SUBSTITUTE ADOPTED - JUNE 8, 2004

Agenda Item No. 13



Introduced by the County Services and Finance Committee of the:



INGHAM COUNTY BOARD OF COMMISSIONERS



RESOLUTION AUTHORIZING THE SUBMISSION OF A COMMUNITY DEVELOPMENT BLOCK GRANT BUSINESS LOAN PROJECT APPLICATION IN THE AMOUNT OF $500,000 TO ADVANCE THE NEOGEN CORPORATION ECONOMIC DEVELOPMENT



RESOLUTION #04-173



WHEREAS, Ingham County has adopted a Community Development Statement, as required by the Community Development Block Grant Business Loan Program application process; and



WHEREAS, the loan of $500,000 to the Neogen Corporation for the purpose of purchasing new equipment and machinery necessary to expand their business operations in the City of Lansing is consistent with the Community Development Statement; and



WHEREAS, the proposed expansion of business operations and the resulting creation of not less than 50 new full time positions by the Neogen Corporation will be, to the maximum extent possible, of benefit to low and moderate income persons; and



WHEREAS, at least 51% of the beneficiaries of the proposed project will be low and moderate income persons.



THEREFORE BE IT RESOLVED, that the County Controller is authorized to direct the preparation of and submit to the Michigan Economic Development Corporation a Community Development Block Grant Business Loan Program application in the amount of $500,000 to assist in the purchase of new machinery and equipment by Neogen Corporation.



BE IT FURTHER RESOLVED, that the County Board of Commissioners authorizes acceptance of the grant, should it be awarded, provided such award is substantially as requested in the grant application and authorizes the Board Chair and the County Clerk to sign the grant agreement with the Michigan Economic Development Corporation.



BE IT FURTHER RESOLVED, that the County Controller is authorized to act as signatory, on behalf of Ingham County, for purposes of this loan.



COUNTY SERVICES: Yeas: Thomas, De Leon, Hertel, Severino, Nevin

Nays: None Absent: Swope Approved 6/2/04



FINANCE: Yeas: Lynch, Grebner, Dedden, De Leon, Thomas, Minter

Nays: None Absent: None Approved 6/3/04