Nelson: $225 Million In Federal Resources To Nebraska For Infrastructure, Economic Development

Washington, D.C. – June 12, 2009 – (RealEstateRama) – Today, Nebraska’s Senator Ben Nelson welcomed an announcement by the U.S. Treasury Department that Nebraska will receive $225 million in new financing resources from the Stimulus Bill targeted to help communities invest in infrastructure and economic development.

“This is very good news. Local communities can sure use these new resources to revitalize or stabilize their communities by launching infrastructure and economic development projects that will provide both good jobs and lasting, needed improvements,” said Senator Nelson. “And these projects will help keep Nebraska a wonderful place to work and live, while helping to turn our national economy around.”

The Treasury Department announced that Nebraska is receiving $225 million in new bond authority under the American Recovery and Reinvestment Act as part of $25 billion in bond authority available to local communities nationwide. The financing authority seeks to help areas affected by job loss and economic hardship. State and local entities can issue bonds and the federal government will pay a major part of the interest through tax credits.

The American Recovery and Reinvestment Act, also known as the stimulus bill, creates a new category of tax credit bonds for investment in economic recovery zones. The bill authorizes $10 billion in recovery zone economic development bonds and $15 billion in recovery zone facility bonds.

Bonds can be issued during 2009 and 2010 and are allocated to counties nationwide.  Local governments receiving an allocation of these bonds would be permitted to use the bonds to invest in infrastructure, job training, education, and economic development in areas within the boundaries of the state, city or county that has significant poverty, unemployment or home foreclosures.

The Treasury Department issued a list of recipients in Nebraska. The city of Lincoln will receive a total of $43.7 million in new bond authority, while the city of Omaha will receive a total of $28.8 million in new financing resources.

Following is a statewide breakdown for Nebraska:

Area | Recovery Zone Economic Development Bond | Recovery Zone Facility Bond | Total
Antelope County    288,000    432,000    720,000
Banner County    25,000    38,000    63,000
Buffalo County     3,541,000    5,311,000    8,852,000
Butler County     613,000    920,000    1,533,000
Cass County     701,000    1,051,000    1,752,000
Cherry County     538,000    807,000    1,345,000
Cheyenne County    676,000    1,013,000    1,689,000
Cuming County     763,000    1,145,000    1,908,000
Custer County    138,000    206,000    344,000
Dakota County    1,401,000    2,102,000    3,503,000
Dawes County    75,000    113,000    188,000
Dixon County     438,000    657,000    1,095,000
Dodge County    2,740,000    4,110,000    6,850,000
Douglas County     2,127,000    3,191,000    5,318,000
Fillmore County     325,000    488,000    813,000
Furnas County     13,000    19,000    32,000
Gage County     2,452,000    3,679,000    6,131,000
Hall County    601,000    901,000    1,502,000
Hamilton County    388,000    582,000    970,000
Hitchcock County     188,000    282,000    470,000
Hooker County    1,189,000    1,783,000    2,972,000
Howard County     63,000    94,000    157,000
Jefferson County    3,065,000    4,598,000    7,663,000
Kearney County    488,000    732,000    1,220,000
Keith County     1,351,000    2,027,000    3,378,000
Kimball County     338,000    507,000    845,000
Knox County     1,151,000    1,727,000    2,878,000
Lancaster County     1,839,000    2,759,000    4,598,000
City of Lincoln     17,504,000    26,256,000    43,760,000
Lincoln County     4,604,000    6,907,000    11,511,000
Logan County     100,000    150,000    250,000
Loup County     25,000    38,000    63,000
Madison County    2,565,000    3,847,000    6,412,000
McPherson County    63,000    94,000    157,000
Merrick County    75,000    113,000    188,000
City of Omaha     11,548,000    17,323,000    28,871,000
Otoe County    325,000    488,000    813,000
Phelps County    300,000    450,000    750,000
Pierce County    551,000    826,000    1,377,000
Platte County    4,717,000    7,075,000    11,792,000
Red Willow County    738,000    1,107,000    1,845,000
Richardson County    213,000    319,000    532,000
Rock County    100,000    150,000    250,000
Sarpy County    3,904,000    5,856,000    9,760,000
Saunders County    563,000    845,000    1,408,000
Scotts Bluff County    1,214,000    1,820,000    3,034,000
Seward County    1,089,000    1,633,000    2,722,000
Sherman County    313,000    469,000    782,000
Stanton County    488,000    732,000    1,220,000
Thayer County    1,376,000    2,064,000    3,440,000
Thurston County    576,000    863,000    1,439,000
Valley County    175,000    263,000    438,000
Washington County    576,000    863,000    1,439,000
Wayne County    951,000    1,426,000    2,377,000
York County    7,832,000    11,749,000    19,581,000

Senator Nelson played a key role in the passage of the $787 billion stimulus bill. He worked with a bipartisan group of nearly 20 Senators to better focus The American Recovery and Reinvestment Act on tax cuts for the middle class and job creation for millions of Americans. Senator Nelson led the group through the initial bill line by line, dollar by dollar, to reduce spending and cut out $108 billion of inefficient or less-stimulative spending. The bipartisan group helped the improved bill win congressional approval. President Obama signed it into law February 17, 2009.
 
Senator Nelson is posting information about the release of stimulus finds on his website as it becomes available.  Visit http://bennelson.senate.gov/issues/stimulus/index.cfm for more information.