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January 31, 2011

5

Half a million in TIF for former Meadow Gold milk plant

by Deena Winter

The Lincoln City Council today considers approving more than a half million dollars worth of tax increment financing, or TIF, to help developers convert the former Meadow Gold milk processing plant into mixed uses for now, and commercial and residential uses later.

According to city documents, they will be converting the plant into “high tech industrial manufacturing,” office space and a brewery. The public assistance (TIF) “may” be used for streetscape and facade improvements and geothermal energy improvements.

Since the city declared that area south of the Haymarket blighted way back in 1984 (and again for the arena project, I believe), that opens the door for this kind of redevelopment.

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5 Comments Post a comment
  1. roberta
    Feb 1 2011

    You telling me that it passes the BUTT for test, lol

    Reply
  2. Andrew B
    Feb 7 2011

    An interesting note on TIFs. I read recently that Jerry Brown in California has been trying to close down all the redevelopment in that state based on TIFs because that takes away all the tax dollars that can be used on schools and more vital needs that helping real estate developers catch a break.

    How does Lincoln’s government balance their tax breaks for developers with getting cash to our citizenry?

    Do we have limits, etc?

    Reply
  3. Feb 7 2011

    That’s interesting, Andrew. I hadn’t heard about Jerry Brown doing that… but he makes a good point. When Lincoln approves TIF, it is basically giving away the new property taxes that will be generated by the redevelopment project. And I mean ALL of the property taxes — not just those paid to the city, but also the school district, county, NRD and all other recipients of property tax dollars. That’s why a few years ago you started seeing stories about the school district’s uneasiness, and former county commissioner Ray Stevens decried the way the city was “giving out TIF like it was candy.” It’s because their tax dollars are going to developers. I think it would be worthy to do a study to weigh costs vs. benefits.

    Reply
  4. Joe's Bro
    Feb 7 2011

    About TIF, Blight and other ways to put a tourniquet on Nebraska Big RED INK budget woes.

    Recently I have read and heard many, many ways to balance budget over the next two years. Most include local tax increases
    Lincoln’s mayor Chris Beutler threatened property owners recently with a doubling of the mill levy for property taxes to replace the state aid that is collected by the state from the same taxpayers.
    His threat was a response to the legislature’s threat.
    In the meantime, Nebraska taxpayers continue to pay some of the highest tax rates in the nation to the city, county and state.
    In a study by:Good Jobs First, 1616 P Street NW Suite 210, Washington, DC 20036, 202-232-1616, http://www.goodjobsfirst.org, in December of 2010;

    Nebraska was given a grade of D- for disclosure of all State Subsidies for Economic Development.

    In light of the above mentioned problems with Nebraska and City taxes, I have not heard these methods to also assist the state, county and state to balance their budgets.

    *Claw back money wasted on LB 775 and repeal the: Nebraska’s Employment and Growth Act of 1987, and its amended versions.
    *Begin taxing property of all: Non Profit entities. If workers for these non-profit entities have to pay income taxes, social security taxes and Medicaid taxes, then it makes sense it is time for non-profits to pay property taxes.
    *Require cities to stop giving away tax money by designating: JPA, TIF, Blighted property designations, and all other tax forgiveness schemes.

    Reply
  5. happy
    Feb 8 2011

    The Mayor said employees cannot accept gifts. I don’t see the difference from gifts or tif . They should not be allowed.

    Reply

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