Tax-increment financing changes adopted

A bill intended to make certain redevelopment projects easier passed Aug. 13.

LB1021, introduced by North Platte Sen. Mike Groene, creates expedited review of tax-increment financing for redevelopment projects under the state’s Community Development Law if the project:
• involves repair, rehabilitation or replacement of an existing structure in an existing substandard or blighted area;
• is in a county with a population of less than 100,000 or in an area that has been declared extremely blighted;
• involves a structure that is at least 60 years old; and
• does not exceed $250,000 for a single-family structure, $1 million for a multi-family or commercial structure or $10 million for a structure on the National Register of Historic Places.

The decision to allow expedited review will rest with the governing body of a municipality.

Lawmakers passed the bill 49-0.