Grand Island is trying to woo a new company and jobs to the state.

"It's going to be manufacturing jobs, a company with access of 300 jobs," said Marlan Ferguson, G.I. Area Economic Development Corporation president.

But the un-named company needs infrastructure upgrades first.

"The big one is paving Blaine street. There's a full mile between Sherman and Wildwood that is currently gravel," said Ferguson. "We'll extend the sewer lines and water lines."

The company would sit on 160 acres south of Grand Island, but before it will commit it wants the city to commit to $5.5 million in tax increment financing.

"The infrastructure is going to be paid for by tax increment financing," said Ferguson. "And ultimately be paid for by actually the company pays the taxes and the taxes go to pay off the bond for the infrastructure."

The Community Redevelopment Authority has advanced a proposal--which includes T.I.F. bonds-- to recruit the company, which needs to be approved by the planning and zoning commission and the city council.

But they'll need someone to buy those bonds.

"It is more challenging to issue T.I.F. debt these days because of the current financial concerns in the United States so we've tried to come up with a structure that would make the purchasers of those bonds fairly secure," said attorney on the project, Mike Bacon.

And secure a worth-while investment for the community.

"If Grand Island gets this project it will be well worth it," said Bacon.

Officials say the risk on the city has been minimized by stipulating that the company must begin building before infrastructure begins to go in.

Another challenge is that the infrastructure work straddles the city limit line, and what T.I.F. bonds can fund.

But Bacon said that too is being worked out.

Officials say the company wants to have everything in order by October 1st.

If the planning and zoning commission approves the proposal it goes back to the CRA, and then the city council on September 23.