Criteria for Evaluation
Projects applying for TIF assistance must qualify by meeting certain criteria. Mandatory criteria must be met in order for the project to be considered. Discretionary criteria will enable the Project Review Committee to further determine the benefits of the project. The project application must demonstrate how the project meets the required criteria.
In order to be considered for TIF, a project must meet each of the following criteria:
- The project must be located within a substandard and blighted area or an area eligible for a designation of substandard and blight as required and set forth by State Statute. The project must be located within a substandard and blighted area prior to the preparation of a Redevelopment Plan.
- The project must further the objectives of the City's Comprehensive Plan.
- The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City and other taxing jurisdictions.
- The developer is able to demonstrate that the project would not be economically feasible without the use of Tax Increment Financing. In addition, when the project has site alternatives, the proposal must demonstrate that it would not occur in the area without TIF.
In addition, the project must meet several of the following criteria. A residential project meeting two or more of these criteria may use TIF for a fourteen (14) year amortization period. A non-residential project meeting three criteria qualifies for a fourteen (14) year amortization period.
- The project will show a positive cost/benefit ratio to the community for the principal value of the TIF loan.
- All TIF proceeds are used for the construction of public improvements.
- The project involves the rehabilitation of a designated city landmark, or a building listed on or eligible for listing on the National Register of Historic Places.
- The project will directly benefit low- and moderate-income people, as defined by the Community Development Block Grant Program. A project will meet this criteria if at least one of the following conditions is met: 1) If the project is residential, at least 51% of all housing units will be initially affordable to low- and moderate-income households, or 2) if the project is non-residential, at least 51% of the jobs created will be held by or available to low- and moderate-income people.
- The building or site to be redeveloped itself displays conditions of substandard and blight as established by Nebraska State Statute.
- The project involves the start-up of an entirely new business or business operation within the City of Wayne.
- The redevelopment site has displayed a recent pattern of declining real property assessments, as measured by the Wayne County Assessor's Office.