LB840 Funds Help With Business, Residential Improvements In City
From the office of Atkinson Economic Development
By Amanda Sindelar, Director
During 2022, the City of Atkinson Economic Development LB840 programs awarded $349,642 to assist with economic development throughout the community. This included $50,942 in grant funding, $22,500 in state match funding and $276,200 in low-interest business loans.
The City of Atkinson encourages private investments in commercial areas of Atkinson. Through its LB840 Property Improvement Program, property owners or tenants are eligible to apply for reimbursement grants equal to one-half of the cost of such improvements with certain limitations or a low interest loan.
These funds are provided to create a positive impact that individual renovations or demolition can have on the overall appearance and image of the community and spur area redevelopment.
This past year, 15 funding requests were paid out through the Atkinson Economic Development office. Of those applications – 10 were for Property Improvement Program funding. These applications included residential properties as well as businesses on Main Street, State Street, and along U.S. Highway 20.
All improvements must conform to all City of Atkinson zoning and building code requirements.
Funding for businesses:
- Signage: A property may receive a loan for up to $20,000 at 2 percent interest for 10 years OR a grant may be requested for 50 percent of the total project, but not to exceed $5,000.
- Façade and/or Sidewalks: A property may receive a loan for up to $20,000 at 2 percent interest for 10 years OR a grant for 50 percent of the project, but not to exceed $10,000.
Funding for residential:
- Structure demolition and/or Sidewalks: A resident may receive a loan for up to $20,000 at 2 percent interest for 10 years OR a grant may be requested for 50 percent of the total project, but not to exceed $10,000.
Applicants are encouraged to pick up a full application form and guidelines which includes eligible activities as well as the full process for receiving funding.
LB840 funding also was appropriated to local businesses who applied for low-interest business loans through the economic development program to assist with land acquisitions, building acquisitions, building renovations, equipment acquisitions or other business activities.
Low-interest business loans:
An applicant may receive 50 percent of their total costs at 2 percent, but not to exceed $50,000. These loans are paired with a business loan approved by the individual’s financial institution, or the applicants own personal funding.
Terms are determined following the review of the full application. Again, applicants are encouraged to pick up a full application form for more details. All applications are reviewed by the Atkinson Economic Development director, Atkinson LB840 Loan Board members and the Atkinson City Council members prior to approval or denial.
Nebraska’s voters enacted a constitutional amendment in November 1990 granting cities and villages the power to use local sources of revenue for economic development or industrial projects and programs. In 1991, the Unicameral implemented this amendment with the passage of Legislative Bill 840 (LB 840), the Local Option Municipal Economic Development Act.
This act is based on the premise that communities should use their own tax dollars in ways that best meet local needs. Since 2002, per local voters, the City of Atkinson collects one-half of 1 percent (1/2%) sales tax to fund LB840 locally.
For more information about this program, please contact Atkinson Economic Development Director Amanda Sindelar at 402-925-5313 or email@example.com. Information also can be found online at the city’s website www.atkinsonne.com, click on the “Economic Development” tab, and then select “Local Incentives.”