(Central City, Neb.) Gov. Dave Heineman today presented $506,000 in Community Development Block Grant (CDBG) funding to help Colorado Aspen Home Builders Inc. begin operations in Nebraska. The company plans to create 100 new full-time jobs in Central City, with expectations of up to 200 by the end of 2005.

"Economic development is the key to growing our state. I've talked often about the importance of investing in our economy so our children can pursue good jobs here at home, like here in Central City," Gov. Heineman said. "I have said that we need to have a comprehensive approach to economic development that provides new job opportunities for communities of all sizes."

Central City officials will lend the company $500,000 to purchase equipment and provide working capital to begin operations at the manufacturing facility. The remaining $6,000 will be available to Central City for administrative-related expenses.

The company and local banks will also invest a total of $2 million, and Central City has earmarked $750,000 from its LB 840 fund for the project. LB 840, the Local Option Municipal Economic Development Act, allows communities to use local tax dollars for economic development.

Headquartered in Englewood, Colo., Colorado Aspen Home Builders is the primary supplier of manufactured houses to Mile High Capital Group, Ltd., a real estate development group that builds subdivisions in high-growth areas and sells developments to homebuyers and property managers. The company will remodel an existing facility in the community to meet design and manufacturing needs.

Cliff Mesner, economic development director for Central City, said, " The availability of the former Champion Homes facility in Central City, along with many former employees and managers still in the area presented Colorado Aspen Home Builders with a unique opportunity to locate here in Nebraska."

Project funding is from a program administered by the Nebraska Department of Economic Development that assists with the development of businesses and communities. Federal funds were made available to Nebraska from the U.S. Department of Housing and Urban Development's CDBG program.

CONTACT
Aaron Sanderford, Gov.'s Office, 402-471-1967
Dave Honz, Economic Dev., 800-426-6505