18-2705.

Economic development program, defined.

(1) Economic development program means any project or program utilizing funds derived from local sources of revenue for the purpose of providing direct or indirect financial assistance to a qualifying business or the payment of related costs and expenses or both, without regard to whether that business is identified at the time the project or program is initiated or is to be determined by specified means at some time in the future.

(2) An economic development program may include, but shall not be limited to: (a) Direct loans or grants to qualifying businesses for fixed assets or working capital or both, (b) loan guarantees for qualifying businesses, (c) grants for public works improvements which are essential to the location or expansion of, or the provision of new services by, a qualifying business, (d) grants or loans to qualifying businesses for job training, (e) the purchase of real estate, options for such purchases, and the renewal or extension of such options, (f) grants or loans to qualifying businesses to provide relocation incentives for new residents, (g) the issuance of bonds as provided for in the Local Option Municipal Economic Development Act, and (h) payments for salaries and support of city staff to implement the economic development program or develop an affordable housing action plan, including any such plan required under section 19-5505, or payments for the contracting of such program implementation or plan development to an outside entity.

(3) For cities of the first class, cities of the second class, and villages, an economic development program may also include grants, loans, or funds for:

(a) Construction or rehabilitation for sale or lease of housing (i) for persons of low or moderate income, (ii) as part of a workforce housing plan, or (iii) as part of an affordable housing action plan, including any such plan required under section 19-5505;

(b) Rural infrastructure development as defined in section 66-2102; or

(c) Early childhood infrastructure development.

(4) An economic development program may be conducted jointly by two or more cities after the approval of the program by the voters of each participating city.