Norfolk City Council presents TIF report

NORFOLK, Neb. -- The talk of TIF has been a longtime discussion in the city of Norfolk. It's certainly stirred a lot of project decision making in recent months.

The Norfolk City Council took notice of the rise of the financial term, and gave a presentation on their annual tax increment financing report to governing bodies. 

This essentially means they are reporting every TIF dollar through the city of Norfolk for public and government disclosure. 

The council explained what TIF projects the community has been engaged in prior to the year of 2023, and the five new projects that have been slated since.

 

Overall, the total TIF projects total up to $240 million over the span of six years.

It's a number that Norfolk Mayor Josh Moenning believes is necessary. 

"If not but for the utilization of TIF for the project, the project wouldn't happen," Moenning said. "The developer has to essentially prove that to the governing body for TIF to be usable in that instance."

They also provided a brief explanation as to what TIF was and how it is applied in communities. 

TIF essentially helps finance property taxes for a number of years, so developers can focus their hard cash on the actual project. 

The council stressed that TIF is only possible if it’s the only way a project can move forward. 

"This $240 million of investment in six years in the city of Norfolk would not have happened if TIF were not usable," Moenning said. 

For more information about the specific use of TIF, reach out to the city of Norfolk for any additional questions.

Check out our additional story that covers the definition of TIF, click here.