Omaha council delays vote on proposed Union Omaha stadium TIF amid financing and risk questions
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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 said, describing a structure in which the developer would assign TIF revenues and potential state turnback tax revenues to the city to cover bond debt service. He added the city would issue bonds and the developer would make lease payments to cover annual debt service.
Why it matters: proponents said a downtown stadium would produce jobs, new housing and tourism dollars while activating underused land. Alexis Bulos, Union Omaha’s chief operating officer, said the club would use the site for men’s and women’s teams, an academy and community programming and argued a dedicated home would let the club expand youth outreach.
Council members and the city law and finance staff pressed for specifics about where taxpayer dollars would appear in the capital stack. Jennifer Taylor of the City Law Department said the only general-fund capital dollars would be CIP funds set aside for public infrastructure — streets, sewers and utilities — and that staff had been working with bond counsel and finance to structure protections. “Those public improvement funds would be used only for those types of expenditures,” Taylor said. She estimated the CIP portion could be closer to $8 million, with prior numbers at about $12.9 million, and stressed the annual debt service would be covered by a combination of TIF revenues, the turnback tax if awarded by the state, and the stadium lease payment.
Several council members said they supported the project in principle but wanted more time to review updated financial materials and environmental details. Councilmember Harding said he had received crucial financial documents only shortly before the meeting and moved to lay the plan over for a week to allow members and the public more time to examine the capital stack and the pending state turnback decision tied to LB1317. “This is a complex and fluid project,” Harding said. The motion to layover passed 5–2.
What’s next: council staff said the redevelopment agreement, which will carry detailed guardrails and the debt-service structure, is expected to return to the council for approval in June. The council will vote on the redevelopment plan (and any associated ordinances) after the layover and as the state decision on the turnback tax becomes clearer.
Financial and program details provided at the hearing: project budget ~$331,000,000; stadium ~$140,000,000; mixed-use ~$191,000,000; TIF request ~$48,214,614; EEA request ~$35,000,000; state turnback incentive application capped at $25,000,000 over 20 years ($1,250,000/year); stadium seating ~6,500 fixed seats with room for ~2,000 additional standing spectators; 4–450 housing units planned. The council laid the item over for one week; the public hearing remains closed and the council will hold a vote at the next meeting.
