Tax Increment Financing (TIF) is primarily designed to finance the public costs associated with a private development project.  Property tax increases resulting from a new development are targeted to repay the public investment required by a project.  TIF projects may be commercial, residential, industrial, or mixed use. Generally, TIF funds can be used for land acquisition, public improvements and amenities, infrastructure, and utilities.

Tax Increment Financing (TIF) is primarily designed to finance the public costs associated with a private development project.  Property tax increases resulting from a new development are targeted to repay the public investment required by a project.  There are 8 Redevelopment Areas within the Hastings community where TIF can be utilized as an incentive.  TIF provides a means of encouraging private investment in deteriorating areas by allowing city governments to capture all property tax revenue increases to repay the public investment needed to attract development.  Under Nebraska law, TIF can only be used in redeveloping substandard and blighted areas within a community.  TIF projects may be commercial, residential, industrial, or mixed use. Generally, TIF funds can be used for land acquisition, public improvements and amenities, infrastructure, and utilities.  Every TIF project evaluation must include a cost-benefit analysis.

Tax Increment Financing (TIF) is primarily designed to finance the public costs associated with a private development project.  Property tax increases resulting from a new development are targeted to repay the public investment required by a project.  There are eight Redevelopment Areas within the Hastings community where TIF can be utilized as an incentive.  TIF provides a means of encouraging private investment in deteriorating areas by allowing the Redevelopment Authority to capture all property tax revenue increases to repay the public investment needed to attract development.  Under Nebraska law, TIF can only be used to redevelop substandard and blighted areas within a community.  TIF projects may be commercial, residential, industrial, or mixed use.

Generally, TIF funds can be used for land acquisition, public improvements and amenities, infrastructure, and utilities.  Every TIF project evaluation must include a cost-benefit analysis.  For more information on Tax Increment Financing visit the Department of Economic Development website at the following link.
http://www.neded.org/content/view/100/232/

Or to access the annual statewide TIF report to the legislature click here:  http://pat.nol.org/researchReports/taxIncrement/

To download a Tax Increment Financing Application For Assistance click here.