LB 840 - Local Option Municipal Econ. Dev. Act
The Local Option Municipal Economic Development Act (LB 840, 1991) 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 went into effect on September 6, 1991. The
The Act involves the formulation of the local economic development program plan. The plan forms the foundation for the collection and expenditure of local tax revenues for economic development and, if the voters approve the plan, the provisions of the local plan becomes the basis under which the municipality's program operates.
The Valentine community is currently in a position to offer the loans, and other activities under the LB840 statutes.
Eligible Activities
Activities eligible for local funds collected for the economic development program would include any project or program for the purpose of providing direct or indirect financial assistance to a qualifying business, or for the payment of related costs and expenses.
An economic development program may include, but is not limited to, the following activities:
1. direct loans or grants to qualifying businesses for fixed assets and/or working capital;
2. loan guarantees for qualifying businesses;
3. grants for public works improvements which are essential for the location or expansion of a qualifying business;
4. grants or loans for job training;
5. the purchase of real estate, options for such purchases, and the renewal or extension of such options;
6. payments for salaries and support of city staff or the contracting of an outside entity to implement the economic development program; and
7. bonding used to carry out program activities.
For more information about LB840 incentives contact Executive Director Mike Burge at 402-376-6842 or
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