Change to Nebraska Constitution could boost development in North and South Omaha
18 Nov 2020
A small tweak to Nebraska’s Constitution that voters overwhelmingly approved this month could have a big impact in bringing redevelopment to economically distressed Omaha neighborhoods.
The change, once legislation is approved by state legislators, will give real estate developers 20 years to pay back their tax-increment financing (known as TIF) loans, instead of the current 15, in neighborhoods with high unemployment and high poverty.
The longer repayment period has the potential to make a big difference, said a veteran of residential, commercial and retail redevelopment projects in North Omaha.
“In some projects, it will be the difference between it happening or not,” said Michael Maroney, president of the Omaha Economic Development Corp. “It means you’ll probably have to borrow less money on a project, which means it has a better opportunity, a better chance to succeed.”