Grand Island considers $15.8 million in TIF for new hospital
Grand Island considers the fate of a long-discussed new hospital.
Developers were asking for nearly $28 million in tax increment financing (TIF). They've scaled that back to under $16 million.
Planning Director Chad Nabity said the developer, Prataria Ventures LLC expects the total development to be valued at $110 million dollars.
Nabity said it wouldn’t happen without TIF.
He said, “The key to remember that $15.8 million is not money the city is giving to the developer. It's money the developer receives after they've paid their taxes on the new improvements, and they would receive it back.”
The project includes a four-story hospital with 64 patient rooms, plus a 110-bed hotel, and medical offices.
Tax increment financing could be used for things like sewer and roads.
It will be on the agenda Wednesday afternoon at 4:00 p.m. at Grand Island City Hall in front of the Community Redevelopment Authority.