ELGIN — The long process for implementing a means to provide financial assistance for economic development here in Elgin began last week.
Sixteen persons, representing city government, financial institutions and interested citizens, met at the Knights of Columbus Hall to participate in a zoom meeting with Deb Poehling, business development consultant from the Nebraska Department of Economic Development.
Over the course of an hour, Poehling explained every facet of the LB840 law, what is doable and what isn’t, and how implementation can do for Elgin what has been done for communities across the state. Many of those communities with LB840 in place have used funds for child care and the creation of additional housing for young couples to purchase homes and move back.
The impetus for looking into LB840 occurred earlier this year when several residents sought to use sales tax dollars set aside for economic development. They were forced to look at other means to help start up their business when it was learned that there was no mechanism in place at City Hall to make those funds available.
If adopted (there’s a long process to go through including forming committees, educating the public and holding a special election), it could be used to provide grants, loans and other eligible assistance for people seeking to start a new business.
A committee would be formed to review applications and make recommendations. Final approval for the dispersal of funds would come from the Elgin City Council. Neither the mayor nor city council members can serve on the committee. The council’s sole responsibility is voting whether or not to approve awarding of sales tax dollars. Turn to this week’s Review to capture the complete story.
