NORTH PLATTE, Neb. (KNOP) -The North Platte City Council gave unanimous approval for REV Development request of a $1 million performance-based Quality Growth Fund loan.
The loan would be forgiven if REV adds $30 million of new mall development within three years.
A public hearing and first-round debate followed to declare the 28-acre mall complex an ‘enhanced employment area.’ The designation is a critical step towards the $74.95 million redevelopment plan that seeks to recover $7.51 in infrastructure costs from the temporary use of a 1.95% occupation (EEA) tax.
More than 30 people expressed their support for the occupancy tax at Tuesday night’s meeting. The designation passed on a 5 to 2 vote.
REV also hopes to recover $8 million in infrastructure through tax increment financing (TIF). A public hearing to discuss the TIF portion portion of the project is scheduled for May 18.