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|
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