The Fairbury City Council has voted unanimously to fund the installation of a new HVAC system in the historic building located on the north side of the downtown Square. The building, owned by Cheryl Schroeder, is listed in the National Register of Historic Places as a contributing property in Fairbury’s Downtown Historic District and houses Attitudes Apparel, a retail clothing store.
The injection of funds will enable Schroeder to make necessary improvements to the building that will contribute to the overall value of the property and also provide support that will enable her to operate more efficiently. “The goal here is to retain the business and the jobs tied to it and this type of expenditure will pay long term dividends to the community,” according to Don Trimm, councilmember, Ward I.
Legislative Bill 840 was passed to create the Local Option Municipal Economic Development Act. An amendment to the Nebraska Constitution paved the way for LB840 legislation. With voter approval of a local economic development plan and specifically defined tax revenues, municipalities are allowed to use these public funds for economic development purposes not otherwise allowed by statute, i.e., loans, grants, purchase of land and development of industrial sites, etc. Fairbury voters approved their plan in 1998 and the tax that funds it. LB840 is used to improve local job opportunities and expand the tax base. It is needed to remain competitive with communities in other states that have similar authority for economic development. LB840 allows a community to have more control of its future by targeting how the economic development funds are spent through the voter approved plan. Fairbury’s LB840 economic development plan has performance requirements and a nine-step application process.[lsvr_documents category=”88″ title=”To Download the necessary documents, click on the appropriate link” icon=”tp tp-papers” number_of_items=”0″ show_filesize=”yes” show_icons=”yes”]
For more information about Fairbury’s LB840 program, contact Fairbury City Administrator at (402) 729-2476.