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Hastings officials hear overview of LB 840 local-option economic development tool
Summary
City staff, the Nebraska Department of Economic Development and area economic developers briefed the Hastings City Council on LB 840 (LOMIDA), explaining how voter-approved local plans and funding sources can be used to support business recruitment, housing, childcare and other eligible activities.
Hastings City Council members on Monday heard a detailed presentation about LB 840 — formally called the Local Option Municipal Economic Development Act and commonly abbreviated LOMIDA — from Nebraska Department of Economic Development staff and local practitioners, who said the tool gives cities local control over economic development dollars if voters approve a plan and a funding source.
The state and local presenters told the council the law requires a voter-approved plan that defines eligible businesses and activities and a separate ballot approval of the funding source. "It's the Local Option Municipal Economic Development Act. LOMIDA is what they call it too," said Kelly Giwicke, field representative for the Nebraska Department of Economic Development, introducing the program and its basic requirements.
The discussion matters because LB 840, first enacted in 1991, lets a municipality collect and hold funds for economic development projects specified in a…
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