The Wording

Proposition No. 1

Shall the City of Fort Calhoun adopt the Economic Development Plan as described below by appropriating annually from the current local Sales Tax revenue approximately $55,000 per fiscal year for a period of 12 years, if Proposition No. 1 passes:
____________ Yes (For adopting the Plan)
____________ No (Against adopting the Plan)

Description of the Economic Development Plan: The Economic Development Plan, which implements the Program, as amended and adopted by the City Council, is summarized as follows:
a. Plan Goals. The goal of the Plan is to generate additional quality employment opportunities in the City, grow and
retain the local tax base, recruit new businesses and residents, retain existing businesses, revitalize the downtown central business district and assist in housing development.
b. Eligible Activities. Activities included in the Plan are direct loans or grants to qualifying businesses for fixed assets and/or
working capital, loan guaranties for qualifying businesses, grants for public works improvements and job training, real estate purchases and options, issuance of bonds, the cost of implementing the program, grants or loans for construction or
rehabilitation for sale or lease housing for persons of low to moderate income or as part of workforce housing plan, business recruitment activities, and site preparation and development.
c. Qualifying Businesses. Qualifying businesses include any corporation, partnership, or sole proprietorship regardless of
its principal source of income.
d. Plan Duration. The Plan shall extend until November 3, 2042.
e. Collection Duration. The collection of funds for utilization by the Plan shall be permitted from April 1, 2027, until March
31, 2039.
f. Source of Funds. The source of the Economic Development Funds shall be the 1.5% City sales and use tax previously
approved by voters in November of 2016. The City may issue bonds pursuant to the Local Option Municipal Economic
Development Act.
g. Amount Collected. The estimated total amount to be collected from local sources of revenue is approximately $660,000 over the 12-year period.

Our Explanation

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