Local Incentive Programs by tff57123

VIEWS: 0 PAGES: 3

									                   Local Incentive Programs
LB840 Sales Tax Fund
Sponsored by City of Atkinson
Contact: Lou Ann Tooker, Director of Economic Development
         402-925-5313 email: louann.tooker@atkinsonne.com

Economic Development program funded by ½ percent city sales tax.
Passed by voters in May 2002


                                     Eligible Applicants

   Manufacturing                                   Any business that derives its principle
   Research and Development                         source of income from construction or
   Processing                                       rehabilitation of housing, retail, or
   Storage and Transportation                       headquarter facilities relating to
   Sale of Services                                 eligible activities as listed in this
   Telecommunications                               section
   Tourism


                                     Eligible Activities

   Purchase of real estate                     Construction of speculative
     Options for such purchases                 buildings
        Renewal or extension of                Rehabilitation of commercial
           such options                          buildings (or potential commercial
   Public works improvements                    buildings)
    essential to the location or                Agreements for job training and
    expansion                                    workforce development
                                                Affordable housing or residential
                                                 infrastructure


   For direct loans, no application shall provide more than 50% of the cost of the fixed
       assets to be purchased and/or working capital including interim financing
       (required by project).

   Applicants must provide equity participation and evidence of the ability to participate.
      The minimum participation amounts shall be equal to ten percent (10%) of the
      total project cost.

   In the event that such funds are being used to guarantee a loan, no equity
        participation shall be required of the applicant, but the applicant shall endeavor to
        provide as much equity for such purpose as possible. CDBG funds generally
        shall not guarantee more than 80% of the loan principle amount.
   The application shall state the proposed terms of the loan. However, the City
       reserves the right to negotiate the amount, the interest rate, and the term of the
       loan with the applicant.

   Security for loans will include, but not be limited to, a promissory note, mortgage or
       deed of trust, and personal and/or corporate guarantees, as appropriate.


Reuse Revolving Loan Fund
Sponsored by City of Atkinson
Contact: Lou Ann Tooker, Director of Economic Development
         402-925-5313 email: louann.tooker@atkinsonne.com


                                     Eligible Applicants

   Manufacturing                               Administrative Management
   Research and Development                     Headquarters
   Service Sector                              Transportation
   Warehousing and Distribution                Retail
                                                Tourism attractions


                                     Eligible Activities

   Acquisition of land and buildings           Working capital
   Construction or renovation of real          Funds for loan guarantees
    estate, either leased or owned              Funds to buy down interest rates
   Acquisition of machinery,                   Deferred loans for equity
    equipment, property, or services             investment


   For direct loans, no application shall provide more than 50% of the cost of the fixed
       assets to be purchased and/or working capital including interim financing
       (required by project).

   Applicants must provide equity participation and evidence of the ability to participate.
      The minimum participation amounts shall be equal to ten percent (10%) of the
      total project cost.

   In the event that such funds are being used to guarantee a loan, no equity
        participation shall be required of the applicant, but the applicant shall endeavor to
        provide as much equity for such purpose as possible. CDBG funds generally
        shall not guarantee more than 80% of the loan principle amount.

   The application shall state the proposed terms of the loan. However, the City
       reserves the right to negotiate the amount, the interest rate, and the term of the
       loan with the applicant.
   Security for loans will include, but not be limited to, a promissory note, mortgage or
       deed of trust, and personal and/or corporate guarantees, as appropriate.


Atkinson Development Corporation
Contact: Michael Butterfield, President
         402-925-2801

The Atkinson Economic Development Office works in conjunction with Federal, State,
and regional funding sources in an attempt to create a funding package that best fits
the needs of the applicant. For information regarding these programs, please contact
Lou Ann Tooker, 402-925-5313.

								
To top