The Omaha City Council voted 5-2 Tuesday to approve changes to tax increment financing rules for new development projects in the city.
The approved changes include:
- Requiring developers who tear down an existing building to include at least the same number of affordable bedrooms in the new building as the original structure contained
- The collection of more data
- A city concierge to assist developers applying for TIF funding
A second phase of recommendations is pending a future council vote. That phase includes extending the term TIF applies for and expanding TIF projects west of 72nd Street.
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