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.
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 9 redevelopment areas. A map of the redevelopment areas is available here or you may contact the Beatrice City Administrator or the NGage Executive Director with your proposed property location to determine redevelopment verification and eligibility.
Category: Local Incentives
More Local Incentives