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Council approves change to LB 840 economic development plan to broaden retail eligibility
Summary
The council approved a change to the city's LB 840 economic development plan to remove previously stated caps on retail-sector use of LB 840 revenue, following a state law amendment.
The City Council approved an amendment to Sydney's LB 840 economic development plan to remove a provision that restricted the portion of LB 840 revenue that could be used for retail trade. The change follows a recent state legislative amendment.
Brandy Stone, city counsel and economic development staff, summarized the item and the legal background: the city's LB 840 plan has been voter-approved and revised multiple times, first in 1997 and then in 2007 and 2017, with a special election in 2018 to allow expanded uses. Stone said the Nebraska Legislature passed a bill (identified in the presentation as LB 289) amending the Local Option Municipal Economic Development Act and expanding the definition of qualifying businesses to include larger retail chains.
Stone recommended striking the paragraph in the local LB 840 plan that had capped retail trade at a specified share of LB 840 revenue, explaining the change "broadens eligibility for businesses seeking economic development funds" and removes the prior restriction on retail-sector development.
Council members asked whether the restriction had prevented past awards; council staff said it had come up in limited instances. Staff also said that proposed projects would still be reviewed by the Economic Development Advisory Committee and the council.
A motion to approve the change carried. Staff said they would update the city website with the revised plan before the end of the week.
