Lawmakers passed a bill May 4 that allows property owners in certain cities more time to repay special assessments levied for infrastructure projects.
Cities can create improvement districts to finance infrastructure projects including improvement of streets, alleys, storm sewers and sidewalks. Financing provided by the city at the beginning of a project then is repaid through a special assessment levied upon property owners located within the improvement district.
Currently, special assessments of more than $5,000 must be paid within 10 years. LB159, introduced by Omaha Sen. John McCollister, authorizes cities of the metropolitan class to extend the repayment period up to 20 years.
The first installment payment is due 50 days after the initial levy date, with subsequent payments due after one year and annually after that.
The bill passed on a 47-0 vote.