North Platte City Council Community Redevelopment Authority Completes Mall Redevelopment Program | Local
Thirteen of the 17 votes from those four panels were won without formal dissent, including the board vote to grant the FQG’s $ 1 million loan.
The council has split three times over the EEA ordinance and once over the redevelopment plan, with critics claiming the EEA and TIF constitute an unwarranted intrusion by the government into private enterprise.
Jacobson and ARC attorney Mike Bacon from Gothenburg drew attention on Wednesday to the potential of the project to at least wipe out the sharp drop in the mall’s assessed value over the past five years.
Lincoln County Assessor figures released Tuesday left the mall’s valuation of last year for property tax purposes unchanged for 2021 at $ 2,831,993, 68% lower than the figure of 2016 of $ 8,870,920.
Most of that drop came in 2017 – the year that charter anchor JC Penney closed – when the appraiser’s office reduced the mall’s assessed value to $ 3,396,655.
A further drop to $ 2,547,490 followed in 2018, when longtime anchor Herberger went out of business. The valuation of the shopping center remained there for 2019 before rising to its current figure for 2020.
Had the mall kept its 2016 assessment, local governments serving North Platte would have shared $ 183,578 in 2020 property taxes. They shared $ 58,618 instead.
But unlike many TIF projects, Bacon said, local governments should benefit from a possible property tax increase from the mall project before it is fully put on the tax roll.