FINANCIAL_SERVICESRECOMMENDED

Community Redevelopment Authority Agenda Packet 2026-05-18

CRA advances TIF redevelopment pact for 219 Grant St

Not to exceed the lesser of $380,000.00 or the total certified Project Costs; TIF Indebtedness payments to Redeveloper not to exceed the lesser of $500,000.00 or the total certified Project CostsHoldrege Airport AuthorityHOLDREGE REPAIR AND RESTOREMay 18, 2026

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Description

The Holdrege Community Redevelopment Authority has approved and recommended a Redevelopment Plan, Cost-Benefit Analysis, and Redevelopment Contract with Holdrege Repair and Restore to redevelop 219 Grant Street using Tax Increment Financing. The agreement provides up to $380,000 in eligible TIF-funded project costs, with TIF payments to the redeveloper capped at $500,000 over a 15‑year term, to construct two commercial units and a residential apartment and significantly upgrade the property.

Contract Details

Contract Amount

Not to exceed the lesser of $380,000.00 or the total certified Project Costs; TIF Indebtedness payments to Redeveloper not to exceed the lesser of $500,000.00 or the total certified Project Costs

Vendor

HOLDREGE REPAIR AND RESTORE

Agency

Holdrege Airport Authority, NE

Contract Type

FINANCIAL_SERVICES

Document Date

May 18, 2026

Contract Term

Effective date January 1, 2026; TIF revenue payments from June 15, 2026 through June 15, 2041; Project completion required by May 1, 2027; Redevelopment Contract effective date May 1, 2026

Renewal Date

2041-06-15

Renewal Info

Redevelopment Contract runs with the premises for a 15‑year TIF period from the effective date of January 1, 2026; no automatic renewals are provided. Any assignment or conveyance of the premises without prior Authority consent before the end of the 15‑year period renders the contract null and void.