This bill amends section 81-12,147 of the Reissue Revised Statutes of Nebraska to enhance the Site and Building Development Act by providing additional financial assistance options. Notably, it introduces a new grant provision for cities of the first class that are located in counties with populations under fifty thousand and are affected by significant private-sector closures or downsizing. This grant aims to mitigate the economic impact of such events by funding necessary improvements to related buildings or infrastructure. Additionally, the bill specifies the intent of the Legislature to appropriate funds from the General Fund to support this new grant initiative.

The bill also retains existing provisions for various forms of financial assistance from the Site and Building Development Fund, including grants, loans, and technical assistance for industrial site development. It outlines eligible activities such as infrastructure improvements, project matching funds, and initiatives to enhance military value in collaboration with the Department of Defense. The original section 81-12,147 is set to be repealed, consolidating the updated provisions into a single, revised statute.