The purpose of the Bellevue Nebraska Economic Development Program is to encourage population growth, new industries, and investment in the community. 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 Bellevue. Businesses must provide matching funds for a project.
Potential City uses include land improvements; public infrastructure; building acquisition and improvements; retail industry; service industry; other new industry; equipment, working capital, job training and buy-down leases for Primary Industry; equipment, job training, buy-down leases, land improvements, building acquisition and improvements and infrastructure for Non-primary Industry; and other economic development activities allowed by statue.
Eligible activities under the Economic Development Plan may include the following to attract new and existing business and industry development in Bellevue.
- Land purchase options
- Infrastructure to new or existing business and industry
- Site improvements
- Construction for new or existing business or industry or on a specific basis
Section 18-2738 of the Local Option Municipal Economic Development Act states that “….all grants of power, authority, rights, or discretion to a city under the act shall be liberally construed, and all incidental powers necessary to carry the act into effect are hereby expressly granted to and conferred upon a city.”
Administrative flexibility is not only allowed but intended and expected to be part of the administrative process under the Act. Section 18-2738 of the Local Option Municipal Economic Development Act empowers the Bellevue Economic Development Program Project Review Committee and Bellevue City Council to accept or decline any proposed ranges of qualification criteria.
Businesses may be given the benefit of the category under which they meet the requirements for the lowest interest rate. Based on Bellevue City Council discretion, up to a 2% reduction may be provided if multiple categories are met. The interest rate will never be less than 0%.
Loans will be structured as at-risk or performance based forgiveness. To qualify for a performance based forgiveness loan, the applicant must:
- Pay employees at or above 125% of the Sarpy County average wage; and
- Have taxable investment greater than $2.5 million dollars, or
- Have taxable sales greater than $2.5 million dollars
To be considered for financial assistance, applicants must provide a completed application, including all applicable attachments. Return competed application to:
City of Bellevue
1500 Wall Street
Bellevue, NE 68005