Bill > LB637

This bill establishes the Destination Nebraska Act, which aims to promote economic development by creating special destination districts that can attract major sports and retail mixed-use projects. The legislation allows for the creation of up to two destination districts that must meet specific criteria, including total new development costs exceeding $3 billion and attracting a minimum of 10 million visitors annually. The bill provides a comprehensive framework for these districts, including special taxing authority, the ability to issue bonds, and unique governance provisions. Specifically, the destination districts will have unprecedented autonomy, being considered separate from city or village jurisdictions and having the power to collect a special occupation tax, issue bonds, and establish infrastructure. The Department of Economic Development will oversee the application and approval process, and approved districts will last for 40 years and cannot exceed 5,000 acres. The districts are intended to generate new economic activity, create jobs, attract tourists and businesses, and potentially bring professional and youth sports venues to Nebraska. The bill also amends existing community development law to accommodate these new destination districts, providing a novel approach to economic development that gives significant latitude to large-scale, transformative projects.