ECONOMIC DEVELOPMENT LOCAL INCENTIVES
CDBG Funds
The City of
Current CDBG projects:
Nebraska Rubber
Innovations, Inc.
Rowse Hydraulic Rakes,Inc.
Economic Development Re-Use Funds
The City of
Re-Use Fund Objectives:
1. Provide financing for start-up and existing businesses that cannot obtain sufficient conventional financing or to attract new businesses to the community.
2. To create and retain jobs principally for low-moderate income persons.
3. To diversify the local economy by assisting businesses which are not presently in the community.
4. To encourage the redevelopment and rehabilitation of buildings and land, to include vacant, blighted and substandard areas.
5. To promote entrepreneurship and new business development.
6. To provide necessary public infrastructure to businesses.
Current Re-Use Loans:
08-ED-01 – This project consists of rehabilitation
of a commercial building to accommodate commercial business activity. Loan amount - $40,000.00
08-ED-02 – This project consists of the
purchase of equipment and inventory for a new commercial business. Loan amount - $22,000.00
08-ED-03 – This project consists of the
purchase of equipment for an existing commercial business. This existing business will create an
additional full time job. Loan
amount - $40,000.00
08-ED-05 – This project consists of a new
business to be located in an existing commercial building. The building will be used for a tire
store, vehicle servicing, auto repair and small engine repair. The new business will create two full
time jobs. Loan amount - $20,000.00
08-ED-06 – This project consists of a new
business to be located in an existing commercial building. The building will be renovated to
accommodate a full service menu of barbeque food items. The new business will create four full
time jobs. Loan amount - $10,000.00
Tax Increment Financing (TIF)
The City of O'Neill has the
ability to use TIF to assist new or expanding businesses. TIF is the use of
newly created property tax dollars on improvements. It
is the use of new tax dollars that would not exist without the project. TIF can
only be used in areas that have been designated as blighted and substandard.
Current TIF projects:
Adamson
Distributing -
Rehabilitation to the real estate by adding a 7,200 square foot addition to the
existing distribution/warehouse facility on the real estate.
Evergreen Assisted Living
Facility - Rehabilitation of real estate for use as an assisted living
facility for the elderly.
Holiday Inn Express - Change in current land use by
acquisition and demolition of existing motel due to obsolescence and condition
of the premises. New structure will include meeting rooms and an indoor pool.
21st
Century Growers Hydroponics - Facility -
Rehabilitation of real estate for constructing a ten acre hydroponic
green house.
Bank First –
Facility – Rehabilitation of real estate for constructing a full service
banking facility.
For available development sites
see following real estate links:
Earley Real Estate
Farmer's National
Waldo
Realty
The City of
Economic Development Corporation
The O'Neill
Economic Development Corporation works with the City of
CITY OF
Economic Development
Accomplishments 2000-2006
Business Recruitment and Development
2000 - Nebraska Rubber Innovations Inc.
- 8 FTE’s and 2 PT
- Annual payroll of
$167,000
- $612,000 in sales
annually
2000 – R&D Manufacturing
- 13 FTE’s and 1 PT
- Annual payroll of
$250,000
2000 - The Evergreen Assisted Living
- 13 FTE’s and 8 PT
and 4 on-call employees
- Annual payroll of
$349,731
- $216,487 approved in Tax
Increment Financing
2000 – Holiday Inn Express
- 6 FTE’s and 10 PT
- Annual payroll of
$151,270
- $271,604 approved in
Tax Increment Financing
2004 –
- 48 FTE’s and 6 PT
- Annual payroll of
$1,241,840
- $4,114,000 in sales
annually
- $500,000 approved in Tax
Increment Financing
2005 - Bank First
- 6 FTE’s and 1 PT
- Annual payroll of
$295,900
- $230,000 approved in Tax
Increment Financing
Business Expansion
2000 - Adamson Distributing
- Tax Increment Financing
assisted Adamson Distributing in the expansion of the current facility
with a 7,200 square feet addition and 1 FT position
- $17,117 approved in Tax
Increment Financing
<>CDBG or Re-Use
Loans
2 Loans totaling
$431,900
CDBG Loans
Loan Amount
2000 Nebraska Rubber Innovations,
Inc.
$241,900
2000 R&D
Manufacturing
$190,000
Re-Use Loans
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2006
The current balance available for loans is $113,298
Rural
2002-2006 - 28 REAP loans in O'Neill totaling $763,750
Increase in Retail Sales
<>2001-2005 - Retail sales
increased in O’Neill by 7.5%.
Grants Received
2000 – Finalization of down payment assistance CDBG
in the amount of $175,000 for
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first time homebuyers; 12 individuals and families served.
2001 – Planning CDBG in the amount of $24,600 to
complete a comprehensive plan,
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economic development strategic plan as well as a city-wide blight study.
2003 – Down payment assistance CDBG in the amount of
$200,000 for first time
<>
homebuyers; 16 individuals and families served.
2004 – Pinnacle Bank challenge grant to the
O’Neill Community Foundation in the amount of $25,000 to grow an
endowment fund. The Foundation will
receive an additional $25,000 if endowment reaches
$500,000.
<>
2005 – O’Neill Home Town Competitiveness
awarded $75,000 Kellogg Grant.
<>2005 – Economic
Development CDBG in the amount of $130,000 for Rural
Hometown Competitiveness Program
Entrepreneurship
- EDGE Class in 2005
– 13 businesses participated – 7 from O’Neill
- EDGE Class in 2006 - 6
businesses participated – 2 from O’Neill
- Completion of 19
business visitations with the
Youth
- 2005 – Stayin’ Alive with Community Pride Rally with
guest speaker Congressman Tom Osborne
- 2006 – Youth
representative Bergan Carr graduates from the
Holt County Leadership Institute
- 2006 – Youth
representative Heath Lichty was appointed as
youth liaison to the City of
- 2006 – Youth
representatives Avery Schneider and Emily Sallach
were appointed as youth liaisons to the Chamber of Commerce Board
Leadership
- 2005 –
Atkinson/Stuart Leadership Institute with 24 graduates- 2 O’Neill
participants
- 2006 –
Atkinson/Stuart/O’Neill Leadership Institute with 23 graduates - 8
O’Neill participants
- 2006 – First
O’Neill Community Fair held at the National Guard Armory
- 2006 –
“Welcome to O’Neill” program begins with welcome bags
being presented to new individuals and families to O’Neill
Charitable Assets
- 2005 –
O’Neill Community Foundation Builder’s Club established
– 59 members with funds totaling $61,000
<>Awards
2005 – NCIP Award for Volunteer & Leadership
Development
2005 –