LB840 Economic Development Program
Local Option Municipal Economic Development (LB840)
The Local Option Municipal Economic Development Act (LB840, 1991) authorizes incorporated cities and villages to collect and appropriate local tax dollars—including sales and/or property tax, if approved by the local voters—for economic development purposes.
In May 2002, the citizens of Atkinson voted to adopt a one-half of 1 percent (1/2%) sales tax to fund the economic development program.
The act involves the formulation of the local economic development program plan. The plan forms the foundation for the collection and expenditure of local tax revenues for economic development and, if the voters approve the plan, the provisions of the local plan becomes the basis under which the municipality’s program operates.
The City of Atkinson invests LB840 funds for the purpose of attracting new industries and retaining or expanding existing businesses in Atkinson.
Funds are offered to businesses in the form of low interest loans and performance-based forgivable loans (grants), based upon creation of new jobs and investment in Atkinson. Job creation criteria is detailed in the application, including wages and benefits.
|Atkinson Economic Development Plan||LB840 Business Loan Application|
|LB840 Property Improvement Program Guidelines||LB840 Property Improvement Program Application|
Other Local & Area Financing & Incentives
Tax Increment Financing
Tax Increment Financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure and other community-improvement projects. TIF projects may be commercial, residential, industrial or mixed use. TIF provides an avenue to attract private investment in designated redevelopment areas by enabling future increases in property taxes to pay for improvements only within that area. The City of Atkinson has been involved with TIF for many projects over the past several years, including an ethanol plant, a manufacturing firm and a motel.
The City of Atkinson has three local banks that will work closely with Atkinson Economic Development to help borrowers get started.
Central Nebraska Economic Development
The City of Atkinson is a member of the Central Nebraska Economic Development District (CNEDD). The organization assists with writing a business plan, financing, permits and much more.
Rural Enterprise Assistance Program (REAP)
The City of Atkinson also partners with Rural Enterprise Assistance Program (REAP). Through REAP you can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists and apply for a small business loan.
Nebraska Business Development Center (NBDC)
Nebraska Business Development Center (NBDC) helps Nebraska businesses grow and create new jobs through consulting and educational services to small and mid-sized businesses. Many services are free to the business owner or entrepreneur, and all are confidential and impartial.By helping build and grow successful businesses, NBDC contributes to Nebraska's high quality of life.
Nebraska Department of Economic Development
The Nebraska Department of Economic Development (NDED) is a vital resource for the community. NDED offers a wide range of financing and incentive options including:
- Nebraska Advantage - offers incentives including tax credits for businesses looking to expand or relocate. This is a multi-tiered program.
- State Trade and Expansion Program (STEP) - The STEP grant helps increase the number of small businesses that export internationally and increases export value for those already doing so.
- Business innovation Act - provides funding to help businesses develop new technologies that lead to quality job opportunities across the state.
- Intern Nebraska Grant Program - provides financial assistance to employers creating new internships in Nebraska.
- Angel Investment Tax Credit - encourages investment in high-tech and other start-up Nebraska enterprises by helping attract private funding.
- Site and Building Development Fund - creates conditions favorable to improving Nebraska's industrial readiness which furthers economic development and increases the general prosperity outlook for all Nebraska citizens