NORFOLK STATE SENATOR MIKE FLOOD IS PRESENTING A BILL THAT WOULD PREVENT NEBRASKA CASINOS AND LICENSED RACETRACKS FROM USING TAX INCREMENT FINANCING IN THEIR BUILDING PROJECTS.
FLOOD, SPONSOR OF LB-713, SAID TIF IS A USEFUL TOOL IN REHABILITATING DILAPIDATED PROPERTIES BUT USING IT TO CONSTRUCT CASINOS IS JUST PLAIN WRONG AND SHOULD BE PROHIBITED.
NEBRASKA MUNICIPALITIES ARE ABLE TO DESIGNATE AREAS AS SUBSTANDARD AND BLIGHTED, ALLOWING THEM TO BE REDEVELOPED.
WHEN A REDEVELOPMENT PLAN IS APPROVED, TIF BONDS MAY BE ISSUED FOR THE ACQUISITION AND IMPROVEMENT OF THE PROPERTY.
THE INCREASED PROPERTY TAXES GENERATED BY THE IMPROVEMENTS ARE USED TO PAY FOR THE FINANCING OF TIF PROJECTS.
CHRISTY ABRAHAM OF THE LEAGUE OF NEBRASKA MUNICIPALITIES OPPOSED THE BILL, SAYING IT WOULD LIMIT THE ABILITY OF LOCAL GOVERNMENTS TO ATTRACT BUSINESSES.
SHE SAYS TAX INCREMENT FINANCING RELATED TO CASINOS WOULD BE USED ONLY FOR PUBLIC INFRASTRUCTURE AND NOT TO SUPPORT GAMING OPERATIONS.
THE URBAN AFFAIRS COMMITTEE TOOK NO IMMEDIATE ACTION ON LB713.
