GRAND ISLAND, NEB. (Aug. 8, 2005)-- Governor Dave Heineman awarded the City of Grand Island $254,000 Community Development Block Grant (CDBG) funding today to build a 50,000-sq. ft. building for a future new business or business expansion on 6.8 acres in the Platte Valley Industrial Park on South Highway 281 in Grand Island.

"Grand Island is clearly a community on the move, and this is another tool for its aggressive growth to continue," Gov. Heineman said. "We are encouraged by the economic development we are seeing all across Nebraska, and we are confident that grants like this one will help our state continue to attract new and improved opportunities."

The city will loan $250,000 to the Grand Island Area Economic Development Corp. (GIAEDC) to construct the facility on the eastern side of Gold Core Drive. The steel building will adjoin the Union Pacific rail spur on the east with its entrance facing west. The remaining $4,000 will be available to Grand Island for administrative costs.

Matching funds of $982,210 from Wells Fargo Bank Nebraska, N.A., and GIAEDC will assist with the facility's additional construction and land costs.

GIAEDC's goal is to attract a metalworking company that complements the city's existing Case/New Holland manufacturer, or a warehousing operation. The building will contain no internal electrical, plumbing, HVAC, or concrete work to allow potential new or expanding businesses the opportunity to develop it according to various business-specific needs.

Established in 1998, the Speculative Building Loan Program is part of the Nebraska Department of Economic Development's CDBG program funding that assists with the development of businesses and communities. Federal funds are made available to Nebraska from the U.S. Department of Housing and Urban Development.

CONTACT
Aaron Sanderford, Gov's Ofc., 402-471-1967
Stew Jobes, DED, 308-385-6355