[PAGE 1] Local Option Review Team Wednesday, February 25 – 1:00 p.m. Fremont Municipal Building – 400 E Military Ave, Fremont, NE 68025 1. Call to Order 2. Approval of minutes from the December 2, 2025 meeting 3. Review Fund Balance 4. Review LB840 Quarterly Report 5. Consider Amendement Request from Wholestone Farms 6. Plan Administrator Updates a. Pending applications 7. Adjourn This agenda was posted at the Municipal Building and distributed to the members of the Local Option Review Team on February 23, 2026, and online at www.fremontne.gov. The official current copy is available at City Hall, 400 East Military Avenue. A copy of the Open Meeting Law is posted for review by the public. 1 of 20 [PAGE 2] CITY OF FREMONT LOCAL OPTION REVIEW TEAM December 2, 2025 – 12:30 p.m. A meeting of the Local Option Review Team was held on December 2, 2025, at 12:48 p.m. (commencing at 12:48pm, after the Citizen’s Advisory Review Committee meeting) at the Municipal Building, 400 E Military Ave, Fremont, Nebraska. The meeting was preceded by publicized notice in the Fremont Tribune and the agenda displayed in the Municipal Building. The meeting was open to the public. A continually current copy of the agenda was available for public inspection at the office of the City Administrator, 400 East Military Avenue. The agenda was distributed to the Local Option Review Team on November 25, 2025, and posted, along with the supporting documents on the City’s website. A copy of the open meeting law is posted continually for public inspection. ROLL CALL Roll call showed Members Lathrop, Jensen, Eairleywine, Mueller, and Meister present. Two vacancy in the process of being filled. 5 present, 0 absent. Others in attendance included Angie Olson, Plan Administrator, Jenn Nabb, Finance Director, Jody Sanders, City Administrator, Jeff Ray, Interim Planning Director. Representatives from Structural Components Systems, Inc attended virtually. APPROVAL OF MINUTES FROM THE JUNE 26 MEETING Moved by Member Jensen and seconded by Member Meister to approve the minutes of the June 26, 2025, meeting. Ayes: Eairleywine, Mueller, Lathrop, Jensen, Meister. Motion carried 5-0. REVIEW OF FUND BALANCE Olson gave overview and answered questions. No motion received. REVIEW QUARTERLY REPORT. Olson gave overview and answered questions. No motion received. APPLICATION FROM STRUCTURAL COMPONENTS SYSTEMS, INC. (SCS) Olson gave overview and answered questions. Representatives of SCS shared information and answered questions. Moved by Member Meister and seconded by Member Eairleywine to recommend SCS’s application to City Council for a $597,500 100% performance-based forgivable loan. Ayes: Mueller, Eairleywine, Jensen, Lathrop, Meister. Motion carried 5-0. ADJOURNMENT Moved by Member Jensen and seconded by Member Mueller to adjourn at 1:21 p.m. Ayes: Jensen, Lathrop, Meister, Mueller, Eairleywine. Motion carried 5-0. 1 2 of 20 [PAGE 3] City of Fremont Nebraska Status of LB 840 Funds 1/31/2026 Preliminary Estimate Assets: Checking 311,748.39 Money Market 4,080,762.74 4,392,511.13 Capital Transfers 0.00 4,392,511.13 Known Committed Funds: Tech Park Infrastructure Improvements Res 2022-172 958,307.45 New Star Sourcing and Services Res 2024-139 0.00 Nevada IT Co dba Water Flex Res 2025-021 200,000.00 1,158,307.45 Uncommitted Funds 3,234,203.68 3 of 20 [PAGE 4] SUMMARY OF LB840 SALES TAX REVENUE ECONOMIC DEVELOPMENT PROJECTS LB 840 Investment-- Minimum Property Real Estate Real Estate Land, Wage Amt. Investment Values V alues LB 840 Loan Infrastructure & Jobs $$ Per Job Jobs per (Per Building (per assessor (per assessor Local Sales Tax Business Name / Project Date to Business Other Created Created Retained Contract NEW jobs Permits) Parcel ID records 2015) records 2025) Generated (1.5%) Notes Defaulted Christensen Business Park--purchase 112 acres & infrastructure 2000 $2,661,256 Complete. $570,000 Performance- BasedInfrastructure included with Christensen Business Natura, 2779 West Rademakers Way 2002 $570,000 25 $8.25 117 $25,085,817 270137024 $14,137,265 $17,559,431 Park. Complete. Sold building to Charleston's. Spec Building at Christensen Business Park, 2639 West 23 Av. 2002 $283,000 $1,179,100 270137016 $821,830 $2,568,265 Complete. Made access to Steenblock Utility extensions on North Lincoln Street, 2400 North Lincoln and Holiday Inn Express. (Holiday Inn Express & Steenblock) 2002 $70,000 45 $1,450,000 270136861 $3,399,795 $9,693,025 Complete. Sewer extension on North Yager Road to serve Burlington Northern Industrial tract 2003 $50,000 Complete. $50,000 Performance-Based. Infrastructure included with Christensen Buisness Park. Southwark, 2073 West Rademakers Way 2004 $100,000 30 $3,333.33 $8.50 50 $3,037,500 270137019 $2,586,245 $7,123,021 Complete. Nelson Business Park: Fremont Contract Carriers, 865 South Bud Blvd (Eagle Dist. also located here) 2004 $776,161 35 145 35 $9,240,680Multi $8,874,010 $14,048,250 Complete. $145,000 0% RP & $10,000 PB, create 10 jobs & retain for Ready Tech-Go, Inc. (RTG Medical) 2007 $155,000 10 $15,500.00 $8.50 25 Rent Rent 1 year. (LM) Complete. 0% RP, create 20 jobs & retain for 5 years (LM) Overland Products, 1577 & 1687 North Airport Road 2007 $600,000 20 $30,000.00 20 $9.00 $764,802 270062013 $1,190,525 $3,182,212 Complete. $50,000 0% RP & $100,000 PB, create 20 jobs & retain for 4 years, maintain Fremont location for 15 years (LM). RK Aerials (Rosenbauer), 840 South Broad 2004 $150,000 20 $7,500.00 20 $8.25 $3,038,844Multi $1,300,175 $4,101,475 Complete. 4 of 20 [PAGE 5] SUMMARY OF LB840 SALES TAX REVENUE ECONOMIC DEVELOPMENT PROJECTS LB 840 Investment-- Minimum Property Real Estate Real Estate Land, Wage Amt. Investment Values V alues LB 840 Loan Infrastructure & Jobs $$ Per Job Jobs per (Per Building (per assessor (per assessor Local Sales Tax Business Name / Project Date to Business Other Created Created Retained Contract NEW jobs Permits) Parcel ID records 2015) records 2025) Generated (1.5%) Notes Defaulted $200,000 0% RP & $300,000 6% RP, create 12 jobs & *Defaulted May retain for 4 years, maintain 2010, remaining Fremont facility for 10 years. loan balances $100,000 PB, clean up re-amortized property w/in 9 months. (LM). and repaid at Best Cobb, LLC, 731 South Platte 2007 $600,000 12 $50,000.00 not defined $173,000 Complete. 8% interest $50,000 0% RP & $125,000 PB, create 10 yobs & retain Christensen Lumber LTD, 714 N Main 2007 $175,000 10 $17,500.00 $11.00 $4,345,451Multi $6,016,454 for 5 years (LM). Complete. PB, create 10 jobs & retain for International Spices, 1040 South Lucius 2007 $60,000 10 $6,000.00 $10.00 22 $1,088,389 270104657 $1,601,235 $4,242,696 5 years (LM). Complete. PB, create 10 jobs & retain for Merritt Equipment, 4650 North Broad 2008 $150,000 10 $15,000.00 $14.00 2 $1,059,784 270138851 $798,320 $1,700,812 5 years (LM). Complete. Single Payment Loan, term 8 Mid America Truck Wash 2008 $50,000 12 $353,649 270103390 $450,125 $781,844 months (LM). Complete. Christensen Bus. Park--purch. 23 acres (Izaak Walton Range) 2009 $200,767 Complete. Morningside North Business Park--purchase of 42 acres 2009 $803,471 Multi $0 $7,539,875 Complete. $40,000 Performance-Based. Sycamore Leaf Solutions, 321 East Military 2011 $40,000 2 $20,000.00 2 $15.00 $4,344 270002163 $100,940 $272,091 Complete. Fremont Techology Park--purchase of 81 acres 2011 $654,392 Complete. Fremont Technology Park CDBG loan guarantee, 2011-047 2011 $975,392 Complete. Fremont Techology Park--infrastructure, 2011-047 2011 $420,000 Complete. Airport Infrastructure 2012 $132,631 Complete. Fremont Techology Park--infrastructure, 2013-095 2013 $1,635,040 Complete. Morningside North Business Park--infrastructure, 2013-095 2013 $444,000 Complete. PB, Maintain location for 3 McGinn Holdings, LLC 2014 $10,000 $11,325Multi $174,895 $798,462 years. Complete. PB, create 3 jobs & retain 8 Sycamore Leaf 2015 $100,000 3 $33,333.33 8 $15.00 Rent Rent for 5 years. Complete. 5 of 20 [PAGE 6] SUMMARY OF LB840 SALES TAX REVENUE ECONOMIC DEVELOPMENT PROJECTS LB 840 Investment-- Minimum Property Real Estate Real Estate Land, Wage Amt. Investment Values V alues LB 840 Loan Infrastructure & Jobs $$ Per Job Jobs per (Per Building (per assessor (per assessor Local Sales Tax Business Name / Project Date to Business Other Created Created Retained Contract NEW jobs Permits) Parcel ID records 2015) records 2025) Generated (1.5%) Notes Defaulted $200k RP; $400k PB 20 jobs in yr 1, 10 jobs in yr 2, 5 jobs in yr 3; retain all jobs for 5 years. Base = 209 jobs. Structural Components 2015 $600,000 35 $17,142.86 $15.00 $563,931Multi $1,462,905 $2,825,520 Complete. $300,000 PB - 25 new jobs, retain for 5 yrs. Base = 315 jobs. Monitoring began Fremont Beef 2015 $300,000 25 $12,000.00 $15.00 $11,359,534 270104356 $7,233,340 $7,463,267 12/2015. Complete. PB, retain 10 jobs for 5 years and voluntary annex. Heartland Area Accessories 2016 $150,000 10 $900 270140842 $81,300 $2,239,754 Complete. PB, 800 by year 5 and at least (2024) $150M invested in property by Costco 2016 $1,000,000 800 $1,250.00 $15.00 $92,864,000Multi $2,616,334$168,324,332 year 2. Complete. Rebate of 30%, not to exceed $25,000, on qualified 12 Days of Christmas - Film 2017 $19,719 $975** expenditures. Complete. PB, 12 new jobs in Fremont, Legacy Post and Beam 2017 $60,000 12 $5,000.00 $18.00 $375,000Multi $0 $1,844,716 retain for 4 years. Complete. Matching funds for Rural Workforce Housing Fund Greater Fremont Development Council 2018 $500,000 Grant 50% RP, 50% PB, 7 jobs, Pearl Academy 2018 $71,121 7 $10,160.14 $10.00 Rent Rent retain for 5 years. Complete. PB, Maintain team in Fremont for 5 years, first season = 0.402 (Fremont Moo) 2018 $250,000 Rent 2019. Complete. In default. Update as of Nov 2024: judgement Infinite 8 Institute 2018 $200,000 8 $19.00 RP over 5 years being pursued PB, 50 new jobs, retain for 5 WLG Fremont, LLC (RTG Medical) 2019 $600,000 50 $12,000.00 80 $45,000.00 270140432 $0 $10,324,944 years in litigation 6 of 20 [PAGE 7] SUMMARY OF LB840 SALES TAX REVENUE ECONOMIC DEVELOPMENT PROJECTS LB 840 Investment-- Minimum Property Real Estate Real Estate Land, Wage Amt. Investment Values V alues LB 840 Loan Infrastructure & Jobs $$ Per Job Jobs per (Per Building (per assessor (per assessor Local Sales Tax Business Name / Project Date to Business Other Created Created Retained Contract NEW jobs Permits) Parcel ID records 2015) records 2025) Generated (1.5%) Notes Defaulted Funds for Low-Moderate Greater Fremont Development Council 2019 $1,000,000 Income Housing Rebate of 30%, not to exceed $35,000, on qualified La Flamme Rouge, LLC - Film 2019 $14,134 $707** expenditures. Complete. Morningside Business Park Infrastructure Improvements. Morningside Business Park - Johnson Road Paving,2019-186 2019 $1,000,000 Complete. PB, 5 new jobs, retain for 5 505 Brewing Company 2019 $165,000 5 $33,000.00 $15.00 years. Complete. PB, 600 new jobs, retain for 5 WholeStone Farms, LLC 2020 $1,300,000 600 $2,166.67 1300 $17.00 $34,711,190Multi $9,833,770 $42,693,441 years Amended - PB. See below for see amended agreement. Summit Medical Staffing, LLC 2020 $50,000 amended $21.63 Rent Rent Complete. 75/25, 2 new jobs, retain for 5 Tech Partners, LLC 2020 $32,250 2 $16,125.00 4 $18 & $25 $233,000Multi $128,740 $1,051,451 years. Complete. PB, 4 new jobs, retain for 5 Fabrication Holdings, LLC DBA Elemetal 2020 $200,000 4 $50,000.00 16 $21.63 $48,000Multi $650,705 $1,824,304 yrs. Complete. PB, 51 new jobs min. wage $20.19, retain for 5 yrs. - De- Compound Holdings, LLC (Vertical Cold Storage) 2021 270139122 comitted Res 2022-170 PB, 55 new jobs, retain for 5 yrs, relocate to Tech Park. Summit Medical Staffing, LLC 2021 $450,000 55 $8,181.82 12 $21.63 270141093 $0 $947,961 Complete. Renovate 505 N Main Street into apartments. Maintain for 5 505 Main Street Group 2021 $465,000 $4,600,000 270002954 $157,435 $212,555 years after final payment. Rebate of 30%, not to exceed $1,000, on qualified Maiz - Film 2021 $486 24.32** expenditures. Complete. PB, maintain 4 jobs, 8 new My Central Supply (MCS) 2022 $200,000 8 $25,000.00 4 $21.63 jobs, retain for 5 yrs in litigation 7 of 20 [PAGE 8] SUMMARY OF LB840 SALES TAX REVENUE ECONOMIC DEVELOPMENT PROJECTS LB 840 Investment-- Minimum Property Real Estate Real Estate Land, Wage Amt. Investment Values V alues LB 840 Loan Infrastructure & Jobs $$ Per Job Jobs per (Per Building (per assessor (per assessor Local Sales Tax Business Name / Project Date to Business Other Created Created Retained Contract NEW jobs Permits) Parcel ID records 2015) records 2025) Generated (1.5%) Notes Defaulted Paving, water, sewer, streetlights at 29th St and N Fremont Technology Park - Infrastructure, 2022-172 2022 $2,882,000 Lincoln Ave Rebate of 30%, not to exceed $265,692, on qualified expenditures. Resolution I Am A Man, LLC - Film 2022 repealed via Res 2023-138 50/50 2% interest, 2 new jobs, Newstar Sourcing Solutions, LLC 2024 $200,000 2 13 ave $29.35 retain for 5 years PB, relocate to Fremont, 8 WaterFlex Software, LLC DBA WaterFlex 2025 $200,000 8 $25,000.00 ave $35.57 TBD new jobs, retain for 5 yrs. Total Awards awarded: 54 Totals $9,037,710 $14,738,110 1808 1691 251 $195,588,240 $57,599,889 $151,055,826 Total LB840 Fund $23,775,820 PB = Performance Base RP = Repayable **Sales tax generated is singular event FTE Jobs to Date tracked from 2023 on 8 of 20 [PAGE 9] STAFF REPORT TO: Local Option Review Team FROM: Angie Olson, Plan Administrator DATE: February 25, 2026 SUBJECT: Amendment to Wholestone Farms Cooperative, Inc. Local Option Economic Development Loan Agreements Recommendation: Consider amendment to Wholestone Farms Cooperative, Inc Local Option Economic Development loan documents and authorizing the Mayor to sign the loan agreement amendment. Background: On February 25, 2020, the City of Fremont City Council approved Resolution 2020-052, authorizing a 5-year performance-based forgivable Local Option Economic Develop Fund loan to Wholestone Farms (Wholestone) in the amount of $1,300,000. The loan documents, executed February 17, 2021, commit Wholestone to invest $330,000,000 in capital improvements at their facility located at 900 S Platte Avenue and employ at least 1,900 FTE employees at 900 S. Platte Avenue. The Employment Requirements schedule is as follows: • Year 1 At least $20 million investment • Year 2 At least $75 million investment • Year 3 At least $150 million investment • Year 4 1,600 FTE jobs (in total); average wage of at least $17 per hour with benefits • Year 5 1,900 FTE jobs (in total); average wage of at least $17 per hour with benefits. Review of monitoring documentation has demonstrated Wholestone’s compliance with the requirements of years 1, 2, and 3. Three-fifths of the $1,300,000 Local Option Economic Development Loan, or $780,000, has been formally forgiven. After reviewing the submitted reports for year 4, Wholestone failed to reach the milestone and no amount was formally forgiven at that time. Year 5 is currently in the monitoring process. Wholestone’s current remaining balance is $520,000. Staff recently met with Wholestone to discuss their project, future projects and loan agreement. Wholestone has submitted a formal request to amend their current loan agreement as follows based on shifts to the project reflected in their initial application: • Term extension to 2029 • Amend employee creation to 300 FTE positions In their Amendment Request Letter (included with this report), Wholestone reiterates their commitment to the Fremont community and details factors that have shifted their project, including: • Construction costs • Political and regulatory conditions • Pivot from additional work shift to investment in Eagle Grove Fiscal Impact: Local Option Economic Development Fund – extension of $520,000 committed funds for performance-based forgiveness. 9 of 20 [PAGE 10] 900 South Platte Avenue Fremont, Nebraska 68025 402.753.3200 wholestonefarms.com City of Fremont Attn: City Administration / Grant Coordinator 400 East Military Avenue Fremont, NE 68025 Request for Amendment to LB840 Local Option Economic Development Program Dear Members of City Council, On behalf of Wholestone Farms, I am writing to formally request an amendment to our existing LB840 Local Option Economic Development Agreement with the City of Fremont. Since the inception of our project, Wholestone Farms has remained committed to investing in the Fremont community through job creation, capital investment, and long-term economic growth. As we continue to assess market conditions, workforce availability, and operational needs, we respectfully request adjustments to two components of our current agreement to ensure the project remains sustainable and aligned with realistic growth projections. Specifically, we are requesting the following amendments: 1. Program Term Extension Extend the term of the LB840 agreement from 2026 to 2029. The planned growth trajectory between 2022 and 2026 was impacted by several factors. First, rising construction and material costs during the initial plant renovations increased total projected investment from approximately $330 million to $400 million, while the cost of capital also continued to escalate. Second, changes in the political and regulatory landscape created uncertainty related to workforce availability and export markets, impacting the Company’s ability to confidently execute its hiring strategy. Third, during this period, the Company evaluated alternative capacity expansion options, including its minority ownership position in the Eagle Grove facility. At that time, the Eagle Grove investment presented a higher return compared to additional expansion in Fremont. 2. Employment Commitment Adjustment Amend the current employment requirement from 550 new employees to 300 additional full-time equivalent (FTE) positions. The original business plan assumed a double-shift operation; however, the revised plan emphasizes reduced employee overtime and a four-day workweek to enhance work-life balance. This operational change also supports increased efficiency, enabling the Company to expand annual harvest capacity by approximately 1 million pigs. 10 of 20 [PAGE 11] 900 South Platte Avenue Fremont, Nebraska 68025 402.753.3200 wholestonefarms.com We believe these amendments allow our project to remain on a solid foundation while preserving the original intent of the LB840 program—to stimulate economic development, create quality jobs, and foster sustainable growth within the City of Fremont. Wholestone Farms remains fully committed to our partnership with the City and to fulfilling our obligations under the amended terms. We appreciate your continued support and consideration of this request. Thank you for your time, collaboration, and continued partnership. Respectfully submitted, Chris Venteicher Chief Financial Officer 11 of 20 [PAGE 12] 12 of 20 [PAGE 13] 13 of 20 [PAGE 14] 14 of 20 [PAGE 15] 15 of 20 [PAGE 16] 16 of 20 [PAGE 17] 17 of 20 [PAGE 18] 18 of 20 [PAGE 19] 19 of 20 [PAGE 20] 20 of 20