Council amends two redevelopment agreements, redesignates Lincoln and Paddock Lane projects as layered TIFs
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Summary
The council approved second amendments to redevelopment agreements for the Lincoln Elementary and Paddock Lane sites, lowering interest on city‑funded TIF notes to 0, consolidating phase notes into layered TIF notes, and setting project TIF note amounts at $1.3 million and $1.9 million, respectively.
The Beatrice City Council voted unanimously to approve two second‑amendment redevelopment agreements that alter tax‑increment financing (TIF) arrangements for two school‑site redevelopment projects.
Council adopted Resolution 7690 to amend the Lincoln Elementary School redevelopment agreement and designate the project as a layered TIF. Staff explained that because the city is acting as the lending entity for certain infrastructure costs, the interest rate was reduced to 0 percent (removing interest as a TIF‑eligible expense charged to the developer), which in turn changed the net present value and the TIF note structure. The revised TIF note for the Lincoln Elementary site is $1,300,000. The council approved the resolution by a vote of 8–0.
Council then adopted Resolution 7691 to make the same structural changes for the Paddock Lane Elementary School site (referred to in discussion as Corral Crossing). Staff said the TIF note amount for that project is $1,900,000; the resolution passed 8–0. A council member complimented staff on the rapid development of the projects, saying they came together much faster than similar private‑developer efforts might have.
Staff also noted that the effective dates for the projects were being adjusted to reflect actual project timing and to avoid prematurely starting the TIF effective period.
Both amendments move the projects toward a single layered TIF note structure intended to simplify administration when infrastructure is installed at once rather than in multiple phases.