LB840 Economic Development Fund
The Economic Development Program may include, but shall not be limited to, the following activities:
- A revolving loan fund from which low interest or performance-based loans will be made to non-retail and non-service sector qualifying businesses on a match basis from the grantee business for fixed assets or working capital or both or for loan guarantees and based upon job creation and/or retention, said jobs to be above the average wage scale for the community.
- Public works improvements essential to the location or expansion of a qualifying business or for capital improvements when tied to job creation criteria or when critical to retention of jobs of a major employer within the community.
- The purchase of real estate or real estate options on a match basis for non-retail and non-service sector qualifying businesses based on job creation and/or retention, said jobs to be above the average wage scale for the community, which equity investment is to be secured by Mortgage, Deed of Trust, Promissory Note, personal and/or corporate guarantees or other financial instrument. Selection of tract(s) will be based upon appropriateness for intended use by qualifying business considering zoning and the Comprehensive Development Plan of the City. Proceeds from the sale of land may be used by the City for additional land purchases for economic development purposes.
- The provision of technical assistance to businesses, such as preparation of financial packages, survey, engineering, legal, architectural or other similar assistance and payment of relocation or initial location expenses.
- The authority to issue bonds pursuant to the Act.
- Grants or agreements for job training. (Activities which may be funded through the Economic Development Program or General Fund as authorized by Section 13-315 R.R.S.)
- Commercial/industrial recruitment and promotional activities.
- Tourism-related activities.
- A qualifying business shall mean any corporation, partnership, limited liability company or sole proprietorship that derives its principal source of income from any of the following:
- The manufacture of articles of commerce;
- The conduct of research and development;
- The processing, storage, transport or sale of goods or commodities which are sold or traded in interstate commerce as distinguished from goods offered for sale at retail locally;
- The sale of services in interstate commerce as distinguished from services offered on a local or area basis;
- Headquarters facilities relating to eligible activities as listed in this section; (6) Telecommunications activities; or
- Tourism-related activities.
- If a business which would otherwise be a qualifying business employs people and carries on activities in more than one city in Nebraska or will do so at any time during the first year following application for participation in the Program, it shall be a qualifying business only if, in each such city, it maintains employment for the first two years following the date on which such business begins operations in the city as a participant in its economic development program at a level not less than its average employment in the city over a twelve-month period preceding participation.
- A qualifying business must be located within the zoning jurisdiction of the city unless a variance is granted for special circumstances by the Sidney City Council for a qualifying business in the Sidney area.
- Any other business deemed a qualifying business through future action of the Legislature as approved for participation by the Sidney City Council.