BEATRICE – The Beatrice Planning and Zoning Commission has recommended approval of a tax increment financing area modification for an industrial expansion project.

City Attorney Taylor Rivera says Kinney Holdings, Inc., which operates Precise Fabrication is applying for tax increment financing to almost double its facility size in the north Gage County Industrial Park.

"Precise Fab is intending on developing and expanding, and recently they bought that parcel just north of Precise Fabrication that doesn't have anything on it. They are going to be putting a 76,000 square foot industrial building there. Their current facility, I think, is at 42,000 square feet."  The expansion is an estimated $2.3 million project. One possible part of the work could help address an ongoing difficulty employers are having in finding workers in Nebraska.

"I believe in the future what they're looking to do is add a daycare, probably using the old office spaces as they get everybody moved into be able to offer daycare services to their employees and probably some, outside of that. But, we're hoping that trend will ensue. That's one of our biggest hurdles we've got to development out least hurdles to gaining employees out here."

Earlier, the Community Redevelopment Authority forwarded the plan modification to the P-and-Z, which will also go to the Beatrice City Council. Using tax increment financing is a multi-step process, with the final step being approval of a development plan by the CRA.

It’s estimated that the valuation of the property where the expansion would take place would grow from about $1.58 million, to over $9.5 million when the project is completed. A short public hearing was held Monday night before the Planning and Zoning Commission.