New agreement struck for Norfolk's economic development department
The city of Norfolk and Madison County will give $150,000 to the Economic Development Department, and increase the amount by 3% each year.
By News Channel Nebraska
MADISON, Neb. -- Madison County has approved a new economic agreement between the city and itself.
Following their conversation last month, the county and Norfolk’s Economic Development Department have entered into a new agreement.
Under their original agreement, the county provided $100,000 in 2013, with each yearly payment increasing according to the consumer price index. The city would then match this amount.
However, over time this has resulted in a $465,000 surplus. These funds can only be used to develop new businesses, renovate existing businesses, and partner with programs to improve the city’s economy.
Hoping to reduce this surplus, the new agreement aims to reduce the amount given from the county to the department.
Funding would be based on the fiscal budget of the city, with $150,000 being provided from both entities for the 2023-24 fiscal year.
Every year will see a 3% increase in funding, and any unused funds would be retained by Norfolk up to $100,000.
Overages of $100,000 would be split between the city and county. The city will also provide the county with its audits and be required to report any issues or irregularities within the economic development division.
The agreement was approved in a 3-0 vote by county commissioners.