City of Lyons Economic Development Plan
LB540 was passed by Lyons voters at the May 14th, 2024 Primary Election.
What is LB840?
The Local Option Municipal Economic Development Act (LB840, 1991) authorized incorporated cities and villages — if approved by local voters — to collect and appropriate local tax dollars, including sales and/or property tax, for economic development purposes.
To implement an LB840 program, communities formulate a written economic development plan which, if voter-approved, becomes the foundation for the collection and expenditure of local tax revenues for economic development under which the municipality’s LB840 program operates.
Beginning on October 1, 2024, the local sales and use tax rate for the City of Lyons will increase from 1.5% to 2%.
The .5% increase is expected to generate an estimated $64,000 per year. These funds will be used to support the Lyons Economic Development Plan.
The primary purposes and goals of this plan are as follows:
- Generate additional employment opportunities
- Retain and expand our local tax base
- Attract new businesses
- Attract and keep residents
- Retain and expand existing businesses
- Revitalize the downtown central business district
- Assist in housing development
A qualifying business does not necessarily have to be located within the city's corporate limits. However, the Lyons City Council must determine that there is a clear economic benefit to the city. The business must be situated within the City's one-mile extraterritorial jurisdiction or on land titled in the name of the city.
Eligible businesses may apply for program benefits more than once.
Feel free to contact the City Office with any questions.
You can find the Economic Development Plan below.