Note: The following information was originally compiled by staff of the Albion News in preparation of the 2008 re-instatement of LB 840.
For at least the past 40 years, Albion has had some kind of economic development organization in place. At times in the past, this organization, called the Albion Economic Development Company, Inc. was very active. It was formed through the sale of stock to local businesses and individuals.
Earliest records available from Connie Ketteler (former secretary-treasurer), date back to 1986 when the organization had a net worth of $16,148. At the annual meeting that year, John Ward, late publisher of the Albion News, was elected to the board of directors, and the stockholders approved a motion to give two lots to Boone County Hospital to be used as the location for a helicopter pad.
The company, which later became the Albion Economic Development Corporation had very little working capital, and its bank balance was typically below $20,000 each year until 1998-99 when several new projects were launched and the city began collecting sales tax revenue earmarked under LB 840 for economic development.
The local organization did provide assistance and they were involved in economic development efforts, but any funds they used came only from investors before 1999. Several key tools to be used later for development projects were already under discussion at the organization’s annual meeting in May 1995.
The organization started developing a strategy and goals, and efforts were made to get all local organizations involved in the planning. A series of monthly meetings began. Jim Wolf approached the AEDC board with an idea for a Boone County Foundation, and the board approved a motion supporting the idea.
By July 1995 a proposal was made to bring an ALCO retail store to the area. Within the year ALCO purchased the land and constructed its building, which is now home to Shopko Hometown.
Fast forward to 1998: with a local economic development in hand and LB 840 sales tax funds, a campaign was set in play to help the organization improve its funding. In a public vote, Albion Economic Development Corporation was given approval to move forward as an organization, and with additional funds via LB 840. This meant that a portion of sales tax dollars would be allocated to the organization to use toward economic development. Every 10 years, this funding source would be placed on the public ballot. Approval was granted once again in 2008, which leads to the May 2018 decision.
In recent years, AEDC has been part of several key initiatives for Albion. This includes bringing Shopko Hometown to Albion to fill the void created by the closure of ALCO; an annual facade improvement program to support local business owners; and most recently, the Downtown Revitalization grant. See our Projects page for a list of current and past projects.
A look back . . .
“Our biggest problem back then was, no matter how much we wanted to help bring a new business to town, or help an existing business expand, we just didn’t have much in the way of financial resources.”
-Doug Young, Former AEDC President
(source: Albion News, 2008)
How We’re Funded
Albion Economic Development Corp. is funded by a combination of memberships and a portion of city sales tax under LB 840.
The Local Option Municipal Economic Development Act (LB840, 1991) authorizes incorporated cities and villages to collect and appropriate local tax dollars—including sales and/or property tax, if approved by the local voters—for economic development purposes.
The Act involves the formulation of the local economic development program plan. The plan forms the foundation for the collection and expenditure of local tax revenues for economic development and, if the voters approve the plan, the provisions of the local plan becomes the basis under which the municipality’s program operates.
AEDC receives one-quarter-cent city sales tax to use toward economic development projects.
2018 Member List
3C’s – Cleveland’s Cafe & Catering
Albion Chamber of Commerce
Albion Dental Clinic
Albion Family Dental
Albion Housing Authority
Applied Connective Technologies
Beaver Bearing Co.
Bev Dailey Realty & Insurance
Bird & Wright, PC
Black Hills Energy
Boone County Bank
Boone County Health Center
Cardinal Inn Hotel & Event Center
Cornerstone Insurance Group
Cornhusker Public Power District
Country Partners Cooperative
Eye Physicians, PC
Farm Bureau Financial Services
Good Life Pharmacy
Good Samaritan Society-Albion
J’s Auto Repair
Jarecki Yosten Maul PC, LLO
Jarecki’s Lawncare & Greenhouse
Just Paint It
Leifeld’s Furniture & Floor Covering
LoCo’s Designer T’s & More
Loup Power District
Main Street Hardware
MJK Ag Solutions
Pillen Family Farms Milling
State Farm Insurance
The Gray Haired Trout
Town & Country Vet Clinic
Wagonhammer Cattle Co.
Wells Drug & Hallmark
White Star Oil Co.
Zoucha Hay Grinding, Inc.