The Nebraska Legislature has adopted LB 1021. Under this law, City Councils may pass a resolution allowing for expedited reviews of redevelopment plans for certain qualifying TIF Projects (“Micro TIF” projects). For those projects that qualify as a Micro TIF project, expedited review means that the City may skip the initial five (5) City Council and/or CRA meetings currently required for all other TIF projects. In addition, redevelopers must use the standard form developed by the Nebraska Department of Economic Development to prepare their redevelopment plans.
For a TIF project to qualify as a Micro TIF project, eligible for expedited review, the project must meet the following criteria:
- The redevelopment plan includes only one project;
- The project involves the repair, rehabilitation, or replacement of an existing structure, located within a substandard blighted area;
- The Project is located in a county with a population of less than 100,000 inhabitants;
- The existing structure is at least sixty (60) years old; and
- The assessed value of the property within the project area when the project is complete is estimate to be no more than:
- $250,000 for projects involving a single-family residential structure;
- $1 million for a project involving a multi-family residential structure; or
- $10 million for a project involving the revitalization of a structure included in the National Register of Historic Places
Pursuant to the Act, application fees for micro TIF Projects may not exceed fifty dollars ($50.00). Such redevelopment plans will be submitted to the City Administrator for review, and the plan must be approved within thirty (30) days after submission of the plan.