Bill > LB988

This bill amends the Community Development Law by redefining terms and modifying provisions related to redevelopment plans, particularly concerning the declaration of blighted areas and the use of tax-increment financing (TIF). Key changes include requiring a structure to be declared permanently uninhabitable by an inspector, or to have been recently demolished, for an area to be considered blighted, with specific criteria for declaring a structure uninhabitable. It also clarifies that funds generated from a redevelopment project cannot be shared with other projects or used for future expenses not outlined in the original plan, and that TIF cannot be used for public transportation projects without voter approval. Furthermore, the bill limits the ability to declare an area blighted twice within a twenty-year period unless approved by the Governor due to an emergency, and clarifies that "debt" and "indebtedness" in this context refer solely to the principal, interest, and premiums of loans or mortgages used for financing specific redevelopment projects. The bill also adjusts reporting requirements for redevelopment plans financed through tax division and clarifies the "effective date of the redevelopment project" for determining the duration of tax division.

Housing and Urban Affairs

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=62675