Omaha City Council approves tax incentives for new casino
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Casino project on Horsemen's Park property will benefit from city tax incentive
omaha city council approves tax breaks for warhorse casino
Omaha City Council approves tax incentives for new casino
Casino project on Horsemen's Park property will benefit from city tax incentive
The Omaha City Council approved a plan Tuesday to provide $17.5 million in tax incentives for the development of a casino on the Horsemen's Park property at of 62nd & Q Streets.The $220 million project from Warhorse Gaming Omaha will be among the first casinos in the state, authorized by voters who chose to expand gambling across Nebraska at sites where thoroughbred horse racing takes place.Warhorse is a subsidiary of Ho-Chunk Inc, which is the Winnebago Tribe of Nebraska's development arm.Developers argued the project would "not be feasible" without tax increment financing (TIF), saying the $220 million was "at-risk" money. Opponents wondered aloud why a casino set to make millions needed a tax break."We oppose the notion that taxpayers of this community should be forced to subsidize the project when sponsors paid millions heralding this opportunity by virtue of amending our state's constitution," said former Omaha Mayor Hal Daub in opposition to the TIF plan.Daub also questioned why elements of the TIF application were redacted from public view. The city noted that the TIF committee was able to review the entire application. Developers had requested redactions for proprietary reasons.TIF allows developers to cover expenses in areas deemed blighted by borrowing against the future increased property tax revenue. The loan is repaid over a period of years while the developer pays a lower property tax rate based partially on the value of the undeveloped property.Developers have agreed to pay about $6 million on widening Q Street and to make storm sewer improvements.Council member Aimee Melton said she supported TIF only because developers were asking for the tax break to support the public improvements, and not the casino itself.Once completed, the complex will feature live and simulcast horse racing, 1,200 gaming machines, plus table games, live entertainment and a sports bar. Construction is expected to be completed by the fall of 2022.The casino is expected to employ around 500 full and part-time workers.No one other than the developers testified in favor of the project at Tuesday's city council meeting.
The Omaha City Council approved a plan Tuesday to provide $17.5 million in tax incentives for the development of a casino on the Horsemen's Park property at of 62nd & Q Streets.
The $220 million project from Warhorse Gaming Omaha will be among the first casinos in the state, authorized by voters who chose to expand gambling across Nebraska at sites where thoroughbred horse racing takes place.
Warhorse is a subsidiary of Ho-Chunk Inc, which is the Winnebago Tribe of Nebraska's development arm.
Developers argued the project would "not be feasible" without tax increment financing (TIF), saying the $220 million was "at-risk" money.
Opponents wondered aloud why a casino set to make millions needed a tax break.
"We oppose the notion that taxpayers of this community should be forced to subsidize the project when sponsors paid millions heralding this opportunity by virtue of amending our state's constitution," said former Omaha Mayor Hal Daub in opposition to the TIF plan.
Daub also questioned why elements of the TIF application were redacted from public view. The city noted that the TIF committee was able to review the entire application. Developers had requested redactions for proprietary reasons.
TIF allows developers to cover expenses in areas deemed blighted by borrowing against the future increased property tax revenue. The loan is repaid over a period of years while the developer pays a lower property tax rate based partially on the value of the undeveloped property.
Developers have agreed to pay about $6 million on widening Q Street and to make storm sewer improvements.
Council member Aimee Melton said she supported TIF only because developers were asking for the tax break to support the public improvements, and not the casino itself.
Once completed, the complex will feature live and simulcast horse racing, 1,200 gaming machines, plus table games, live entertainment and a sports bar. Construction is expected to be completed by the fall of 2022.
The casino is expected to employ around 500 full and part-time workers.
No one other than the developers testified in favor of the project at Tuesday's city council meeting.
