Nebraska Statutes 18-2711. Land purchase; creation of loan fund; additional requirements
(1) If the proposed economic development program involves the purchase of or option to purchase land, the proposed plan shall also specify the manner in which tracts of land will be identified for purchase or option to purchase and whether or not the city proposes to use the proceeds from the future sale of such land for additional land purchases.
Terms Used In Nebraska Statutes 18-2711
- City: shall mean any city of the metropolitan class, city of the primary class, city of the first class, city of the second class, or village, including any city operated under a home rule charter. See Nebraska Statutes 18-2704
- Economic development program: means any project or program utilizing funds derived from local sources of revenue for the purpose of providing direct or indirect financial assistance to a qualifying business or the payment of related costs and expenses or both, without regard to whether that business is identified at the time the project or program is initiated or is to be determined by specified means at some time in the future. See Nebraska Statutes 18-2705
- Fraud: Intentional deception resulting in injury to another.
- Qualifying business: means any corporation, partnership, limited liability company, or sole proprietorship which derives its principal source of income from any of the following: The manufacture of articles of commerce. See Nebraska Statutes 18-2709
(2) If the proposed economic development program involves the creation of a loan fund, the proposed plan shall also specify:
(a) The types of financial assistance that will be available, stating the maximum proportion of financial assistance that will be provided to any single qualifying business and specifying the criteria that will be used to determine the appropriate level of assistance;
(b) The criteria and procedures that will be used to determine the necessity and appropriateness of permitting a qualifying business to participate in the loan fund program;
(c) The criteria for determining the time within which a qualifying business must meet the goals set for it under its participation agreement;
(d) What personnel or other assistance beyond regular city employees will be needed to assist in the administration of the loan fund program and the manner in which they will be paid or reimbursed;
(e) The investment strategies that the city will pursue to promote the growth of the loan fund while assuring its security and liquidity; and
(f) The methods of auditing and verification that will be used by the city to insure that the assistance given is used in an appropriate manner and that the city is protected against fraud or deceit in the conduct or administration of the economic development program.