Norfolk City Council rescinds LB-840 guidelines

NORFOLK - The Norfolk City Council has rescinded the guidelines it had earlier put in place for the use of funds designed to foster the city’s economic development.   The funds, generated from property tax revenues are commonly referred to as LB-840 dollars.  Norfolk voters voted in May of 2010 to approve LB 840 for economic development.  The Norfolk City Council later adopted program guidelines that restricted the use of those funds.  The city’s Economic Development Director, Courtney Klein told the council that those guidelines have limited Economic Development’s ability to best utilize LB-840 dollars to their fullest capabilities.  The council unanimously approved the resolution to repeal the guidelines, and allow the program to be governed by the voter-approved economic development plan.