Economic Development Local Incentives
General Intent and Goals
It is the intent of the City of Norfolk, Nebraska, to implement an Economic Development Program, the purpose and goals of which will be to:
- create jobs and generate employment opportunities
- to expand labor markets of Norfolk, Madison County and the surrounding area
- to attract new capital investment to the community to broaden its tax base
- to retain jobs and help existing businesses remain competitive and profitable
- provide economic diversification to ensure economic stability and vitality for the community of Norfolk and the surrounding area
- and to provide the educational tools and training needed on an ongoing basis
Eligible activities under the Economic Development Program may include, but shall not be limited to, the following:
- The purchase of real estate, options for such purchases and the renewal or extension of such options.
- Public works improvements essential to the location or expansion of a qualifying business.
- Construction of speculative buildings or rehabilitation of commercial buildings or potential commercial buildings.
- A direct loan program to businesses for fixed assets, working capital, public works projects essential to the business expansion, or job training. Loans may be low-interest, performance-based or loan guarantees to qualifying businesses, either existing or being recruited. Loans will be made on a partial match or ratio basis and based upon job creation and/or retention.
- Agreements for job training and workforce development.
- Payments for salaries and support of municipal staff or the contracting with an outside entity to implement the economic development program.
- Provision of technical assistance to businesses, such as marketing assistance, management counseling, preparing financial packages, engineering assistance, etc.
- Expenses for the conduct of business recruitment activities.
- The authority to issue bonds pursuant to the Local Option Municipal Economic Development Act.