Measure on the ballot in the 2020 Nebraska General Election in Nebraska.
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Get StartedLR 14CA is a proposed constitutional amendment that extends the bond repayment period for cities and villages trying to redevelop blighted areas from 15 to 20 years.
A "FOR" vote on LR 14CA would amend the Nebraska Constitution to authorize the Legislature to extend the maximum length of time for the repayment of indebtedness related to tax-increment financing from 15 years to 20 years if more than one-half of the property in the project area is designated as extremely blighted.
An "AGAINST" vote on LR 14CA would leave the maximum length of time for repayment of indebtedness unchanged at 15 years.
"Currently, our state constitution limits TIF financing to a period of 15 years, which is the most restrictive TIF repayment period of any of the 49 states which allow the use of TIF. Because that 15-year limitation applies the same at both 72nd and Dodge and in North Omaha, developers will choose the easier development at 72nd and Dodge every time. To combat this problem, Amendment 2 would allow the Legislature to extend the TIF repayment period from 15 years to 20 years, but only in those areas that have been designated by the city as “extremely blighted.”", in support of Proposed Amendment No. 2 (Learn more)
"Allowing a longer repayment period has the potential to make more economic development improvements possible in areas where they're needed. Surrounding states already have a 20-year repayment period so this amendment would level the playing field if a company is considering several states among its options for an improvement project.", in support of Proposed Amendment No. 2 (Learn more)
A constitutional amendment to authorize the Legislature to allow cities and villages to pledge property taxes as part of a redevelopment project for a period not to exceed twenty years if, due to a high rate of unemployment combined with a high poverty rate as determined by law, more than one-half of the property in the project area is extremely blighted.
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