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Community Redevelopment Authority Agenda Packet 2026-05-18

CRA advances TIF redevelopment deal with Holdrege Repair and Restore

Not to exceed $500,000.00 in TIF revenues or the total certified Project Costs; Project Costs estimated at $150,000; initial TIF bond issue $360,000; use of TIF revenues for construction not to exceed $380,000.00 as described in Exhibit BHoldrege Airport AuthorityHOLDREGE REPAIR AND RESTOREMay 18, 2026

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Description

The Holdrege Community Redevelopment Authority approved and recommended a Redevelopment Plan and Contract with Holdrege Repair and Restore to use up to $500,000 in tax increment financing to rehabilitate a deteriorated commercial property at 219 Grant Street into two commercial units and a residential apartment. The 15-year TIF agreement is projected to raise the taxable value to $500,000 and generate approximately $4,458 in additional annual property tax revenue.

Contract Details

Contract Amount

Vendor

HOLDREGE REPAIR AND RESTORE

Agency

Holdrege Airport Authority, NE

Contract Type

OTHER

Document Date

May 18, 2026

Contract Term

15 years of tax increment financing from effective date January 1, 2026, with payments from June 15, 2026 through June 15, 2041; Project completion required by May 1, 2027; Redevelopment Contract effective date May 1, 2026 and TIF revenues use effective July 1, 2026 per cover

Renewal Date

2041-06-15

Renewal Info

The TIF arrangement is fixed for a 15-year term from the effective date of January 1, 2026, with no explicit renewal or extension options; obligations cease after the 15-year TIF period or if the redeveloper transfers the property without Authority consent. Authority may issue additional subordinate TIF indebtedness from excess TIF revenues for related purposes, but this does not extend the primary term.