A high-tech auto loan finance company that opened a business in Grand Island wants more time to create the jobs it promised as the city ponders reimbursement of $600,000 in local incentive money.

Sedona Lender Services was to create 50 local jobs by Jan. 1. The city's economic development corporation says it created 6 jobs, and is in violation of the agreement.

Structured Solutions, which operates the company, and its owner Robert Yuan received the money in 2009 as part of the city's economic development program. Yuan contacted the city last week and asked for seven more months to create the 50 jobs. He pledged $600,000 in company stock as collateral.

Grand Island Economic Development Corporation president Marlan Ferguson says that in judging the car loan-related company's performance, one has to consider the economic climate:
"A lot of it is based on loans of automobiles, so that industry, of course, really took a dip as well, so I think that probably had a large part in delaying their time frame and getting their jobs in place."

The City Council will meet next week to decide whether to enforce the existing agreement or modify it.

In a telephone interview, company owner Robert Yuan said that the hiring goal can be achieved: "The current deadline we know we will miss. ...We're simply asking for a little bit more time."