, Standard Iron and Wireworks, Inc. will be required to meet or exceed
employment numbers and employee salary levels as outlined in the Incentive Agreement for
Inducement Grants and Benefits to retain all of the economic incentives granted under the
agreement; and
WHEREAS, it is in the best interests of the City to provide economic development
funding to Standard Iron and Wireworks, Inc. as provided by the Grand Island Economic
Development Program.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Incentive Agreement for Inducement
Grants and Benefits by and between the City and the Grand Island Area Economic Development
Corporation to provide $200,000 in economic assistance through a forgivable loan to Standard Iron,
Inc., a Nebraska corporation, to be used for relocating Standard Iron, Inc. to Grand Island, Nebraska,
is hereby approved.
BE IT FURTHER RESOLVED, that 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, July 13, 2004.
Q~l{lL m~
RaNae Edwards, City Clerk
Approved as to Form J:l
July 9, 2004 J:l City Attorney