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News January 12, 2016

Monthly Meeting Highlights

The NED, Inc. monthly meeting and the NENEDD Semi-Annual Council of Officials were held on January 6, 2016. Highlights from the meeting include personnel policy and third party administrator changes along with six business loan transactions.

The NENEDD Semi-Annual Council of Officials meeting gives the opportunity of voting to all of the Officials from the member communities. Held twice a year, the topics usually include budget, policy or items that directly impact member communities. Changes to the personnel policy included a change for flexible schedules. The retirement plan provider will also change from Waddell & Reed to Retirement Plan Consultants.

NENEDD approved a $29,000 loan to Jarod & Jessica Bridger to purchase the existing Subway business in Fullerton. The Fullerton Subway opened in 2010 and has been an asset to the Fullerton community.

NENEDD also approved a loan of $75,000 for Catherine Sears to purchase her siblings portion of the assets of Hungrys, Inc. doing business as Floor Maintenance and Paper Supply Co. This business was established in Norfolk in 1982 by Catherine’s father. The company is the only full service janitorial supply company in northeast Nebraska, servicing from the South Dakota/Iowa borders west to Valentine and south as far as Hwy 30.

Business transitions continued with the next approval by NENEDD of a $36,600 loan to Les & Natalie Sharman. The Sharmans are planning to buy Jim’s Body Shop in Fullerton as the owner wishes to retire. Les will continue to offer auto body repair, products and service. The loan will assist the Sharmans in purchasing the business along with providing capital for building renovations and computer updates.

NED, Inc. approved a $20,000 loan to Chad & Bonnell Jochum to start a book store at 426 W. Norfolk Ave in downtown Norfolk. With the closing of Hastings Book Store December 2015, Norfolk would no longer have a bookstore. Main Street Books will sell new books of all genres, with an emphasis on customer feedback.

NED, Inc. will partner with the City of Madison and Madison County for a loan utilitizing the Non-Profit Development Organization process with Thermal Design, Inc. of Madison. The $62,500 loan will utilize funds to construct a 30-foot wide, 9-inch thick concrete street, approximately 330 feet long, along with the extension of storm sewer. Thermal Design will be the main beneficiary of this street and will create three full time equivalent (FTE) jobs and retain their baseline of 34 FTE jobs in Madison.

NED, Inc. will also partner with Madison County on a $300,000 loan to Todd’s BBI, Inc. Todd’s BBI is looking to purchase Summit Foods, Inc. in Madison. Todd’s BBI is a private food packager and labeler that has been in business since 1926 and is currently located in Des Moines, IA. Todd’s BBI will relocate their liquid and dry food and pet treat packaging to Madison utilizing a facility that has been operating in Madison since 1983, producing and packaging salsa and BBQ sauce along with other products.

Norfolk Daily News recently highlighted the projects in Madison in this December 30, 2015, news article.

If you are looking to start a business or expand an existing business and need assistance visit our website.

The full minutes from the meetings can be found on our here.

Funds Available

The Norfolk Area Habitat for Humanity has recently been awarded Nebraska Affordable Housing Trust Funds for the construction of new housing. Applicants who apply for the program must meet income eligibility requirements in order to qualify for the program. Interested persons can contact Lori Price-Oertwich at 402-841-7171 for an application and processing instructions.

The City of Wakefield has received Nebraska Affordable Housing Trust Funds for the construction of two housing units in Gustafson Estates 2nd Addition. Applicants must meet the income eligibility requirements in order to qualify for the program. For more information or to request an application, please contact Judy Joy at NENEDD, 402-379-1150.