Economic Development Assistance Program (LB840)
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
LB840 Program Documents
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.