LB840 Funds - Loans and Grants: Since 2013, $963,690.00 in LB840 funds have been distributed through this program.
The Local Option Municipal Economic Development Act is based on the premise that communities should use their own tax dollars in ways that best meet local needs. The City of O’Neill is utilizing the LB840 funds to create jobs; generate employment opportunities and increase the number of households in the City of O’Neill and Holt County. Through the attraction of new capital investment in our community we are working towards sustainability and vitality for the community and surrounding area.
Current LB840 Loans/Grants:
02-LB840-15 – This project consists of the transfer of a business to a new owner. Loan amount - $50,000.00
02-LB840-16 – This project consists of the purchase of inventory and equipment for a new commercial business. Loan amount - $2,500.00
01-LB840-17 – This project consists of the purchase of a building for an existing business. Loan amount - $50,000.00
02-LB840-17 – This is a grant to Holt County Economic Development for a new billboard to defray marketing costs. Grant amount - $1,190.00
LB840 Funds – Property Improvement Program Grants
For commercial properties, the Property Improvement Program (PIP) supports exterior business improvements, from minor renovation and historical façade renovations and structure demolition. Residential properties are only eligible for demolition activities. The rear and sides of commercial buildings that are visible from major travel corridors and sidewalks may also be eligible on a case-by-case basis. Professional, legal, design and the City permit fees may be included in the total storefront improvements cost.
Since 2015, twenty PIP grants have been awarded totaling $75,254.91.
Tax Increment Financing (TIF)
The City of O'Neill has the ability to use TIF to assist new or expanding businesses. TIF is the use of newly created property tax dollars on improvements. It is the use of new tax dollars that would not exist without the project. TIF can only be used in areas that have been designated as blighted and substandard.
Current TIF projects:
The City of O’Neill is a partner in the Holt County Economic Development effort. HCED has been established through an inter-local agreement and is a partnership of all municipalities to enhance and promote economic vitality and a strong sense of community for existing and future businesses in Holt County. For more information on HCED or to start up or relocate a business in O’Neill, please contact Holt County Economic Development Director Darby Paxton at 402-336-1504 or email@example.com. Please visit HCED’s website and witness all of the exciting activity in Holt County.
City of O'Neill