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Council receives semiannual LB 840 report; available balance about $13,000 after recent payment
Summary
City staff reported the LB 840 (local option municipal economic development) fund showed about $313,000 before a $300,000 payment to Hoppe for Paddock Kensington downtown; after that payment the fund balance is roughly $13,000. Landmark Snacks has repaid its loan and seven loans remain outstanding and current.
During the Citizens Advisory Review Committee public hearing staff reported the LB 840 fund had approximately $313,000 in cash before the city—s $300,000 payment to Hoppe related to the Paddock Kensington downtown project. After that payment staff said roughly $13,000 remains available in the LB 40 fund. Staff also reported Landmark Snacks repaid its loan in full and that seven loans remain outstanding and are current on payments.
There were no public comments and the public hearing closed; council voted to close the hearing 7-0.
