Waverly forms community redevelopment authority | By Sam Crisler – The Waverly News

Published: Aug 30, 2023

WAVERLY, Neb (The Waverly News) — The economic development arm of Waverly’s city government just got a bit more robust.

At the Aug. 22 Waverly City Council meeting, members voted to convert the city’s Community Development Agency into a Community Redevelopment Authority, which, among other things, can make recommendations to the city council regarding an area’s tax-increment financing (TIF) eligibility.

“They are charged with taking action in those blighted and substandard areas that have lower property values,” said council president Abbey Pascoe, who in 2022 also formed the Waverly economic development advisory committee to attract new growth and commerce to town.

For a property to be eligible for TIF, it must first be designated blighted and substandard by the city council.

Using TIF, a developer can pay for expenses such as infrastructure by taking out a loan that will eventually be paid for using the increased property taxes that result from their new development. The loan is generally paid off over a 15-year period, and any unused funds are redirected to the city government.

The Waverly CRA’s role will be similar to that of the CDA, Pascoe said, but the main difference will be of whom the authority is composed. The CDA’s members were the Waverly mayor and its city council members, while the CRA will be made of citizen volunteers.

“My problem was that the CDA was just the city council,” Pascoe said. “It’s not good for transparency, and I want to get more people involved. We’ve seen a good number of people raising their hand for different committees and different things that we’re doing.”

The CRA will be made of five Waverlyites, and those interested can apply by contacting the city offices or mayor directly. Applicants will be recommended by the mayor and approved by the city council within the next 90 days.

Pascoe said the CRA’s immediate concern will be development along U.S. 6 from near Canongate Road to the Waverly Interstate 80 exit. She said current property owners in areas deemed eligible for TIF will be able to propose a redevelopment plan to the CRA. New builders in such areas may be eligible for TIF as well. For instance, the Smart Chicken plant in Waverly was built using TIF.

Luring new TIF projects to Waverly’s western edge could also help offset some of the cost of extending the city’s water infrastructure in that direction, Pascoe said.

According to a graphic provided by community planning firm Hanna:Keelan — which is working with Waverly to update its comprehensive plan — 43% of the land in Waverly’s jurisdiction is eligible for TIF projects. Most of the land is along the U.S. 6 corridor, and much of it lies northeast of the city limits, between 162nd Street, Mill Road and 148th Street.

At the Aug. 22 city council meeting, Pascoe pushed for the change from a CDA to a CRA to skip the three approvals typically needed to pass an ordinance.

“There are potential TIF projects that will be coming to the city council,” she said. “And I would prefer to have that CRA in operation or getting up to speed by the time that comes.”

Waverly forms community redevelopment authority