2011-15RESOLUTION NO. 2011- 15
COUNCILMEMBER WOLFF INTRODUCED THE FOLLOWING RESOLUTION:
WHEREAS, an Agreement between the City of Blair, Nebraska, and Ximerex has been
prepared and presented to the City Council providing for the terms and provisions for repayment to
the City of LB 840 funds due to the failure to meet the job creation requirements, a copy of which
Agreement is attached hereto, marked Exhibit "A" and by this reference made a part hereof, and
WHEREAS, the terms and conditions thereof are acceptable to the municipality.
NOW, THEREFORE, BE IT RESOLVED that said Agreement referred to hereinabove is
hereby adopted and accepted by the City of Blair and the Mayor and City Clerk are hereby authorized
and directed to execute same on behalf of the municipality.
COUNCIL MEMBER KEPHART MOVED THAT THE RESOLUTION BE ADOPTED AS READ,
WHICH SAID MOTION WAS SECONDED BY COUNCIL MEMBER JENSEN. UPON ROLL
CALL, COUNCIL MEMBERS VOTING "AYE" SHEPARD, STEWART, KEPHART, RYAN,
WOLFF, HALL AND JENSEN. COUNCIL MEMBERS NONE VOTING "NAY ", THE MAYOR
DECLARED THE FOREGOING RESOLUTION PASSED AND ADOPTED THIS 26TH DAY OF
APRIL, 2011.
CITY OF BLAIR, NEBRASKA
ATTEST:
BRENDA R. WHEELER, CITY CLERK
(SEAL)
STATE OF NEBRASKA )
) :ss:
WASHINGTON COUNTY )
BY`
< 5AES REALPH, MAYO
BRENDA R. WHEELER hereby certifies that she is the duly appointed, qualified and acting City
Clerk of the City of Blair, Nebraska, and that the above and foregoing Resolution was passed and
adopted at a regular meeting of the Mayor and City Council of said city held on the 26th day of
April, 2011.
BRENDA R. WHEELER, CITY CLERK
AGREEMENT
WHEREAS, the City of Blair entered into an agreement and promissory note with
Ximerex through the City of Blair Local Municipal Economic Development Program
(LB840) on August 29, 2007; and
WHEREAS, the agreement provided Ximerex funding for the amount of $21,375.00
for job creation and $26,019.00 to assist in securing a building and equipment; and
WHEREAS, the agreement called for Ximerex to create 9.5 new fulltime equivalent
positions and a minimum of $260,193.00 in equity investment by August 29, 2008 and
maintained for 36 months; and
WHEREAS, Ximerex was required to provide a $50,000.00 life insurance on Dr.
Beschorner, the principle investor to provide security for promissory note; and
WHEREAS, the agreement was amended June 1, 2010 to reduce the job
requirements to four (4) full time equivalent positions and provide the recapture of
$12,375.00 for the reduced job creation; and
WHEREAS, Ximerex has still failed to continually maintain the required job creation;
and
WHEREAS, due to the death of Dr. Beschorner the proceeds of the life insurance
policy are available to the City of Blair; and
WHEREAS, Ximerex and the City of Blair propose a settlement agreement to allow
Ximerex to complete their obligations to the City of Blair.
NOW, THERFORE, it is agreed between the City of Blair and Ximerex that:
1. City of Blair acknowledges Ximerex has met its obligations to the City
under the original agreement for investment by maintaining
the business for over three (3) years.
2. Ximerex acknowledges that they have failed to meet the job creation
requirements of the original and amended agreements, and that the
City of Blair will recapture the total $21,375.00 for job creation from
the proceeds of the life insurance, minus any funds repaid to date
under amended loan agreement.
3. The City will refund Ximerex the proceeds of the life insurance, minus
the amount of recapture outlined above within fifteen (15) days of
the receipt of said life insurance proceeds.
4. That upon refund of life insurance proceeds outlined above, the City
of Blair will acknowledge that Ximerex has met all conditions of the
original agreements and shall release all liens recorded pursuant , to
said agreements.
This agreement to be signed and dated this 26th day of April, 2011.
*ayo )City of Blair
Principle for Ximerex