The second of two informational meetings about seeking economic development in Elgin was held Tuesday night June 16.
Former economic development director in Boone County and now a grant writer for 19 school districts, Michelle Olsen walked those in attendance through the steps of enacting LB840 which, in her estimation, could generate thousands of dollars in subsequent years, if approved by Elgin voters. If approved by voters, it would add one-half of one percent to the city’s sales tax which is now 6.5 percent. The new sales tax would be seven percent as it is in a number of surrounding communities where LB840 has been approved.
During her presentation which lasted close to 45 minutes, she explained how funds generated by LB840 could be used to attract grant funds. One example she cited was with the community of St. Edward who used LB840 funds to apply for a grant which was received. Organizers there then used those grant funds to apply for another grant. In the end they generated closed to $1 million through the process to go forward with the project.
“I hope the goal tonight, after this presentation, is that everybody leaves with a little bit more knowledge and understanding about LB840,” she said.
Boone County has had success with LB840 as have other communities. Organizers are hoping, if passed, those dollars could be put to work to answer one of Elgin’s greatest needs, affordable housing.
Todd Heithoff, one of the organizers for pursuing LB840 for Elgin, said dollars generated can be used for ‘down payment assistant to help folks who want to expand their business or get into a new business,” he said, adding that a lot of LB840 involves loans.
So far, approximately 50 Elgin have heard Olsen’s presentation during two public meetings.
The next step, and arguably the second most important one, is for the LB840 committee to seek approval for the matter to be put to a vote of Elgin residents. That presentation will be made when the Elgin City Council meets in regular session on Monday night, July 6. If approved by the council, then the matter will be placed on the ballot for the general election in November.
Only Elgin residents will be allowed to vote on the issue at that time.
