Show All Answers
An area may be designated as blighted or substandard if it has enough deficiencies that private investment is not occurring. A summary of the definitions of blighted and substandard are included below, but for complete details, please refer to Nebraska's Community Development Law and review the Guidelines for Community Development Law.
In summary, an area can be designated “substandard” if it:
In summary, an area can be designated “blighted” if it:
A finding of blighted/substandard can be made if these factors are present to a great enough extent that public intervention appears to be appropriate or necessary to assist with any development activities. In addition, these factors should be reasonably distributed throughout the area so basically good areas are not arbitrarily found to be blighted/substandard simply because of proximity to areas which are blighted/substandard.
Fairbury’s Blight and Substandard Map
LOIS is a national online location analysis tool designed for communities and economic development organizations to promote available site and building inventory. With its integrated GIS component, the tool uses customizable layers with market information, demographics, workforce, infrastructure, housing, business and industry.
A simple LOIS search can yield a quick directory of properties matching specified location preferences with a list of up-to-date site contacts for easy deal flow facilitation. For economic developers, LOIS seamlessly prepares site and building data for easy RFP aggregation.
Access LOIS Viewer
A redevelopment plan analyzes existing conditions in a designated area, including land use, zoning, recreational facilities & trails, transportation, public utilities, and historic significance. Based on that analysis and factors detailed in a Blight & Substandard Determination Study, the redevelopment plan identifies issues that should be addressed. Guided by the City's Comprehensive Plan, the redevelopment plan also proposes public and private projects to address the issues. Projects undertaken in areas with redevelopment plans may be eligible for TIF funds.
Fairbury’s Redevelopment Plan
Nebraska Redevelopment Law
Tax Increment Financing, or TIF is a tool to assist in financing redevelopment projects in designated blighted and substandard areas of the city. The City of Fairbury issues bonds or a promissory note to finance any approved project. The property taxes generated from the increased valuation of the development are captured for a period of up to 15 years to repay the public investment.
The purpose of TIF is to help communities undertake redevelopment activities for urban renewal and municipal growth. TIF allows a city to pay for the public improvements that are part of a private redevelopment project. TIF is not a grant and it is not a primary funding source for a redevelopment project, but does provide an incentive for private development that will increase the tax base of the Fairbury community and create additional jobs.
Tax Increment Financing can be used for the following purposes:
Tax Increment Financing is primarily designed to finance public improvements associated with a project. However, residual funds can be used for other allowed purposes after allowing for the cost of public improvements.
HOW IT WORKS (LINK)
FAIRBURY'S TIF POLICY
Projects applying for TIF assistance must qualify by meeting certain criteria. Mandatory criteria must be met in order for the project to be considered. Discretionary criteria will enable the Community Redevelopment Authority (CRA) to further determine the benefits of the project. The project application must demonstrate how the project meets the required criteria.
In order to be considered for TIF, a project must meet each of the following mandatory criteria:
In addition, the project should meet several of the following discretionary criteria.
CITY OF FAIRBURY'S TIF APPLICATION
Click here to view video