City Council approved Resolution #2004-294 on November 23, 2004 which created the Grand Island Facilities Corporation. The Grand Island Facilities Corporation is a non-profit corporation created to assist and promote the development of public facilities to be used by the City of Grand Island. The corporation is authorized to issue tax exempt bonds and to enter into lease purchase agreements with the City of Grand Island.

The board consists of five members who are residents of the City of Grand Island, appointed by the Mayor and confirmed by the City Council. Meetings are held as needed.