Council extends TIF window, authorizes bonds for Greater Downtown corridors revitalization

The Lincoln City Council on Aug. 11 approved a package of actions to advance redevelopment along downtown principal corridors, including an extension of the tax‑increment financing (TIF) period and authorization to issue tax allocation bonds up to $31.2 million.

Council members voted 6‑0 to find that the Greater Downtown Principal Corridors revitalization project conforms with the city’s 2050 comprehensive plan, to amend relevant redevelopment plans and to extend the TIF capture window from 15 to 20 years for the project area. The council also approved a fiscal‑year amendment to add roughly $29 million in TIF funds to the capital improvement program and authorized tax allocation bond issuance not to exceed $31.2 million.

City urban development staff described the expanded project area as parts of downtown broadly bounded by Ninth to 20th Streets and K to S Streets (specific boundaries are in the redevelopment plan). Projected work includes corridor reconstruction, street and alley improvements, safety and streetscape elements, and targeted infrastructure to support private investment. Council members praised the planning work and urged attention to existing downtown businesses during construction on the O Street corridor.

The bond authorization and CIP amendment set funding parameters; specifics about project phasing and contracting will be developed by urban development in coordination with design teams and procurement processes.

Votes and next steps Council votes were unanimous. Staff said project phasing, procurement and a public‑information plan will be developed next, and construction timing will be coordinated to minimize impacts on existing businesses.