NEBRASKA CITY – City Administrator Grayson Path gave Nebraska City’s first tax increment financing report in compliance of a new reporting rule passed by the state Legislature in 2018.
Nebraska City has six active projects that use the Community Development Law that allows property taxes to be diverted toward development projects.
Nebraska City projects are Commercial State Bank, 2007; Thurman’s Bike & Sport, 2009; Fareway Stores, 2010; McNeely Dentistry, 2010; Holiday Inn Express, 2017; and Senior Patio Homes, 2018.
Path said the valuation of the Holiday Inn Express was at $3.1 million in 2019, but had been anticipated to be $5 million.
Senior Patio Homes, which include seven fourplex buildings of 28 units,is estimated to cost $3.5 million when finished.
Path said the Legislature requires the report go to government entities that use property taxes for funding.
He said about 26 percent of Nebraska City’s 3,000 acres are included in a blighted and substandard designation. State law allows up to 35 percent of the acres to be eligible for TIF.