Date of this Version
Nebraska communities attempt to attract new employers to the community often by providing economic incentives to the new business: direct loans or grants, infrastructure improvements (roads, power, sewer lines, etc.), purchasing real estate, and job training grants. Communities can respond more quickly to new business development opportunities if the community has a pool of community development funds available for immediate use. The 1991 Nebraska Local Option Municipal Economic Development Act allows Nebraska cities and villages to create such a fund after preparing a community economic development plan, receiving voter approval and with continuing citizen review board oversight.1 Under current statutes, cities may levy a property tax of up to 0.4% to fund the community economic development plan.
1Nebraska Revised Statutes §§18-2701 to -2738 (1997 and 2006 Supp.).