07/27/2010 Resolutions 2010-208RESOLUTION 2010-208
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, Hornady Manufacturing, Inc. has applied for a forgivable loan in the
amount of $200,000.00 towards job incentives and building expansion 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 of the
Economic Development Corporation and was approved on July 20, 2010 by the Citizens Advisory
Review Committee; and
WHEREAS, Hornady Manufacturing, Inc. 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, it is in the best interests of the City to provide economic development
funding to Hornady Manufacturing, 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 Economic Development Agreement by and
between the City, the Grand Island Area Economic Development Corporation and Hornady
Manufacturing, Inc., to provide $200,000.00 in economic assistance to Hornady Manufacturing, Inc.,
to be used for developing its business 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, July 27, 2010.
l~i~.. ~___ _
Margaret ornady, Mayor
Attest:
RaNae Edwards, City Clerk
Approved as to Form a
July 26, 2010 n City Attorney