Bill > LR312CA

This joint resolution proposes a constitutional amendment to be voted on by the electors of Nebraska in November 2026, which would allow cities and villages to borrow money for residential development projects and redevelopment projects. Specifically, it would permit these local governments to incur indebtedness, such as through bonds or loans, and to use future tax revenues generated from the increased value of property within these project areas to repay that debt. This tax pledge could be for up to thirty years for residential development and twenty years for redevelopment projects, as determined by law. The amendment also modifies existing provisions related to redevelopment projects, broadening the scope beyond just "substandard and blighted" property to include "residential development projects" and "related public improvements." Once the debt is fully repaid, the property would be taxed normally.

Housing and Urban Affairs

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63262