HomeMy WebLinkAbout2003-334-05.12.2003 L-r1
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This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
E-_4 Street, Waterloo, Iowa.
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E-' RESOLUTION NO. 2003-334
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j � AMENDMENT TO RESOLUTION NO. 2001-14
AMENDMENT TO THE NEW JOBS AND INCOME PROGRAM
cA sa ; APPLICATION ON BEHALF OF DEERE & COMPANY TO
cCD * -' Cr� � THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
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p 11HEREAS, the City of Waterloo, on January 8, 2001, adopted
C Resolution No. 2001-14 on behalf of Deere & Company to approve
-,, and submit the New Jobs and Income Program Application to the
Iowa4bepartment of Economic Development.
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..a c WHEREAS, the City of Waterloo, Iowa, has received a request
b'y Deere & Company to approve and submit an Amendment to the
State of Iowa regarding the New Jobs and Income Program
Application effective May 12, 2003 .
WHEREAS, the original NJIP application stated that Deere &
Company would make a capital investment of more than $132
million and create 87 jobs within five years .
WHEREAS, part of the Deere corporate enterprise, John Deere
Engine Works is undertaking a lean manufacturing initiative
through redevelopment of the existing manufacturing facility.
The amendment is needed to demonstrate the additional costs that
will include replacement of existing machinery and equipment
with newly purchased assets ($34 . 5 million) , training of
existing and new employees, and related research and development
expenditures ($55. 0 million) . This amendment also includes the
creation of thirty (30) additional jobs .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that this Resolution submitting and
adopting this Amendment of the Deere & Company New Jobs and
Income Program Application is hereby approved.
PASSED AND ADOPTED this 12th day of May, 2003.
S
John R. Roaff, Mayor
ATTEST:
Nancy Eckert, City Clerk