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(Lincoln, NE) -- A bill being considered at the Nebraska State Capitol would tighten up the law for Tax Increment Financing. A former Omaha city planner says the bill would cut funding for the Omaha streetcar as well as other major development projects.
"The bill would stop the development of roughly 400-million dollars in projects that will help fund the modern streetcar, fund bikeways, attract and retain a talented workforce," says former Omaha City Planner Steve Jensen.
Author of the bill, State Senator Lou Ann Linehan, says the way Omaha is using TIF will increase property taxes on local homeowners.
"We have people who are trying to hold onto their house because of property taxes in this state they're way too high," says Senator Linehan. "And the way I read this is that whole corridor, those valuations are going to go up and part of that's going to be used to pay for the streetcar."
The Urban Affairs Committee will meet next week to decide on moving the bill forward or dropping it.