Micro-Tax Increment Financing (Micro-TIF) is also known as the expedited review of a redevelopment plan used for redevelopment projects. The CRA is allowed to "capture" the property tax on the increased valuation of property created by selected, eligible redevelopment projects.  This "captured" tax increment then is used to assist in funding public improvement costs, rehabilitation, acquisition, demolition and workforce housing within the project for up to fifteen years. 

The Nebraska Legislature has adopted LB  1021, under this law, City Councils may pass a resolution allowing for expedited reviews of redevelopment plans for certain qualifying Micro-TIF Projects. The City of Grand Island City Council passed a resolution limiting the expedited review  and approval of Micro-TIF projects to 20 per year. In addition, redevelopers must use the standard form developed by the Nebraska Department of Economic Development to prepare their redevelopment plans.

  The Nebraska State Statutes Neb. Rev. Stat. § 18-2155 states a redevelopment plan is eligible for expedited review if following criteria are met:

• The redevelopment plan includes only one redevelopment project;

• The redevelopment project involves:

  (i) The repair, rehabilitation, or replacement of an existing structure that has been within the corporate limits of the city for at least 60 years and is located within a substandard and blighted area; or

  (ii) The redevelopment of a vacant lot that is located within a substandard and blighted area that has been within the corporate limits of the city for at least 60 years and has been platted for at least 60 years;

• The redevelopment project is located in a county with a population of less than 100,000 inhabitants; and

• The assessed value of the property within the redevelopment project area when the project is complete is estimated to be no more than:
  
  (i) $350,000 for a redevelopment project involving a single-family residential structure;
  
  (ii) $1.5 million for a redevelopment project involving a multi-family residential structure or commercial structure; or
  
  (iii) $10 million for a redevelopment project involving the revitalization of a structure included in the National Register of Historic Places.

Pursuant to the Act, application fees for micro TIF Projects may not exceed fifty dollars ($50.00). Such redevelopment plans will be submitted to the City Administrator or their designee (Community Development Department) for review, and the plan must be approved within thirty (30) days after submission of the plan. Developers must complete their redevelopment project within two years after the redevelopment plan is approved by the City.