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LB840 Economic Development Sales Tax Program Update Administered by MEDC.

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Presentation on theme: "LB840 Economic Development Sales Tax Program Update Administered by MEDC."— Presentation transcript:

1 LB840 Economic Development Sales Tax Program Update Administered by MEDC

2 Fund Activity Thru 12/2014 Total Tax Receipts 2007/2014 $2,308,000 Approximately 7 ½ years Interest and loan repayments $75,000 Activity Annual Total Keystone renovation bond $108,000$810,000 Keystone bond reserve $112,000 Other Projects & Programs$682,000 Operations, staff $103,000$688,000 Available $ 91,000

3 LB840 Economic Development “McCook Opportunity Fund” Strategic Focus: 1.Existing Businesses Workforce - People Attraction Workforce – Housing Business transitions to New Generations 2.Entrepreneurship - Support Startup Businesses 3.Business Recruitment 4.Make McCook more Attractive & Competitive

4 Workforce – people attraction Headed up development of Go To McCook Logo, Tag Line and Website

5 Workforce – People Attraction Supported Website Featuring Life in Southwest Nebraska Seen by 40,000 visitors per month Over 20 articles have featured McCook area businesses & attractions including the following:

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7 Business transitions Others Include: Olsen Ag Lab McCook Eye Clinic Crittersville Typically requires gap financing Helping businesses transition from retiring owners to younger generation

8 MEDC – Helping Businesses Grow Substantial work with 26 businesses: Received $682,000 from multiple funding sources Attracting over $8 Million in private investment Seven new businesses Creating over 75 direct jobs Focus on Supporting Existing Businesses Six+ business transitions assisted Five+ business expansions

9 CompanyTypeProgram McCook Eye ClinicTransitionCDBG Heartland Cattle Co.ExpansionFHLB Willow Creek MeatsTrans/ExpansionCDBG Olsen's Ag LabTransitionCDBG JLB WeldingNewCDBG CrittersvilleTransitionLB840 Purple MoonNewLB840 CRT TeleservicesRetentionMCDC LLC East Ward VillageHousingLB840 JLB WeldingExpansionFHLB Bombers Sports BarNewTIF Booe MetalNewBusiness Park Business Park PavingCDBG/LB840 North PointeHousingTIF, LB840 ValmontExpansionWorkforce, housing, training Community HospitalExpansion Workforce, housing American Ag LabExpansionDED, USDA, LB840 Larger Businesses Served

10 MEDC – Helping Small Business Technical Assistance to over 125 in past four years Finding Locations Financing, Fill funding gaps with six + Ec. Dev. sources Navigate City & State regulations, zoning etc. Business transition assistance Business Planning assistance Extensive referral network

11 Keystone Business Center “A One Stop Shop for business” 16 Tenants 5 New Businesses 3 Anchor Businesses 6 Service providers 3 New Business “Graduates” 34 jobs created

12 Copperstone Foods Engineering International Keystone Floral

13 KBC Businesses COMPANYTYPE American Family InsuranceTransition Copperstone FoodsStart-up TechnologiesStart-up Chipperfield Ag Erectors LLCStart-up Sew Blessed Quilt ShopStart-up Keystone FloralStart-up Tidyman/Engineering InternationalStart-up Plains Equipment Group - Tech SupportNew Division McCook NetAnchor Successful Exits Frontier Ag LLCStart-up Boardman CounsellingStart-up Stull IncorporatedExpansion Larissa O'Brian PhotographyStart-up White Thumb Bakers GuildStart-up Service Providers MEDCService Provider MPCC Center for EnterpriseService Provider Red Willow County Tourism CommitteeService Provider Nebraska Business Development CenterService Provider REAP/Rural Enterprise Assistance ProjectService Provider McCook Community FoundationService Provider Bison Alumni AssociationService Provider

14 Keystone Business Center $4.2 Million rehab - Goes back on tax rolls in in 2025 $1.1Million in LB840 matched by 74% federal & private funding Prevented $600,000 demolition Supports local property valuations Contributes to Historic Downtown image

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17 McCook Business Park paving grant match - $72,000 matches $165,000, Serves six lots in the Business Park One new business investing $550,000 Two prospects

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20 Revolving loan program Two Business Loans: Crittersville – business transition Purple Moon Cookery – new business All loans are current One pending, $75,000 committed Important replacement for closed County CDBG fund Have been constrained by limited funds available With Keystone paid off, we can do a lot more with this program

21 Façade Program Make McCook more attractive to out of town shoppers Six Completed – Four more pending KDS Building Home Spun McCook Art Guild Nielsen Chiropractic Fox Theater Marquis Sports Shoppe $29,000 awarded, $45,000 private investment

22 Workforce – Housing Rehab Captured over $1.3 Million in State housing grants for McCook Purchase Rehab Resell (PRR) program Renovated 11 Homes, 2 more identified Created $369,500 in new taxable valuation

23 MEDC Housing Down Payment Assistance Assisted 77 first time homebuyers w/$ $5000 ea. Homebuyer Education Helps first time buyers succeed

24 Housing – East Ward Village $105,000 Gap Loan on $3.9 Million project

25 Housing – North Pointe Facilitated securing TIF with City Finance TIF Bonds for Infrastructure $208,000

26 Clary Village Secured LIHTC Grant for 8 Duplexes LB840 Equity Loan - $ Will finance TIF Bonds - $180,000 $2.6 Million in new construction

27 How Is McCook Doing? Since 2000 Over 220 net new jobs in Red Willow Co (NE Dept. of Labor) Per capita income increased 26.6% (Census estimates) Average earnings per job increased 35.3% (adjusted for inflation) 10% increase in 25 to 34 year old population! (Census estimates) Stabilized Population

28 Red Willow County

29 Ballot Question #2 Adopts the Economic Development Plan Allocates 1/4 cent of City Sales Tax approved under Ballot Question #1 If Ballot Question #2 is not passed funds go to City Procedures: Citizens Advisory Committee will review quarterly Advisory Committee reports to City Council McCook City Council maintains oversight of funds

30 Growing Forward! Possible Future Efforts: Community Event Center Fund a stronger business recruitment loan fund Housing development to support business growth Infrastructure investments Business Façade Improvements Retail Recruitment


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