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City of Omaha - Nebraska

City of Omaha Planning Department
Housing and Community Development DivisionOmaha, Nebraska

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TAX INCREMENT FINANCING (TIF)

 Brief Overview

Tax Increment Financing ("TIF") is an important revitalization tool used by the City of Omaha.  TIF is used to help finance the redevelopment costs of certain projects within a community redevelopment area (CRA), typically older areas within the city.  

When applying for TIF, there are mandatory criteria that must be met in order for a TIF application to be approved by the City of Omaha; there are other criteria and considerations of which applicants should be aware.  The Economic Development staff within the Planning Department will guide applicants through the TIF approval process A TIF Application Checklist is included with the application.

In Omaha, TIF is developer-financed.  This means that the developer must secure a loan from a bank or other private lender in an amount up to the approved TIF amount.  This loan is in addition to other financing the developer must secure in order to complete the proposed project.

TIFChart3Property taxes paid to local governments are based on the property valuations.  Vacant or blighted sites provide minimal property tax revenue.  With redevelopment, the value increases, often significantly, along with property tax revenues.  It is the anticipated increase in property value resulting from a given site’s redevelopment and the developer’s borrowing capacity with its lender that determine the approved TIF amount for the project.  Essentially, the developer is allowed to borrow against the future, incremental property value of a project for up to 15 years to help fund part of the project’s cost - TIF eligible cost or Uses of TIF.

 Community Redevelopment Goals

In addition, TIF offers an economic development incentive to encourage private investment and redevelopment within community redevelopment areas, resulting in many positive outcomes which often fulfills community redevelopment goals.  The following are some of the potential outcomes:

• Financing public infrastructure such as streets, sewer and water systems, street lighting and sidewalks
• Replacing and/or rehabilitating deteriorated structures, therefore removing blighted and substandard conditions
• New business investment
• Job creation within various sectors: industrial, office and retail
• Developing housing options: market-rate and affordable
• Accomplishing urban infill development in the older parts of the city
• Historic Revitalization/Preservation of structures
• Facilitating better transportation and mobility solutions

The City of Omaha has used TIF extensively for over thirty years on projects ranging from the revitalization of downtown Omaha and midtown Omaha, to the creation of the Aksarben Village, the Airport Business Park, the North Omaha Business Park, and the Stockyards Business Park in South Omaha.

To learn more about the TIF program in the City of Omaha, refer to the link below for the Tax Increment Financing Guidelines, a form for the TIF Application is included within the guidelines.

 Contact Info

 For the TIF Program:

Bridget A. Hadley / City Planner III - Economic Development Manager / (402) 444-5150 ext 2006 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Don Seten / City Planner - Economic Development / (402) 444-5150 ext 2035 / This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 For Questions About:

1) TIF Loan Amortization Schedules or TIF Loan Pay-off

    Contact Tyler Leimer / Finance Department / (402) 444-4514

2) Property Tax Valuations

    Contact the Douglas County Assessor's Office / (402) 444-6070

 TIF Guidelines and Application Documents

TIF Guidelines and Application  

TIF Application Submittal Schedule

TIF Application Checklist

 Archived TIF Reports

Nebraska Department of Revenue - TIF Annual Reports to the State Legislature

City TIF Reports:

Annual City TIF Reports:

Archived TIF Documents

Approved TIF Council Documents

TIF Cost Benefit Analyses:

2018

 Other Development Resources

Nebraska Department of Economic Development

Greater Omaha Chamber of Commerce

Tax Credit Programs

Nebraska State Historic Tax Credits

Federal Historic Tax Credits

NIFA Investment Authority for Low-Income Housing Tax Credit (LIHTC)

New Market Tax Credits (NMTC)

 Community Redevelopment Lookup Tool

Identify addresses within the Community Redevelopment Area boundaries.