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City allocates downtown revitalization funds

web-10-19-aedc-logoAlbion City Council voted to allocate economic development funds for a possible downtown revitalization project and other purposes during its monthly meeting Tuesday night, Oct. 11.
Presentations were made to the council by Albion Economic Development Corp. (AEDC) officer Andy Roberts and by Doug Koch, executive director of the Boone County Economic Development Agency and AEDC.
A total allocation of $250,000 was approved for five purposes, including:
• Downtown Revitalization (DTR) matching funds for a grant administered by the Nebraska Department of Economic Development, $200,000.
• Second story downtown living development assistance, $20,000.
• Gap financing for new business and business transitions, $20,000.
• Assistance in formation of a childcare program, $5,000.
• Legal fees for tax increment financing (TIF) projects, $5,000.
The city funds its economic development program through a one-quarter percent share of city sales tax funds. These funds are authorized through an LB 840 measure that was approved by Albion voters since 1998, and most recently in 2008.
Staff members with the Department of Economic Development will be visiting Albion Wednesday, Oct. 26, to tour the community and review the Downtown Revitalization application.
Details in the Oct. 19 Albion News Print and e-editions.