Quality Growth Fund FAQs
One of the biggest misconceptions communities often have about LB840 programs is that they are simply "grants for businesses." North Platte's LB840 or commonly known as 'Quality Growth Fund' (QGF) Plan clearly shows that the program is much broader, highly regulated by state law, includes multiple levels of review, and is designed to create long-term community economic benefits.
Frequently Asked Questions
The Quality Growth Fund is North Platte's local LB840 Economic Development Program. It uses a portion of growth in existing local sales tax revenues to support economic development projects that strengthen the community, create jobs, encourage investment, improve housing opportunities, and enhance quality of life.
No.
The QGF does not create a new sales tax. Instead, it captures a portion of future growth in sales tax collections after specific revenue thresholds are reached. The City continues to receive the base sales tax revenue it has historically collected.
A variety of businesses and organizations may qualify, including:
- Manufacturers
- Research and development companies
- Businesses involved in processing, storage, transportation, or sales of goods in interstate commerce
- Service businesses that sell services in interstate commerce
- Telecommunications businesses
- Corporate headquarters
- Retail businesses
- Tourism-related businesses
- Workforce housing projects
- Early childhood education facilities
- Other activities allowed under Nebraska's Local Option Municipal Economic Development Act
Not necessarily.
Businesses located elsewhere in Lincoln County may qualify if they provide a clear economic benefit to the North Platte community.
No.
The plan specifically establishes a Small Business Loan Fund, with up to 10% of annual QGF revenue reserved for small business projects. Special emphasis is placed on helping smaller existing businesses retain and expand operations.
Yes.
Qualifying businesses may apply for and receive assistance from the Quality Growth Fund on more than one occasion if they meet program requirements.
The fund can support a wide variety of economic development activities, including:
- Business expansion and retention projects
- Job creation incentives
- Capital investment incentives
- Infrastructure improvements
- Workforce housing
- Job training
- Business loans
- Building construction and improvements
- Land acquisition
- Redevelopment of distressed properties
- Technical assistance
- Marketing and business recruitment efforts
- Economic development partnerships
The fund may also support other activities permitted by Nebraska law.
Yes.
One of the stated goals of the program is to increase affordable and workforce housing opportunities. Workforce housing projects are specifically listed as eligible activities.
Yes.
The plan specifically includes incentives for the acquisition and rehabilitation of dilapidated and distressed real estate when those projects support economic development goals.
No.
Applicants must complete a formal application process and provide detailed business and financial information. Depending on the project, assistance may come in the form of loans, grants, job credits, investment credits, or other performance-based incentives. Many projects require repayment, collateral, job creation commitments, or investment requirements.
Applicants may be required to submit:
- Business plans
- Financial projections
- Profit and loss statements
- Balance sheets
- Tax returns
- Personal financial statements (for major owners)
- Project financing information
- Additional documentation needed to determine project viability
Applications undergo verification and review before moving forward.
Applications are reviewed through multiple levels of oversight:
- Program Administrator
Reviews the application and verifies information.
- Citizen's Review Committee (CRC)
A committee of North Platte citizens evaluates the project's economic feasibility and community impact before making a recommendation.
- North Platte City Council
The City Council has final approval authority over expenditures and project awards.
The CRC consists of North Platte registered voters appointed by the Mayor and approved by City Council. Members include representatives from business, banking/finance, and citizens at large. Committee members cannot have conflicts of interest with projects under consideration.
Yes.
Applications are reviewed through a public process that includes public notice and City Council action. Certain confidential business information is protected by law to avoid harming applicants or giving competitors an unfair advantage.
Businesses are often required to provide sensitive financial information, tax returns, proprietary business plans, and other confidential records.
Nebraska law allows certain business records to remain confidential so businesses can fully disclose information needed for proper review. Individuals involved in the review process are required to maintain confidentiality.
Yes.
The program includes multiple protections:
- Financial review and verification
- Credit checks and due diligence
- Citizen Review Committee oversight
- City Council approval
- Annual audits
- Legal review
- Loan collateral requirements
- Performance requirements tied to funding
- Ongoing compliance monitoring
No.
The fund is maintained separately from the City's General Fund and may only be used for eligible economic development activities allowed by the plan and Nebraska law.
Loan repayments return to the Quality Growth Fund and can be reused for future economic development projects, creating a revolving source of investment in the community.
The program is designed to:
- Retain and expand existing businesses
- Create quality jobs
- Encourage new investment
- Diversify the local economy
- Increase workforce and affordable housing
- Improve quality of life
- Strengthen North Platte's competitiveness with other communities
- Grow the local tax base for the long term
Ultimately, the Quality Growth Fund exists to invest in projects that create lasting economic benefits for North Platte and Lincoln County.