Tax Increment Financing approved for new Beatrice restaurant project

BEATRICE – A developer has received approval to use tax increment financing for a new restaurant in southeast Nebraska.

The Beatrice Community Redevelopment Authority Friday approved a development agreement with Nixon Enterprise LLC for a Jimmy John’s restaurant at Sixth and Monroe…between McDonald’s and KFC.  

In addition to TIF, the developer previously received approval on a $50,000 economic development loan from City of Beatrice sales tax revenue, under the local LB 840 plan.

The new facility of over four-thousand square feet would house the restaurant and two other spaces for business.  Owner Sam Nixon told city officials last year that he hopes to open the new Jimmy John’s restaurant in the early part of 2025.

Tax increment financing uses the difference between the present-day and future valuation of the property…..utilizing the difference in tax revenue to fund things like site preparation, public improvements and utilities.  It is used in areas previously declared as blighted.

The future value of the restaurant property is expected to approach $1 million.