What is LB840, North Platte’s Quality Grow Fund?

• Enacted in 1991, as constitutional amendment
• North Platte plan voted in with 71% Yes in 1999
• More than 50 communities have adopted LB840

What does LB840 do?

• Allows cities to collect & spend sales &/or property taxes for Econ. Dev..
• Provides dedicated funding to the local ED plan.
• Allows public funds to be spent in specific ways not already allowed.

What happens if we don’t renew our plan?

• Current 2% sales tax remains in place
• All existing QG funds and future sales taxes go to General Fund
• Sunset of plan does not lower sales tax rate

Who controls this fund

• 5 member committee appointed by the mayor (Bob Phares, Dudley Oltmans, Pat Keenan, Kim Steger, Dan Rindels)
• Chamber/DEVCO president acts as ex officio chair
• Committee reviews and recommends applications, forwards to Mayor & Council.
• Council has Final Vote

Renewal plan is unchanged from current plan

• Only half of any growth above 2% per year goes into QGF
• The QGF is capped at $650K in any given year
• The largest yearly input was $473K
• 10% is reserved for small business
• QGF revenue to 2009: $2,285,220
• Total disbursements: $1,044,036
• Total loans: $200,000

How do we compare to our peer communities?

•	North Platte (6 yr average)	$350,000
•	Grand Island	$750,000
•	Scottsbluff	$600,000
•	Fremont	$550,000
•	Norfolk	$400,000
•	Blair	$400,000
•	Chadron	$400,000
•	McCook	$330,000

How has current fund been spent?

• QGF has funded $636,000 in E.D. infrastructure (roads, utilities)
• Helped create more than 300 jobs
• Fully developed Twin Rivers Business Park.
• Funded marketing plan for North Platte
• Put North Platte in position to act on opportunity