Downsizing assistance fund changes approved

Senators gave final approval May 29 to a bill that makes changes to funds intended to mitigate the impact of economic downsizing.

LB457, introduced by Grand Island Sen. Mike Gloor, terminates the Industrial Recovery Fund. Existing funds will be distributed evenly to the Site and Building Development Fund and the Nebraska Affordable Housing Trust Fund.

Projects that were eligible under the Industrial Recovery Fund—those that mitigate the economic impact of a closure or downsizing of a private-sector entity by making necessary improvements to building and infrastructure—will be eligible under the Site and Building Development Fund.

The bill passed on a 46-0 vote and takes effect immediately.