Omaha amends urban core redevelopment plan to speed streetcar, create $40 million affordable-housing fund

The Omaha City Council on Sept. 16 approved a resolution to amend the Urban Core Housing and Mobility Redevelopment Plan, enabling the city to use up to $490 million in tax-increment financing revenues to construct a modern streetcar and support affordable housing and protected bike lanes in the urban core. The council voted 6-0 to approve agenda item 12; consideration of the redevelopment contract with Front Porch Investments (agenda item 13) was discussed and scheduled for a later council vote.

City Law Department attorney Jennifer Taylor told the council the amendment replaces several sections of the 2022 plan to (1) identify and allocate funds to build the modern streetcar, (2) designate affordable housing development as a redevelopment project, and (3) identify protected bike lanes as an eligible use of TIF revenues. Taylor said the amendment raises the previously authorized TIF use from about $356 million to $490 million and that any housing financed under the amendment must be built inside the redevelopment plan area and comply with the state Community Development Law. She said the $40 million affordable-housing portion discussed at the meeting would be funded by a private placement of TIF revenue bonds; the bond documents will return to council for approval in October or November and the city will have no obligation to pay those bonds except from available TIF revenues in the district.

Steve Jensen, deputy chief of staff for economic development in Mayor Ewing’s office, said the streetcar is at 100% design and that the council previously authorized $440 million for construction.…