(Lincoln, Neb.) Gov. Dave Heineman today announced his decision to award a $250,000 Community Development Block Grant (CDBG) to the Greater Norfolk Economic Development Foundation Inc., to renovate a spec building for future business growth.

The CDBG announcement follows an announcement today that the Norfolk development group will be receiving another $600,000 in federal funds from the U.S. Department of Commerce to purchase the building Norfolk plans to renovate for business use.

The building being renovated is the former home of Vishay Electronics in Norfolk. The development group plans to use the 141,781-sq. ft. building for an expansion of an existing business, to lure a new one or as a business incubator.
" This is an opportunity for an actively engaged community development organization to harness available funds for the good of Norfolk’s future growth," Gov. Heineman said. "I am pleased that with Senator Hagel’s help, we were able to get this accomplished."

Gov. Heineman had been working closely with U.S. Sen. Chuck Hagel, local leaders and the Nebraska Department of Economic Development (DED) to secure the economic development opportunity for the northeastern Nebraska city.

The CDBG funds Gov. Heineman approved also include an additional $5,000 for administrative costs, bringing the total grant amount to $255,000.

Established in 1998, the Speculative Building Loan Program is part of a DED program to assist with the development of businesses and communities. Federal funds for the grants are made available from the U.S. Department of Housing and Urban Development.

CONTACT:
Aaron Sanderford, Gov’s Office, 402-471-1967
Patty Wood, DED, 402-471-1559