GIDA Approvees Festival Funding

Members of the Grove Industrial Development Authority voted 4-0 with one abstention to approve funds for the American Heritage Festival held annually in June in the amount of $15,000, contingent upon receiving funds from the City and receiving a detailed financial report at the end of the festival from festival officials.
Mayor Nuckolls voted to abstain, saying "we must treat everyone fairly."
The board voted to not sell two acres at the Industrial Park, as it was a non-commercial venture. As guidance for the city manager, the board said the park should not be used without a specific reason, is it was for companies that would create new jobs.
The board approved a resolution to approve borrowing of funds from GMSA pertaining to the CDBG-EDIF 2006 grant application for expansion at Pride Plating, and approved authorization to solicit bids for construction of the Pride Plating project.
The City has been approved for an Oklahoma Department of Commerce Development Block Grand-Loan program in the amount of $220,000 of which $100,000 is the grant portion and $120,000 is the loan portion, for Pride Plating. GIDA has been designated as the borrower, and GMSA as the lendor, for the loan portion. Ron Lay of Pride Plating said the expansion would allow the company to add 16-30 jobs.
The board also approved the draft lease agreement with the City for property transferred from GIDA to the city, except for the Civic Center which was not transferred. One modification made was that the least will automatically renew, not terminate at the end of the term; a similar modification was passed by the airport trust authorities last week for its transferred property.