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Community Development Block Grant (CDBG) for Economic Development (ED) <br /> Federal funding from Housing and Urban Development, awarded to the State of Nebraska, administered through the <br /> Nebraska Department of Economic Development(DED). <br /> Parties to an Economic Development CDBG Project: <br /> • Company that will expand their business with private investment and meet a national objective of hiring low to <br /> moderate income applicants: Heritage Disposal <br /> • Local Government to be the applicant (to DED): Hall County <br /> • Non Profit Development Organization (NDO): Grand Island Area Economic Development Corporation (GIAEDC) <br /> • Department of Economic Development(DED) <br /> • Other Parties Involved: <br /> o Banks or other lending institutions providing funding to the business <br /> o Grant Administrator: South Central Economic Development District, Inc. (SCEDD) <br /> Process: <br /> • Business submits pre-application to DED; DED invites full application <br /> • Business completes full application <br /> • County holds public hearing regarding the application <br /> • County approves application, submits application to DED <br /> • DED provides Notice of Award (this is approximately when the business can begin incurring expenses) <br /> • Business incurs expenses <br /> • Business submits expenses to SCEDD as Grant Administrator <br /> • SCEDD reviews documentation and prepares Draw form, requests to be on County agenda <br /> • County approves the claim for reimbursement and the draw <br /> • Draw is submitted to DED <br /> • State of NE deposits funds in County bank account <br /> • County pays drawn amount to GIAEDC NDO <br /> • GIAEDC NDO makes loan to Business <br /> • Business repays loan to GIAEDC NDO <br /> • GIAEDC NDO operates perpetual revolving loan fund, funds are considered de-federalized <br /> Flow of Funds: <br /> SCEDD reviews <br /> Business incurs Business submits <br /> iiipoo documentation, submits <br /> expansion costs ma. request for <br /> claim and draw to County, <br /> (payroll, purchase reimbursement to <br /> requests to be on County <br /> equipment,etc) SCEDD <br /> agenda <br /> County approves DED approves draw County pays (passes) <br /> claim and draw; funds are deposited funds to GIAEDC NDO Eml <br /> draw is submitted in County Bank <br /> to DED (by SCEDD) Account <br /> Business repays GIAEDC operates <br /> GIAEDC NDO loans loan according to perpetual <br /> funds to Business agreement revolving loan fund <br /> Steps may happen multiple times <br /> until all funds are expended <br />