LB840 & CDBG Reuse

The Local Option Municipal Economic Development Act (LB 840, 1991), often referred to as “LB840” authorizes incorporated cities and villages to collect and appropriate local tax dollars (sales and/or property tax) if approved by the local voters, for economic development purposes.  The Act involves the formulation of the local economic development program plan, which places communities in a position to offer loans, grants and other activities under LB840 statutes.

CDBG Reuse programs are local revolving loan programs made available through program income received from previously funded Community Development Block Grant (CDBG) Economic Development projects.  These CDBG Reuse funds may be used to provide financial assistance (primarily loans) to eligible businesses and activities that will stimulate job creation and economic expansion.

SENDD has a strong knowledge of both LB840 Local Municipal Option Tax programs and Community Development Block Grant – Reuse Loan programs that are available in eligible SENDD counties and communities.  SENDD currently provides administration for a total of 12 single and multi-community/county locally capitalized revolving loan funds under special services contracts with those political subdivisions.  Administration assistance includes, but is not limited to, the following:

  1. Project Development :
    1. Preparation and modification of the application, program plan, procedures, forms and related documents
    2. Program outreach/promotion:
  2. Project Evaluation:
    1. Completion of financing applications and review
    2. Facilitation of financing application once review is complete
    3. Facilitation of loan/grant closings
  3. Financial Management:
    1. Loan/grant servicing and portfolio management
    2. Compliance with financial regulations/program income
  4. Performance Reports:
    1. Timely preparation and submittal of required quarterly and semi-annual reports
  5. Program Compliance:
    1. Ensure compliance with state and federal program laws and regulations
  6. File Maintenance:
    1. Maintain client files and all related correspondence
    2. Periodic review of files to ensure continued program compliance

SENDD provides LB840 Economic Development program administration to the following communities:

  • Plattsmouth
  • Fairbury

SENDD provides Community Development Block Grant – Reuse Loan (CDBG ED – RLF) program administration to the following counties/communities:

  • Auburn
  • Elk Creek
  • Falls City
  • Lancaster County
  • Pawnee City
  • Pawnee Area Regional Revolving Loan Fund (PAR-RLF)
  • Plattsmouth
  • Seward
  • Jefferson County
  • Osceola

For more information on these programs, or to request an application, please contact either the SENDD-Lincoln office (402-475-2560) or the SENDD-Humboldt office at (402-862-2201).

 

The Southeast Nebraska Development District is an Equal Opportunity Provider and Employer