O’Neill has recently seen an increase in new signage for local businesses. Several of these signs were purchased with the help of a local incentive program. Katie Oberle, owner of REPS fitness center in downtown O’Neill, Jessica Cole, owner of Kreative Trendz salon in downtown O’Neill, Connor and Samantha Connot, owners of Connot Tire Service in O’Neill, Pat Cole owner of Cole Redi-Mix in O’Neill, and Three River Communications in O’Neill all applied for a property improvement matching grant through O’Neill’s LB840 program. As a result, they were all able to purchase new signage for their businesses.
Local incentive programs, such as LB840, help both new and existing businesses start and grow. The Local Option Municipal Economic Development Act, or LB840, allows incorporated cities and villages to collect and allocate local tax dollars for economic development purposes. Local voters must first pass an economic development plan as well as an increased sales tax. Four communities in Holt County – Atkinson, Ewing, O’Neill, and Stuart – have passed economic development plans and an increased sales tax to fund LB840 programs in their communities. Each community’s economic development plan includes:
- matching grant for property improvement for exterior business improvements
- matching grant for residential structure demolition (as well as sidewalks in Atkinson)
- low interest loan to be used for land or building purchase, new construction, working capital including inventory, or equipment purchases for your business.
Local incentive programs are an important tool for economic development organizations to help their communities grow and thrive. They are a great way to attract new business to town, but more importantly they are a way to help the businesses and people already established in the community. They can help new businesses with start up costs and help our local entrepreneurs realize their dreams. They can help an established business transfer to new ownership. They can also help our existing businesses expand their services, upgrade their facilities, or increase their number of employees
This is also another great reason to shop local! When you shop local, part of the sales tax paid comes back to your community to help grow Holt County businesses or help a new business start. If you would like to learn more about LB840 in Holt County, contact Holt County Economic Development at (402) 336-1504 or info@growholt.com.
