![]() ![]() The loan is paid back, generally over a 15-year period, by using the increased property taxes that are generated on the new development. Under TIF, the developer of a city-approved project takes out a private loan to help cover some expenses. ![]() The project’s $80 million TIF request had raised eyebrows among opponents, some of whom say the city has been too generous in granting the tax incentive that is meant to spur development in blighted areas. “The Crossroads will become a commercial, residential, entertainment and leisure destination at the true crossroads of our city,” Mayor Jean Stothert said in remarks to the council. KJ Crossroads Venture LLC, made up of Omaha-based Lockwood and Century development companies, also plans to include public plazas, artwork and about 4,000 parking spots. The Omaha City Council on Tuesday voted 7-0 to approve an $80 million tax-increment financing request for the project, an award that should help developers deliver on a $553 million redevelopment vision at the site near 72nd and Dodge Streets. ( ) – New shops, offices, restaurants, apartments and entertainment venues could come to life at the former Crossroads Mall as early as late 2024. Omaha City Council approves $80 million TIF request for redevelopment at Crossroads February 24, 2021 The Lockwood-Century team expect to open The Crossroads in 2024. ![]()
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