Twin Cities Development works with companies to provide competitive incentive packages. While TCD can provide information to companies seeking incentives, local financing is decided by local government. Programs available vary depending on the population of the community.
The Local Option Municipal Economic Development Act (LB840) provides funds from a collected tax previously approved by local voters for economic development purposes. An economic development program may include, but is not limited to, the following activities:
How is the Economic Development portion (LB840) of the city sales tax managed?
All applications are reviewed by an application Committee which is appointed by the Mayor and City Council. At least one member must have experience in banking and lending and at least one member must be a CPA. In practice, this committee has functioned much like a bank loan committee in its evaluation of whether an applicant meets the criteria for eligibility, is financially viable, and if necessary, can provide provide security for potential repayment for the grant. All recommendations of the Application Committee are submitted to the City Council for final action. Finally each applicant must submit annual reports for review by the Citizens Review Committee appointed by the Mayor and City Council for final action. LB840 passed into law in 1991. It is the local option municipal economic development act. Scottsbluff voters passed this 1995. Currently, 64 communities have this program in place. In our region: Alliance, Bayard, Chadron, Gering, Kimball, Mitchell, Oshkosh and Sidney have the plan.
Jim Trumbull – Carr-Trumbull Lumber Company
Citizen’s Review Committee
Mark Harris – A&L Inc.