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Hastings utilizes three primary local incentive programs in order to compliment State-level incentives. All programs are negotiated directly with the client.
Job Creation
Performance based forgivable loans tied to job creation and capital investment. Past awards have averaged $6,000 per new job created with a minimum retention period of two years. Cash awards are provided on the front end of the project.
Electrical Rate Reduction
Temporary Partial Demand Reduction is provided through Hastings Utilities for (up to) the first two years of a project. Generally, this can reduce the demand portion of an electric bill by up to 50% for the negotiated duration of the incentive.
Property Tax
Park North is located in a County Industrial Area, which equates to a specialized tax zone. Qualified recipients realize approximately 40% savings in real and personal property tax for the first 10 years of the project. Over the next 5 years, a project is phased into the City rate at 20% per year. Additionally, over the duration of the County Industrial Area designation, a project is not subject to the local 1.5% local option sales tax.
State Tax Incentives
For information on State-level incentives, please visit the Nebraska Department of Economic Development