tax increment financing - lincoln
TRANSCRIPT
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TIF PROCESS
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Community Development Law •Purpose is elimination or prevention of
blight
•Limited to areas declared blighted &
substandard
•TIF pays for the public benefits associated
with a private development
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Requirements
• Blight designation for TIF area
• Redevelopment plan for area
• Redevelopment agreement for project in the area
• Bond issuance for the project
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TIF Process
Existing Tax Base
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TIF Process
Existing Tax Base
Base
Year
Bond
Retired
Up to 15 years
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TIF Process
Existing Tax Base
Base
Year
Bond
Retired
Up to 15 years
Tax Increment
![Page 7: Tax Increment Financing - Lincoln](https://reader031.vdocument.in/reader031/viewer/2022020705/61fb76812e268c58cd5e75da/html5/thumbnails/7.jpg)
Existing Tax Base
Base
Year
Bond
Retired
Up to 15 years
Tax Increment
Bondable
Revenue
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Existing Tax Base
Base
Year
Bond
Retired
Up to 15 years
Tax Increment
Bondable Revenue
Bond
Proceeds
DEVELOPER
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Existing Tax Base
Base
Year
Bond
Retired
Up to 15 years
Tax Increment
Bond Bond is repaid yearly
for up to 15 years
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Existing Tax Base
Base
Year Bond
Retired Up to 15 years
Tax Increment
New
Tax
Base
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COMPLETED TIF
PROJECTS
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Cornhusker Square
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Cornhusker Square
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Haymarket Square: 8th Street
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Haymarket Square:
8th Street
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Lincoln Station
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Lincoln Station
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Grainger Bldg.
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Grainger Bldg.
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Apothecary / Ridnour
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Apothecary / Ridnour
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Block 35 / Embassy Suites
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Block 35 / Embassy Suites
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University Square
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Que Place
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O Street Skywalk
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Total Initial Valuation $15,101,301
Total Initial Tax $347,061
Total Exit Valuation
Total Exit Tax
Total Current Valuation (2011)
Total Current Taxes (2011)
Completed Project Valuation and Tax Growth
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Total Initial Valuation $15,101,301
Total Initial Tax $347,061
Total Exit Valuation $105,768,669
Total Exit Tax $2,430,799
Total Current Valuation (2011)
Total Current Taxes (2011)
Completed Project Valuation and Tax Growth
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Total Initial Valuation $15,101,301
Total Initial Tax $347,061
Total Exit Valuation $105,768,669
Total Exit Tax $2,430,799
Total Current Valuation (2011) $165,325,700
Total Current Taxes (2011) $3,348,195
Completed Project Valuation and Tax Growth
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Before TIF Total $3,231,221
With TIF Total $28,373,969
Difference
Completed Project Tax Receipts
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Before TIF Total $3,231,221
With TIF Total $28,373,969
Difference $25,142,748
Completed Project Tax Receipts
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Before TIF Total $3,231,221
With TIF Total $28,373,969
Difference $25,142,748
Project Expenditures $6,304,285
Completed Project Tax Receipts
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LINCOLN.NE.GOV keyword: redevelopment