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Redevelopment Projects for Cities Using Tax Increment Financing for Tax Year 2009

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Redevelopment Projects for Cities Using Tax Increment Financing for Tax Year 2009 REPORT TO THE LEGISLATURE OF REDEVELOPMENT PROJECTS FOR CITIES USING TAX INCREMENT FINANCING FOR TAX YEAR 2009 STATE OF NEBRASKA DEPARTMENT OF REVENUE PROPERTY ASSESSMENT DIVISION MARCH 1, 2010 RUTH A. SORENSEN, PROPERTY TAX ADMINISTRATOR Community Redevelopment Law - Tax Increment Financing (TIF) Overview of TIF Process The community redevelopment laws allow for the increased property taxes generated by the improvement of blighted property to be used to pay for the financing of the community redevelopment/TIF. The statutes for community redevelopment/TIF are found in Neb. Rev. Stat. §§18-2101 through 18-2150. Cities act as the redevelopment “authority” or may establish a community redevelopment authority (CRA). The CRA may levy a property tax separate from the city, but subject to levy allocation authority of the city government. The city or CRA may also acquire real property and declare it public property, which is exempt from property taxes but subject to in-lieu of tax payments. The TIF process begins with the city or CRA declaring an area as blighted and substandard and in need of redevelopment. The city or CRA must hold a public hearing and provide notice of hearing to all registered neighborhood associations located within a one mile radius and to all political subdivisions effected by the redevelopment area. The city or CRA is required to prepare a redevelopment plan, which must indicate the boundaries of the redevelopment project area, proposed land uses, population, land and building intensities, changes in zoning, traffic flow, etc. After a project or plan is approved, the city or CRA may issue TIF bonds which are used for acquisition, clearance, and public improvements. The site or land is transferred to the developer at its fair value for development and construction in accordance with the redevelopment plan. The taxation of the properties in the project will have a base valuation established as of the value last certified prior to the effective date to divide ad valorem tax. The base valuation remains assessable to all taxing entities. Any increase in value and resulting taxes shall be accounted for separately and is used to pay off the financing or debt incurred for the redevelopment, not to exceed a 15 year period. Requirements for TIF, include, but are not limited to the following: • The project is applicable to real property only; • The property must be within the corporate boundaries of the city; however the city may annex noncontiguous land to develop agricultural processing facilities, that will become a TIF project; • The division of tax for TIF shall not exceed 15 years; • The taxes attributable to the excess value shall be used only for the repayment of debt related to the project; and • The city or CRA must provide written notice to both the county assessor and county treasurer to cease the division of tax when the debt on the project is paid in full. The city or CRA shall file a Notice to Divide Tax for Community Redevelopment Project with the county assessor on or before August 1 of the calendar year that the division of the real property tax is to become effective. The Notice to Divide Tax is a statutorily prescribed form by the Property Tax Administrator. When the city or CRA files the Notice to Divide Tax form with the county assessor, the following two items are triggered: 1) Determination of base value, which shall be the “total assessed value” of the properties last certified to the political subdivisions in the year prior to the effective date to divide tax; and 2) The 15 year maximum time period begins for division of tax for the TIF project. Redevelopment project valuation, also known as the base value, means the assessed valuation on the taxable real property in a redevelopment project last certified to the political subdivisions in the year prior to the effective date of the provision authorizing the dividing of ad valorem tax. This means the taxable value for the real property last certified by the county assessor as of August 20th. Redevelopment project excess valuation means the total assessed valuation on the real property in a redevelopment project for the current year less the redevelopment project base valuation. When certifying valuations to political subdivisions, the assessor shall include no more than the base value for political subdivisions to levy upon. The division of the real property tax is determined by subtracting the redevelopment project valuation (i.e., base value) from the current year assessed value to arrive at the redevelopment project’s excess value. The TIF property’s base value and excess value are taxed at the same consolidated tax rate. The division of tax identifies the portion of tax attributable to the base value and is distributed to all political subdivisions within the consolidated tax district where the TIF property is located. The portion of tax attributable to the excess value, if any, is distributed to the TIF fund for repayment of debt incurred on the specific project. The Department of Revenue, Property Assessment Division, provides additional information on community redevelopment/TIF projects in Title 350, Administrative Code Chapter 18, Community Redevelopment Law Regulations, which is available on-line at: http://pat.ne.gov/. CITY INDEX City County City County Adams…………….. Gage Kimball …………….Kimball Ainsworth………….. Brown Laurel………………. Cedar Albion………………. Boone Lexington ……….……Dawson Alliance……………… Box Butte Lincoln ……….………Lancaster Alma ………………… Harlan Louisville………….. Cass Arnold………………. Custer Loup City…………. Sherman Atkinson ……….………Holt Madrid…………….. Perkins Auburn ……………… Nemaha McCook ……….………Red Willow Aurora ……….……… Hamilton McCool Junction …… York Bayard …………………Morrill Mead………………. Saunders Beatrice ……….………Gage Minden ……………… Kearney Beaver City ……….… Furnas Nebraska City……. Otoe Bellevue ……….………Sarpy Neligh ……….…………Antelope Bennington………… Douglas Norfolk ……….………Madison Blair………………… Washington North Platte ……….…Lincoln Blue Hill ………………Webster Ogallala ……….………Keith Brady ……….…………Lincoln Omaha ……….………Douglas Bridgeport………….. Morrill O'Neill ……….…………Holt Broken Bow ……….…Custer Ord ……….……………Valley Cairo ……….…………Hall Pawnee City………. Pawnee Cambridge ……….……Furnas Ralston ……….………Douglas Carleton……………. Thayer Ravenna ……….…… Buffalo CCyCentral City ……….…Merrick Red Cloud…………C Webster Chadron ……….………Dawes Roseland……….…… Adams Clay Center ……….…Clay Schuyler ……….………Colfax Columbus ……………Platte Scottsbluff ……….……Scotts Bluff Cozad ……….…………Dawson Scribner…………… Dodge Curtis ……….…………Frontier Sidney ……….……… Cheyenne David City ……….……Butler So. Sioux City ……… Dakota Elwood…………….. Gosper St. Paul…………… Howard Fairbury ………………Jefferson Stromsburg ……….…Polk Fairmont ……….…… Fillmore Sutherland ……….……Lincoln Fremont………………Dodge Sutton ……….…………Clay Friend………………. Saline Tecumseh ……….……Johnson Fullerton ……….………Nance Valentine………….. Cherry Gering ……….……… Scotts Bluff Valley……………… Douglas Gothenburg ……….…Dawson Wahoo ………………Saunders Grand Island ……….…Hall Wakefield ……….……Dixon Greenwood………… Cass Waterbury…………. Dixon Hastings ……….………Adams Waterloo ……….……Douglas Hebron…………………Thayer Wausa…….……………Knox Henderson ……………York Waverly……………. Lancaster Hickman…………… Lancaster Wayne ……….……… Wayne Holdrege ……….…… Phelps West Point ……….……Cuming Jackson……………. Dakota Wood River……….. Hall Kearney ……….………Buffalo Wymore………………Gage Kenesaw ……….…… Adams York ……….………… York Nebraska Department of Revenue Property Assessment Division Annual TIF Report for 2009 Tax Increment Financing (TIF) Report February 18,2010 Page 1 COUNTY: 1 ADAMS CTL Project Name Project Date City Remarks TIF 409 WEST F PROJECT 2003 HASTINGS Name of Project: 409 West F Street Lot 6, in the Wallace Addition School : HASTINGS 18 Class: 3 CTL-ID# Description: TIF funds provided funds to demolish dilapidated house and Base Code: 01-0018 01-0042 clear land to construct a single family home to be made available for sale to low to moderate income family Year Base Value Excess Value Tax Rate TIF Base Tax TIF Excess Tax 2004 5,145 75,1402.372993 122.09 1,783.07 2005 5,145 75,1402.370005 121.94 1,780.83 2006 5,145 75,1402.353769 121.10 1,768.62 2007 5,145 75,1402.305825 118.63 1,732.60 2008 5,145 77,1702.269981 116.79 1,751.74 2009 5,145 77,1702.289484 117.79 1,766.79 Total 718.34 10,583.65 Current Year Base Value Excess Value Residential 5145 77,170 Commercial 00 Industrial 00 Other 00 CTL Project Name Project Date City Remarks TIF BRANT REDEVELOPMENT 2003 HASTINGS Name of Project: Brant Redevelopment Project Lot 7, Block 22, Original Town of Hastings School : HASTINGS 18 Class: 3 CTL-ID# Description: TIF funds used for facade improvements on older downtown Base Code: 01-0018 01-0040 building to be used for retail and residential Year Base Value Excess Value Tax Rate TIF Base Tax TIF Excess Tax 2004 42,770 99,6452.372993 1,014.93 2,364.57 2005 42,770 118,1602.370005 1,013.65 2,800.40 2006 42,770 118,1602.353769 1,006.71 2,781.21 2007 42,770 118,1602.305825 986.20 2,724.56 2008 42,770 118,1602.269981 970.87 2,682.21 2009 42,770 118,1602.289484 979.21 2,705.25 Total 5,971.57 16,058.20 Current Year Base Value Excess Value Residential 0 0 Commercial 42,770 118,160 Industrial 00 Other 00 CTL Project Name Project Date City Remarks TIF BRUNS REDEVELOPMENT 2003 HASTINGS Name of Project: Bruns Redevelopment Project Lots 1, 2, 23 & 24, Block 1, Coles First Addition School : HASTINGS 18 Class: 3 CTL-ID# Description: TIF funds provided for demolition, landfill fees, and clearing site Base Code: 01-0018 01-0041 for the construction of a restaurant.
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