Renewal of Beatrice Economic Development plan considered for ballot

BEATRICE – The City of Beatrice economic development program is nearing the end of its latest ten-year authorization by voters.
The Mayor and City Council Monday night discussed putting renewal of the plan funded through part of the local sales tax, on the May Primary ballot.

The program, since 2012, has provided up to $250,000 per year. It’s been renewed several times by voters since first going into effect in 1992.

Known as the LB 840 program, it will expire March 31st, of 2023. Since there’s an election this year, city officials want to put it up for a renewal vote, now.
"We went through state statute and everything they've added in the last decade...we added back into the plan. There's really been no substantive changes to your LB 840 plan, from what's been there before."

City Administrator Tobias Tempelmeyer says the plan has been renewed every ten years since it went into effect. A special meeting will be held, February 28th, to approve ballot language that would be submitted to the Gage County Clerk’s Office.

"The two biggest questions as you read through here, are what dollar amount you want to put in, and how long would want to make the program. There's nothing in state statute that limits the length of time that you have. We've always done ten years...what we have proposed before you is sixteen. There's nothing that says it has to be six years or sixteen...we've seen some as long as twenty or thirty (years). "

One Councilman, Ted Fairbanks would like the city to increase the overall amount of revenue that goes toward the program, to account for inflation. It has remained at $250,000 for several years.

"But, I would think if it's been at that number since the early 90s, that it should be a larger number, now. I don't have a suggestion what that number should be, but it seems to me that if it was a quarter million dollars in the early 90s, it should be well north of that, now."

The dollar amount must be given voter approval. Mayor Stan Wirth says an important factor to examine is the actual amount that’s been spent annually in the program.  "I don't know if $250,000 is the right number. It seems like it has worked well for us. If we want to jump it another $250,000 it might be something that has reserves year after year after year....and I don't know that we want to have reserves in that fund, either."

The revenue is channeled through the city’s electric department. The program has about a $500,000 balance, with several loans outstanding. The program was able to begin loaning funds about ten years ago. New eligible categories include natural gas infrastructure, early childcare development and relocation incentives.  The February 28th meeting on the economic development program will start at seven p.m.