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Omaha council delays vote on proposed Union Omaha stadium TIF amid financing and risk questions
Summary
Council members laid over a redevelopment plan tied to a proposed downtown Union Omaha stadium and mixed-use district after a lengthy hearing about project costs, tax incentives and environmental and financing uncertainties; the layover passed 5–2.
Council members voted 5–2 to lay the redevelopment plan for a proposed Union Omaha stadium and adjacent mixed-use district over for one week after a lengthy public hearing and detailed staff presentations about the project’s financing and risks.
Project backers described the plan as a public–private partnership that would convert roughly 20 acres of North Downtown into a 6,500-seat stadium with room for additional standing spectators, and about 450 mixed-use housing units and retail. David Levy, project counsel, said the total development cost is roughly $331,000,000, including an estimated $140,000,000 to build the stadium and about $191,000,000 for the mixed-use portion, and that the request before council included a tax-increment financing (TIF) ask of about $48,214,614 and an enhanced employment area (EEA) request of roughly $35,000,000.
“Essentially the city would own the land under the stadium,” Levy…
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