04/12/2005 Resolutions 2005-73
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RES 0 L UTI 0 N 2005-73
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, CXT Incorporated, an L.B. Foster Company, has applied for a forgivable
loan in the amount of $100,000 and a $100,000 infrastructure grant 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 February 15, 2005 by the Citizens
Advisory Review Committee; and
WHEREAS, CXT Incorporated will be required to meet or exceed employment
numbers and employee salary levels as outlined in the Economic Development Agreement to retain
all of the economic incentives granted under the agreement; and
WHEREAS, the Economic Development Agreement has been accepted by the
Executive Board ofthe Economic Development Corporation and reviewed and accepted by members
of the Citizens Review Committee; and
WHEREAS, it is in the best interests of the City to provide economic development
funding to CXT Incorporated 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 Economic Development Agreement by
and between the City, the Grand Island Area Economic Development Corporation and CXT
Incorporated, an L.B. Foster Company, to provide a $100,000 infrastructure grant and $100,000 in
economic assistance through a forgivable loan to CXT Incorporated, to be used for establishing its
business at 710 East Highway 30 in Grand Island 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, April 12, 2005.
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RaNae Edwards, City Clerk
Approved as to Form J:l
April 6. 2005