Micro-TIF permits a governing body of a city to allow for expedited reviews of redevelopment plans in order to repair, rehabilitate, and replace old structures within its jurisdiction. A redevelopment plan may be eligible if the project involves the repair, rehabilitation, or replacement of an existing structure located within a substandard and blighted area, if the structure is at least 60 years old and the assessed value of the property within the redevelopment project area when the project is complete is estimated to be no more than: a) $350,000 involving a single-family residential structure; b) $1,000,000 involving a multi-family residential structure or commercial structure; or c) $10,000,000 involving the revitalization of a structure included in the National Register of Historic Places.
For more information, or to propose a redevelopment plan, please contact the city office at 402-387-2494.