Local Option Economic Development Plan

  1. Background
  2. Eligibility
  3. Application Process

The City of Fremont invests Local Option Economic Development Plan funds for the purpose of attracting new industries and retaining or expanding existing businesses in Fremont. Funds are offered to businesses in the form of low or 0% interest loans and performance-based forgivable loans (grants), based upon creation of new jobs and investment in Fremont. Job creation criteria are detailed in the application, including wages and benefits. Businesses must provide matching funds for the project.

Local Option Economic Development Plan Background 
In 1991 the Nebraska legislature passed legislation establishing procedures for a City adopt and implement an Economic Development Plan. Only local option sales taxes or the property taxes could be used to implement the plan. Legislative Bill 840 (often referred to as LB 840) required a community vote must be held to approve both the funding mechanism and the economic development plan itself.

On May 11, 1999 the citizens of Fremont voted to adopt a one-half of one percent (l/2%) sales tax for five years to fund streets and economic development and the economic development plan. That sales tax expired September 30, 2004. The Economic Development Plan (Plan) was adopted in 1999.

On May 11, 2004 the citizens of Fremont voted to extend the sales tax for 10 years to fund street construction and renovation, the Police and Fire Departments, and economic development. The Economic Development Plan adopted in 1999 was amended in 2004 by Resolution 2004-017 to extend the length of the plan to September 30, 2019.

Fremont voter took to the polling booths again on May 13, 2014 and extended the one-half of one percent (1/2%) sales tax for 10 more years to equally fund street construction and renovation, the Police and Fire Departments, and economic development. The sales tax will expire on December 31, 2024. The new Local Option Economic Development Plan will be in place until June 1, 2029.

Goals
It is the intent of the City of Fremont to implement an Economic Development Plan with the following purpose and goals:
• Create new jobs
• Attract new business
• Assist existing business expansions
• Attract new capital investment
• Develop attractive sites for industrial and business park development