The Urban Affairs Committee heard testimony Feb. 14 on a measure that seeks to change tax increment financing (TIF) rules in Nebraska.<\/p>\n
LR376CA, introduced by Omaha Sen. Heath Mello, would place a proposed constitutional amendment on the 2012 general election ballot to make the following changes to TIF regulations:
\n\u2022 extend the maximum length of TIF bonds from 15 to 20 years;
\n\u2022 allow the Legislature to extend the maximum length of TIF bonds from 20 years to 30 years if more than half of the property was previously state-owned; and
\n\u2022 replace the requirement that property be designated “substandard and blighted” with language stating that property be “in need of rehabilitation or redevelopment.”<\/p>\n
Mello said TIF regulation in Nebraska is among the strictest in the country and that the proposed changes would make community development competitive with neighboring states. Most states allow 30 years to repay TIF bonds, he said, which is double Nebraska\u2019s current maximum bond length.<\/p>\n
He said the measure also would address opposition that often arises from property owners about the language required to initiate TIF.<\/p>\n
\u201cThe measure would address the long-standing concern of many Nebraskans that in order to use TIF, an area must be dubbed \u2018substandard and blighted,\u2019\u201d Mello said.<\/p>\n
Omaha Planning Director Ricky Cunningham testified in support of the bill, saying it would help Omaha compete for development projects.<\/p>\n
\u201cWe would love to have the option of going to longer [bond repayment] terms \u2026 especially for larger projects,\u201d he said.<\/p>\n
David Landis, urban development director for the city of Lincoln, also supported the bill. He said it would address areas \u2013 such as the Norfolk Regional Center \u2013 where buildings formerly used by the state are in need of redevelopment that is not feasible without financing assistance.<\/p>\n
\u201cThere is not a rational market-based response,\u201d Landis said.<\/p>\n
No one testified in opposition and the committee took no immediate action on the measure.<\/p>\n","protected":false},"excerpt":{"rendered":"
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