This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Nebraska Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
These bonds are typically bought by mutual funds and other financial institutions. The City then places the money paid by the investors into a special trust account solely for the purpose of funding the public infrastructure in the TIF district. That account is controlled by the City and the City's trustee.
TIF is used to help finance certain redevelopment project costs within a community redevelopment area (CRA), typically older areas within the city. A CRA designation must be in place in order to apply for TIF.
TIF is a public funding mechanism authorized by the State of Nebraska Constitution and statutes allowing municipalities to help pay for public improvements and enhancements associated with redevelopment projects in blighted and substandard areas.
TIF in Nebraska is primarily designed to finance the public costs associated with a private development project. Essentially, the property tax increases resulting from a development are targeted to repay the public investment required by a project.
Tax Increment Financing, or TIF, is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short-term gains be reinvested and leveraged so that all taxing bodies will receive larger financial gains in the future.
Cities use TIF to finance public infrastructure, land acquisition, demolition, utilities and planning costs, and other improvements including sewer expansion and repair, curb and sidewalk work, storm drainage, traffic control, street construction and expansion, street lighting, water supply, landscaping, park ...
Overview of the TIF Process The community redevelopment laws allow for the increased property taxes generated by the improvement of blighted property to be used to pay for the financing of the community redevelopment/TIF projects. The statutes for community redevelopment/TIF are found in Neb. Rev. Stat.