Economic Development Assistance Program (LB840)

Main Street, Crete, NE.

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Main Street, Crete, NE.

The City of Crete's LB840 Economic Development Plan is funded by an additional 1/2% local option sales tax approved by local voters in November 2010. Purposes of the LB840 program include: create high paying, quality jobs by generating employment opportunities and expanding the available work force within the labor market of Crete and Saline County; attract new capital investment to the community; sustain existing job opportunities; broaden the tax base to provide economic diversification and ensure economic stability and vitality for the community of Crete and surrounding area. The seven-member Economic Development Advisory Board representing local industries is appointed by the Mayor and City Council to oversee the plan.

Tom Ourada, City Administrator
Phone: 402.826.4312
tom.ourada@crete.ne.gov 

LB840 Program Documents

• LB 840 Plan 
• Housing Development Plan 
• LB 840 Application (fillable form) 

Qualifying Businesses

Any corporation, partnership, limited liability company or sole proprietorship that derives its principal source of income from any of the following: 

• The manufacturer 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;
• Telecommunications activities;
• Development, sale and support of technology, hardware and soft-ware for information technology and telecommunications; 
• Retail business;
• Construction or rehabilitation of housing;
• Tourism-Related Activities.

Terms and Use of Funds

The program provides gap financing; no project will be 100 percent funded with LB840 funds. 

Funding awards may include project-specific performance requirements, including, but not limited to: submission of proof of expenditure of funds, submission of a summary report, continuous operation of the business without sale or transfer for up to seven (7) years, retention of an agreed-upon number of full time equivalent employees for a period of up to seven (7) years, and/or other terms as outlined in a conditional performance-based grant agreement. Funds are 0% interest, $0 repayment as long as performance requirements are met.

• Fixed assets, working capital, employee recruitment efforts, or any combination thereof.
• Grants or agreements for job training.
• Promotion or Tourism Related Activities.
• 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.
• Expenses for business or professional recruitment activities.
• Purchase of existing buildings or the construction of new buildings for commercial purposes.
• Rehabilitation of commercial buildings or potential commercial buildings.
• Construction or rehabilitation for sale or lease of housing for persons of low, moderate, or workforce income.

Find out more about Community and Economic Development in Crete.