Tax Increment Financing (TIF)
Tax Increment Financing, or TIF, is a tool to assist in financing redevelopment projects in designated blighted and substandard areas of the city. The City of Seward Issues bonds or a promissory note to finance any approved public improvements associated with a redevelopment project. The property taxes generated from the increased valuation of the development and then captured for a period of up to 15 years to repay the public investments.
The purpose of TIF is to help communities undertake redevelopment activities for urban renewal and municipal growth. TIF allows a city to pay for the public improvements that are part of a private redevelopment project. TIF is not a grant and it is not a primary funding source for a redevelopment project, but does provide an incentive for private development that will increase the tax base of the Seward community and create additional jobs.
For more information and an application, click on the link below:
LB840 Economic Development Funding
Nebraska voters enacted a constitutional amendment in November, 1990 granting cities and villages to use local sources of revenue for economic or industrial projects and programs. On June 3, 1991 the Unicameral signed into law this amendment with the passage of Legislative Bill 840, the Local Option Municipal Economic Development Act.
The Local Option Municipal Economic Development Act is based on the premise that communities should use their own tax dollars in ways that best meet local needs. This law allows Nebraska communities the opportunity to determine their own destiny by identifying shortcomings and providing, through self-determination, those incentives necessary to businesses looking at their community. The economic development plan formulated by the city implementing this legislation and the mechanism for funding the plan is subject to a vote of the people of the city. The core of the LB 840 process involves the formulation of a proposed plan (the Plan) for a local economic development program. The plan forms the foundation for the collection and expenditure of local tax revenues for the economic development and the provision of the plan becomes the basis under which the municipality’s program operates.
Use the link below for more information about LB840 and how to apply.
REAP, Rural Enterprise Assistance Project, is committed to strengthening rural communities through small, self-employed business development. Call on REAP when you are thinking of starting a small business or if you already operate a small business in Nebraska. Through REAP you can create a business plan, research potential markets and marketing ideas, discuss management issues with experienced business specialists, and apply for a small business loan.
Started in 1990, REAP has provided services to numerous micro/small businesses throughout Nebraska. (A micro business is defined as one with 10 or fewer employees.) REAP is a proud member of the Nebraska Small Business Collaborative, extending microenterprise businesses technical assistance and micro-loans in all distressed areas of Nebraska.
You can learn more about REAP by clicking on the link below:
Seward County Visitors Grant Applications
The purpose of the Improvement Fund Grant is to provide funding that promotes, encourages and attracts visitors to the travel and tourism facilities and attractions within Seward County. The funds available through this program are provided from the lodging tax revenue collected via the improvement fund. The funds are to be used for capital improvements to existing attractions or recreational facilities that are open to the public and are of educational, cultural, historical, artistic or recreational significance, and that promote and/or stimulate the Seward County economy by encouraging overnight stays in hotels, motels, and campgrounds.
The Visitor Promotion Grant is funded by lodging tax dollars and should be used to promote the county’s tourism facilities and encourage visits to the county. Lodging tax funds cannot be used for community development or improvement, or capital construction. The SCVC has allocated available funds to go to local entities in the form of marketing grants to non-profit organizations, civic groups or associations. Funds may also be available to for-profit entities for a first time, new event demonstrating positive tourism potential, and will be allowed as a one-time-only grant. The grants are available on a competitive basis, with applicants demonstrating a need for lodging tax dollars for their project or event. The grants are not meant to be a part of an annual operating budget for any group, but rather to get a project started, or in the case of an existing event, to promote an addition to an event.