OMAHA, Neb. (KMTV) — It's a multi-million dollar project that could change the face of one of Omaha’s busiest intersections.
Tuesday could be a major day for the Crossroads Mall redevelopment as the city council is scheduled to discuss almost $80 million in tax increment financing (TIF), the largest TIF award in Omaha's history.
The total cost of the project is estimated at roughly $553 million, so this would be a major chunk of money to help this project in the heart of Omaha.
The Crossroads Mall is unrecognizable as crews have been demolishing it since October.
Only two structures, Target and a parking garage, will be left at the location.
Critics of the $80 million TIF funding question whether this incentive is used too generously and would like to see the TIF award used in Omaha’s under-served communities.
However, TIF proponents say the projects and the extra tax revenue from them help offset costs of development in older parts of the city, essentially helping everyone in the city.
Eighty million dollars in TIF loans would far outweigh the $37 million granted for the midtown crossing development.
Back in August, the city had anticipated using $12.5 million in redevelopment bonds to pay for infrastructure on top of the proposed $80 million that is scheduled to be voted on in Tuesday’s city council meeting at 2 p.m.
Watch the city council meeting below or on our Facebook page.