BEATRICE - A Beatrice manufacturer will make use of tax increment financing for a $2.3 million expansion of their north Gage County Industrial Park Operation. 

Kinney Holdings, doing business as Precise Fabrication, cleared the final regulatory step Friday, for using tax increment financing, which assists in funding utility infrastructure, site preparation and other eligible costs.

The Community Redevelopment Authority Friday approved the redevelopment plan, the last of a multi-step process before the project begins.

Earlier this week, the Beatrice City Council approved the tax increment financing plan.   Kinney Holdings LLC plans a 52,000 square foot addition to their facilities....north of their current plant on property it has acquired.  The property is along Ridgeview Drive…..between Precise Fabrication and Zephyr Towers Company.

The Beatrice Planning and Zoning Commission earlier approved the plan.

One possible component of the project is an on-site daycare for employees’ children...a step local officials say has become a critical workforce issue as some families struggle to find daycare…which can allow both parents to work.

Under the TIF plan, it’s estimated that the valuation of the company’s property would grow from about $1.58 million, to over $9.5 million when the project is completed.  

Tax increment financing involves using the property tax produced by the higher valuation....and applying that to infrastructure funding for up to a fifteen-year period.  After that, taxes are paid based on the higher valuation....growing the local tax base.