Mon June 2, 2014
TIF, occupation tax suggested to help pay for Crossroads Village
The developers of Crossroads Village in Omaha won’t seek general obligation bond funding from the city of Omaha to help pay for the project.
Crossroads Village will be a 1 million square-foot mixed-use development at 72nd and Dodge Streets in Omaha. Rod Yates is a principal at OTB Destination, the company developing Crossroads Village. He says they’ve bought 40 acres directly west of Target to begin the project.
The first phase of Crossroads Village will cost $260 million. Yates says the funding will include public incentives.
"You have to get incentives, it has to be a world-class public-private partnership with the city. So it’ll include things like TIF, occupation tax, special assessment districts, and different things that create a lot of the costs that’ll be built in to this. We look for about 90 to 100 million dollars of the costs, of the 260, in incentives."
The first phase will include 600,000 square-feet of retail and office space, 200 residential units, and 60,000 square-feet of technology work space. It’s scheduled to open in the fall of 2016. The second phase costs $150 million and includes a hotel, retail, and corporate office space.
Crossroads Mall opened in 1960.