As the millennium turned, North Platte made its first lasting moves into using tax increment financing to prompt immediate local investment and longer-term tax growth.
Of the 18 TIF projects the City Council has approved since 1999, the first 10 — all enabled between that year and 2004 — are now fully on local property tax rolls.
The Telegraph has analyzed the performance of those 10 projects as the City Council awaits a formal TIF proposal for renovating Platte River Mall and expects one for a proposed beef processing plant after that.
Council members Tuesday will decide whether the would-be packing-plant site and other property along Newberry Access should be made TIF-eligible. The mall site already has that status.
If TIF amounts to “delayed gratification” — in terms of property taxes — North Platte’s first 10 projects have delivered.
TIF sets aside property taxes generated by increases in an approved project’s taxable value for up to 15 years. Those taxes help repay a developer’s eligible costs, usually for new or improved streets and utilities.
Meanwhile, local governments continue to share taxes on the property’s “base value” for no more than 15 years.
If the project’s designated costs are covered in less time, TIF goes away faster. If the 15-year clock runs out first, the developer swallows whatever isn’t covered. Continue reading at -https://nptelegraph.com/news/local/north-platte-s-tif-projects-pay-off/article_6ee79218-945f-11eb-bd95-13ebbc776618.html