THE ORD NEBRASKA

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Citizen’s Advisory Committee Meeting Tonight

The Ord Citizen’s Advisory Committee, a committee that serves as an oversight role for the sales tax program for economic development, will meet tonight at 7pm for their biannual meeting. The committee members will discuss the status of the program, including a quarterly financial report prepared by Dana F Cole. On tonight’s agenda, we’re looking over the use of the program in the past 6 months and the impact it has made in the community.

Ponder this: since 2001, the Sales Tax Program for Economic Development has developed $3.2 million in assets, of which $2.2 million has been loaned to 40 businesses. Of the outstanding $2.2 million loaded out, half has been paid down by the 40 businesses borrowing the capital to grow their business.

Additionally, a sizable sales tax excess fund has been created by 11 of 12 years of sales tax collections exceeding the allowable annual limit established by the Nebraska Legislature. The City of Ord can collection 4/10 of 1% of the city’s total valuation each year for economic development. That excess fund now has a $384,000 balance and can be used for community betterment projects. That is a sizable sum.

You can download the agenda, meeting minutes and Public Hearing notice from last December here.

As always, these meetings are open to the public and you are encouraged to attend.

 

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