Tax Increment Financing (TIF)

Tax Increment Financing, or TIF, is a tool to assist in financing redevelopment projects in designated blighted and substandard areas of the City. The property taxes generated from the increased valuation of the development are then captured for a period of up to 15 years to finance the eligible public improvements.  

TIF is not a grant and it is not a primary funding source for a redevelopment project, but does provide an incentive for private development that will increase the tax base. Any expenses incurred before the TIF application has been approved are not eligible. 

Project Eligibility

To be eligible for TIF, a proposed redevelopment project must be located in a designated redevelopment area and within the City limits. TIF can be used to pay for eligible public improvements, which may include:

 Read More
Redevelopment Areas

All TIF projects must occur within a redevelopment area that has been declared blighted and substandard by the City.  The City of Beatrice has established 10 redevelopment areas. A copy of the redevelopment plan for the various redevelopment areas can be found below.  A map of the redevelopment areas is available below or you may contact the Beatrice City Administrator or the NGage Executive Director with your proposed property location to determine redevelopment verification and eligibility.

 

 Read More
TIF Process Checklist

What are all the steps of the TIF process?  A checklist has been created laying out all the steps you can expect when applying for these funds.

 Read More
TIF Financing Project Example

How does TIF financing work?  An example can be found here for a hypothetical project.

 Read More
Tax Increment Financing FAQs Read More
Micro TIF Projects

The Nebraska Legislature has adopted LB  1021.  Under this law, City Councils may pass a resolution allowing for expedited reviews of redevelopment plans for certain qualifying TIF Projects (“Micro TIF” projects). For those projects that qualify as a Micro TIF project, expedited review means that the City may skip the initial five (5) City Council and/or CRA meetings currently required for all other TIF projects. In addition, redevelopers must use the standard form developed by the Nebraska Department of Economic Development to prepare their redevelopment plans.

 Read More
Annual Tax Increment Financing (TIF) Report

In accordance with Neb. Rev. Stat. §18-2117.01, the Community Redevelopment Authority of the City of Beatrice provides an annual report regarding the approval and progress of redevelopment projects that are financed in whole or in part through the division of taxes as provided in §18-2147.

 Read More

Supporting Documents

PDF icon Tax Increment Financing (TIF) Application (124 KB)
  • Printer-friendly version