Hemp Production Facility Fits In With Nebraska City’s Redevelopment Plan
The former Vanity Fair Factory Stores of America mall at Nebraska City would become a light industrial site for cultivation of hemp under a proposal for tax increment financing.
The Nebraska City Planning Commission had set up a meeting to discuss the TIF proposal received from KORE Holdings for the property on the Highway 2 interchange south of the city. The Nebraska City Community Development Agency did note that the site was in a designated redevelopment area. Dan Mauk, Economic Developer, mentioned that unforeseen economic factors took away the building’s potential as a retail mall. During the pandemic, online shopping has gained a lot of popularity, giving brick and mortar shops a hard time.
According to Mauk, the owners of the mall believe that it could be re-established to work as a retail center under proper local management. The hemp production facility fits perfectly within the city’s redevelopment plan, within a good enough investment of about $5 to $6 million. Cannabis having 0.3% or less of THC is categorized as hemp and it is used to manufacture various products, such as clothes, paper, plastic, hemp flour, and cooking oil. Nebraska’s cost-benefit analysis suggested that the tax valuation of the former mall building would increase to $3.6 million from $354,000 at the moment with $73,000 a year in tax increments. Mauk also believes that another major advantage would be that it would also help improve the visual look of the redevelopment area, a far better arrangement than an abandoned building.
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