Incentive Packages

The Grand Island Area Economic Development Corporation and its Board of Trustees will coordinate and collaborate with city, county, and state officials to tailor an incentive package to meet your business need and requirements.

Local Incentives

Tax Increment Financing (TIF)

Tax Increment Financing (TIF) in Nebraska is primarily designed to finance the public costs associated with a private development project. Essentially, the property tax increases resulting from a development are targeted to repay the public investment required by a project. TIF encourages private investment in blighted or deteriorating areas by allowing city governments to devote all property tax revenue increases to repay the public investment needed to attract development.

Community Development Block Grant (CDBG) Reuse Funds

The Community Development Block Grant (CDBG) Reuse Funds is a flexible program that provides communities and businesses with resources to address a wide range of unique community development needs. Businesses expanding and creating employment opportunities for low-to-moderate income persons may be eligible to recieve CDBG Reuse Funds.

LB840

Local Option (LB840) is the primary incentive offered by The Grand Island Area Economic Development Corporation. LB840 is a cash payment made directly to your company based on job creation and training needs for your employees. A structured payment system is established between expanding businesses and the GIAEDC. Training incentives can be paid up front to jumpstart your business, while job creation incentives are an annual payment delivered over a three-year period of time. We are also capable of structuring a low interest and/or forgivable loan to meet your business's needs.

LB840 Recipients 

State Incentives

ImagiNE

The ImagiNE Nebraska package is a redesigned incentive to create a business climate that makes Nebraska the preferred location for starting and growing your business. The ImagiNE rewards businesses that invest in the state and hire Nebraskans. In this progressive, pro-business tax climate, corporate income and sales taxes are reduced or virtually eliminated.

Learn more at: https://imagine.nebraska.gov/

Brochure with the important details:  https://imagine.nebraska.gov/wp-content/uploads/2022/05/Imagine-Brochure-Final-op.pdf

Sites & Buildings

Additionally, the GIAEDC has worked collectively with the Nebraska Department of Economic Development (NDED) to assist Grand Island businesses with other funding opportunities. With assistance from the NDED, the following Grand Island businesses have utilized the Nebraska Sites and Buildings Development Fund.

Contact us to learn more!