Falls City Journal, March 19, 2010/by Scott Schock The first Tax Increment Financing (TIF) project in Falls City received council approval Monday night, opening what is hoped will be an active door for development and economic growth.  Actually, the initial TIF project, the Vision Inn motel, is already under construction in the north part of town.  Representatives of the local corporation involved in the venture, Vision 20-20, attended Monday’s regular council meeting at City Hall.  Months ago, council members had acted to pursue TIF for Falls City.  That process is now in place, the studies completed, the i’s dotted and t’s crossed.

In a TIF project, TIF bonds are issued.  The property tax increased generated from the redeveloped site are applied to the TIF bonds until they are repaid, or for 15 years, after which the (tax) increases revert to the local government taxing jurisdictions.  No public funds (other than the TIF benefit) are involved.  The TIF bonds are not backed by the City or its Community Redevelopment Authority.

For Vision 20-20, the amount of TIF benefit will be about $100,000 over the 15-year period.  The Vision corporation is in the midst of building a 17-unit motel in the 2600 block of Harlan Street.  Charlie Radatz, chairman of the Community Redevelopment Authority (CRA), lauded Vision 20-20 investors who have demonstrated “confidence in the community’s future” with this significant improvement.  He said financial assistance through TIF projects will “benefit the community for many years to come.”  Radatz noted that many Nebraska communities have implemented TIF for years to realize redevelopment.  He described TIF as “another tool in the war chest” as EDGE and its Executive Director, Beckie Cromer, strive to “make a better Falls City.”……Investor Jerry McKim said the motel project “might have been impossible” without Tax Increment Financing.