Economic Development
The Citizens Advisory Review Committee shall recommend to the City Council and Program Administrator that the program provide funding to any business eligible for assistance under the Act. While not meant to restrict the scope or flexibility of the fund, evaluation of applications should give special priority to businesses that meet one or more of the following criteria:
a. Businesses that create one quality job for every $25,000 or less in public financing assistance.
b. Applications that provide for the expansion or enhancement of existing businesses in Milford and the surrounding area.
c. New business startups.
d. Businesses, which in the opinion of the Citizens Advisory Review
Committee, have unusual potential for growth.
e. Businesses that are relocating from outside Nebraska.
f. Businesses that provide for important or regional needs.
g. Businesses located within Seward County, Nebraska
The Citizens Advisory Review Committee will meet to review the application and supporting documents, evaluate each application according the guidelines and make recommendation for approval or denial to the City Council.
City Council has the final authority on expenditure of funds in support of the Economic Development Program.
The City Clerk shall maintain all records, monitor status of loans and develop financial reports. The City Clerk shall transfer 10% of the City’s share of local sales tax revenues collected to the Economic Development Program.
The City Attorney shall prepare all necessary legal loan documents.
The investment strategy of the Economic Development Program shall be to promote the growth of the fund at a competitive rate while assuring its security and liquidity.
The LOIS ( Location One Information System) website will allow you to search properties or facilities in the area for possible Economic Development ventures.
The City of Milford is a member of the Seward County Chamber & Development Partnership. Visit www.cultivatesewardcounty.com for more information!