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Local Economic Development Incentives
LB840 Program
The State of Nebraska allows local communities flexibility in establishing economic
development at the local level through what is known as the LB840 program. The
City of Fairbury has implemented an LB840 fund to use as an incentive for business
retention, expansion, moves to the community and startups. The program
is currently established as a grant program to enhance other funding avenues
used by a business in the project. The program is highly flexible, and
leaves the funding approval process up to the local level. Past projects
have included the purchase of land for Industrial and Retail development, infrastructure
improvements, business acquisitions, industrial facility construction, seed capital
for expansion of product lines, and partnerships with local housing development. The
City of Fairbury has committed to working with SouthEast Nebraska Development
District (SENDD) for the management of the program's activities. Businesses,
developers, and interested parties are strongly encouraged to discuss the applicability
of various projects with either Dave Taladay with SENDD at (402) 475-2520 or
Jim Ferneau, City Administrator for the City of Fairbury, at (402) 729-2476.
To Download the necessary documents, click on the appropriate
link below.
Application
Confidentiality Statement
Flow Chart
Checklist
Attitudes Apparel Granted Funds Under LB840
CDBG Reuse Fund
The City of Fairbury maintains a revolving
loan fund, entitled a Reuse Fund, to help support local economic
development activities. Eligible businesses include industrial,
manufacturing, food processing, agricultural processing, bagging
and cleaning facilities, commercial services, telecommunication,
transportation, retail and tourism. Eligible activities include
the acquisition of real estate, land, and buildings, fixed assets,
machinery and equipment, renovations, remodeling, site preparation,
storage and distribution systems, treatment systems, and job training
costs. Working capital may also be an eligible activity for
certain retail and tourism activities. There are specific
job creation/retention requirements associated with the provision
of funding through the Reuse Plan. The funds are available
on a low interest loan basis. Terms of the loan are subject
to the approval of a local Reuse fund committee.
Reuse funds are designated for use within the City limits of the
City of Fairbury. Jefferson County has a separate Reuse fund
for potential projects within the surrounding County. Rules
for use of the Jefferson County Reuse fund will be different, though
fairly comparable, with the rules of the City of Fairbury's Reuse
fund. Questions in regards to the County Reuse Fund may be
directed to the Jefferson County Commissioners at (402) 729-6818.
Rural Enterprise Assistance Project
Small business owners must compete and succeed in a rapidly changing
environment.
The Rural Enterprise Assistance Project (REAP), a program of
the Center for Rural Affairs, is a small business development program
that can help! REAP consists of four elements including:
networking, business management training, credit (micro-loans)
and technical assistance.
For more information, please click here.
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