The Omaha City Council unanimously supported the Union Omaha stadium and mixed-use development redevelopment plan in this week’s meeting. After agreeing to delay the vote to approve the Tax Increment Financing application last week, the city council voted 7-0 to approve the plan.
Some concerns voiced last week including potential environmental remediation and the city’s purchase of the land before the State of Nebraska’s approval of the turnback tax package were reiterated, but all members have indicated that they fully support the project and believe the economic and community benefits once completed.
The developers’, which include Union Omaha’s ownership and Hines, a Houston-based real estate development company, are on a tight timeline for approvals. They are wanting to start construction on the $125 million, 6,500-seat stadium in the fall with an anticipated opening for the 2028 season that spring.
While the project hinges on the state’s approval of the $25 million turnback tax financing package, developers and city council members are confident the state will approve it. The property currently does not generate any sales tax for the state to collect. If the turnback tax application is approved, up to 70 percent of the new sales tax generated at the stadium and the future mixed-use development can be used to pay costs or bonds for eligible expenses incurred for construction of the stadium. The remaining portion will go back to the state. When the $25 million incentive is expended, 100 percent of state sales tax will go to the state.
In addition to the stadium, the developers plan to build mixed-use buildings. That future phase would be built across two parcels totaling about 6 acres and will consist of nearly 500 residential units and 39,000 sq. ft. of ground-floor retail. Total investment for the mixed-use portion will total $191 million.
