BUSINESS in Phelps County
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Phelps County Development Corporation
Phelps County/PCDC Economic Report Card
Phelps County continues to support a healthy business climate for growth and expansion that both attracts businesses and grows existing businesses. Here are several pertinent facts:
Jobs created or maintained with PCDC’s participation or involvement:
Since LB840 (2002): 120 jobs
Last five years: 95 jobs
Since LB840: 19 loans to 15 different organizations totaling $1.35 million
Last five years: 11 loans totaling $870,000
August 2011: 40% currently out working in Phelps County
Today: 100% making regular on-time or re-negotiated payments
Collaborated with Holdrege Development Corporation to secure $800,000 grant for Lincoln Place Housing project.
Business Exterior Enhancement Grant:
Since LB840: $170,000 grants extended to 44 businesses resulting in $1.33 million dollars of private investment, contributing to the renovation of 25,000 sq. ft. of office and retail space.
The Phelps County Development Corporation, known locally as the PCDC, is a 501(c)6 not-for-profit organization formed to lead the economic development efforts in Phelps County. Backed by a quarter-cent sales tax which was voted in by residents, the PCDC offers a number of programs, including business relocation incentives and assistance to existing businesses and start-ups in the form of loans and grants.
With more than 100 investors, the PCDC enjoys broad support from the business community and plays an active role in supporting the business climate and the economy.
The mission of the Phelps County Development Corporation is to encourage business retention and promote economic development while preserving the quality of life in Phelps County, Nebraska.
PCDC employs a full-time executive director to oversee the day-to-day operations of the organization. While a board of directors provides oversight and strategic leadership, a smaller executive committee handles the routine monthly activities. Each year a strategic plan is developed by the board of directors to guide the activities of the executive committee, several working committees, and staff.
Policy-Makers and Committees
A Board of Directors is primarily responsible for providing vision, direction, and leadership for the Phelps County Development Corporation and is ultimately the policy-making body. Seats on the board of directors are distributed as a function of membership levels. Members providing the most significant investment are allowed a single seat on the board while members at lower classifications elect representation from their respective levels.
Considerable growth in membership prompted the board of directors to delegate the month-to-month management of PCDC to an executive committee composed of fifteen members, which includes the officers of the board. The Board of Directors meets two to three times per year but are updated on executive committee activities on a monthly basis.
Non-profit agencies like PCDC recognize the immense value of teamwork. Although PCDC is able to hire staff to carry out the strategic plan of the organization, spreading out the work among enthusiastic individuals allows more to be done in less time. Therefore, PCDC has committees to carry out the initiatives outlined in its strategic plan.
The executive committee regularly meets the second Monday of each month at 4:00 p.m.
Committee participation is based on both individual interest and the needs of the corporation. Committees meet at arranged times. Assignments are usually made for a year at a time.
Monica Boyken, Executive Director, firstname.lastname@example.org
Stacy Pafford, Administrative Assistant, email@example.com
Carol Rapstine, Project Coordinator, firstname.lastname@example.org
City of Holdrege Building, 502 East Avenue, Second Floor
PO Box 522
Holdrege NE 68949-0522
Fax (308) 995-4158
The PCDC has identified specific initiatives to assist in economic development. You can also view PCDC’s 5-year Plan of Work.
Action Plan #1 - DEVELOP A MARKETABLE PRODUCT
Action Plan #2 - LEVERAGE FINANCIAL RESOURCES
Action Plan #3 - COLLABORATE AND PROMOTE
Action Plan #4 - INSPIRE AND RECRUIT TALENT
The PCDC was first incorporated in August of 1998 under the guidance of the Holdrege Area Chamber of Commerce. In 2000 the agency hired its first director and worked with Allmand Bros. to secure a Community Development Block Grant (CDBG). The loan, initially extended to Allmand Bros. to finance an expansion, would become a countywide revolving loan fund for Phelps County start-ups or expansions. In that same year, The Connection, an inbound call center, was recruited to Holdrege.
In 2002, the citizens of Holdrege passed a quarter-cent sales tax initiative, LB840. Half of the proceeds were designated for the YMCA of the Prairie and the other portion would be earmarked for economic development.
Since 2003 PCDC has facilitated the purchase of a vacated building by BD, controlled land marketed to the value-added agriculture sector, financially assisted in several start-up operations, and recruited Ag West Commodities. Additionally, PCDC and its partners secured a $500,000 "New Neighborhood" grant for workforce housing.
PCDC is a public-private partnership including Phelps County; the City of Holdrege; the Villages of Funk, Bertrand, Loomis and Atlanta; and over 100 private investors. PCDC can access two local sources of funding for programs, projects, and business assistance: LB840 and the Growth Reinvestment Opportunity (GRO) funds. LB840 is a funding mechanism for both PCDC programs and as a financing source for businesses. PCDC has utilized LB840 to pay for industry recruitment activities, workforce recruitment, and sponsorship of entrepreneurship programs. LB840 and GRO funds are also used as a revolving loan fund and often loaned to businesses for working capital or to make building or equipment purchases. Businesses can apply for financial assistance to start or expand their businesses with low-interest loans through these programs.
Archives of the Phelps County Business Journal - Learn more about local business activity by reviewing the current and past issues of the Phelps County Business Journal.
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