January 4, 2012 – Omaha Mayor Jim Suttle is calling for lawmakers to support legislation that gives flexibility to Tax Increment Financing regulations so city’s can sustain economic growth without the need for increasing taxes; allows municipalities to make capital improvements without burdening taxpayers; and assists industrial businesses in offsetting costs connected with the federally mandated Combined Sewer Overflow (CSO) project.
“Omaha is responsible for 52% of Nebraska’s economy and we take this responsibility seriously,” said Mayor Suttle. “Since I took office we’ve made 37 million dollars in spending cuts while keeping vital city services available to our citizens. We streamlined government operations, found smarter, faster ways of doing business using technology, and are now looking to expand economic development through enhanced Tax Increment Finance (TIF) legislation and tax exemptions on lease purchase bonds.”
The TIF amendment to Nebraska’s Redevelopment Act would allow Omaha to be more competitive with surrounding states in attracting new opportunities for economic development. This legislation, proposed by Senator Heath Mello, would help cities by extending the financing for community development projects from 15 to 20 years.
Mayor Suttle would like to see revisions in the Community Development Law and potential Land Bank legislation that would allow Omaha to tackle a growing problem with vacant and hazardous properties in the eastern part of the city. The revisions would include lifting current barriers for those acquiring condemned property. “We need to be able to free up blighted land for redevelopment,” said Mayor Suttle. “It will allow the city to make way for new businesses, broaden the availability of jobs in vulnerable areas of our community and improve neighborhoods.”
