Interest Strong in Beatrice, For Using Tax Increment Financing

BEATRICE – Several development projects that propose using tax increment financing are moving forward within the City of Beatrice.   A more than $8 million expansion of Exmark Manufacturing would use tax increment financing to assist in the acquisition and renovation of a nearby building, next to the company’s Gage County Industrial Park campus.

The building to be acquired is the former Blue Valley Automation Building, along Industrial Row.

The Beatrice Community Redevelopment Authority Friday also forwarded a project for a speculative building, to the city’s planning and zoning commission.   Tiemann Construction is proposing a nearly 38,000 square foot building, that could house multiple entities.  It would be located north of Precise Fabrication, south of the Hendrix Genetics, Hybrid Turkeys Hatchery.

The CRA Friday also approved a redevelopment agreement with BCC Holdings, Inc., for the proposed Hannibal View Redevelopment project.  The company plans construction of 31 homes, phased in over a five-year period.   The homes adjacent to Hannibal Park would be in the range of $130,000 to $150,000, with unfinished basements.

The CRA has also recommended approval by the Beatrice City Council, of a downtown building project.  The renovation of a former warehouse at 3rd and Court, would use tax increment financing to help install an elevator.  Detailed plans for use of the building, have not been released.

TIF projects undergo review by three local bodies…the CRA, planning and zoning commission, and city council.

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