The (D)Evolution of TIF Use: Redevelopment to Land Development in Nebraska
Dr. Sungho Park (The University of Alabama)
In Johnson, C. L. and Kriz, K. (Ed). Tax Increment Financing and Economic Development: Uses, Structures, and Impact. Albany, NY: SUNY Press (July 1, 2019)
While tax incremental financing (TIF) is one of the more commonly used economic development tools afforded to local governments, recent studies suggest: 1) a need to better appreciate the evaluation process and; 2) TIFs have evolved from strictly redevelopment projects to now include land development projects. To understand the extent to which TIF has evolved from its conception in the 1950s, this case study analyzes a recent TIF project in Fremont, NE, that has been approved to invite a chicken processing plant on largely agricultural land. The process framework suggested by Johnson and Kriz (2001) allows us to systematically assess Fremont’s TIF processes. Our findings demonstrate that the Fremont’s use of TIF has been far from the standard practice and we conclude that it has much to do with the vagueness of state TIF laws.