The city has established a Community Redevelopment Authority (CRA) and created targeted redevelopment areas, such as the West Redevelopment Area. The CRA uses tools like Tax Increment Financing (TIF) to fund public infrastructure and landscaping, which supports new residential and commercial development.

The CRA provides funding to selected, eligible redevelopment projects. The CRA is allowed to capture the property tax on the increased valuation of property created by selected, eligible redevelopment projects. This captured tax increment then is used to assist in funding public improvement costs, rehabilitation, acquisition, demolition, and workforce housing within the project for up to 15 years.

Tax Increment Financing (TIF) is a program designed to encourage property owners to redevelop a blighted or substandard property into something that will promote economic improvements within the city. Both the city and the property owner benefit from this legislation. The upfront costs of development are decreased, but are paid back with the property owners property taxes over the next fourteen years.

For further information regarding TIF, please contact City Administrator Stephanie Fisher at cityadministrator@citywaverly.com or 402-786-2312.

The Nebraska Department of Economic Development has a variety of performance-based incentive programs.

Those programs which may be available in Waverly are:

• Grant Management Resources
• ImagiNE Nebraska
• Site and Building Development Fund
• Renewable Chemical Production Tax Credit Act
• Creating High Impact Economic Futures Act (CHIEF)
• Municipality Infrastructure Aid Program (MIAP)

To learn more about those programs: https://opportunity.nebraska.gov/programs/incentives/

Imagine Nebraska Tax Incentives
Mostly for manufacturers and must be adding a minimum of 5 new employees and investing at least $1 million in investment for rural areas. There is a fee to apply.
- imagine.nebraska.gov

Micro-Enterprise Tax Credits 
Micro-Enterprise Tax credits provide a 20 percent refundable tax credit to micro businesses on increased compensation for employees or increased investment in targeted communities. Applicants may qualify for a maximum of $20,000 for the life of the program. The credit is limited to companies with five or fewer employees at the time the application. Credits are approved on a first in - first out basis with an application process through the Nebraska Department of Revenue.
- revenue.nebraska.gov/incentives/microenterprise

Innovation & Entrepreneurship Program
Grants are available for qualified businesses to: create a prototype, do research and development, commercialize a product, apply for SBIR.
- opportunity.nebraska.gov/business/business-development/

Nebraska Department of Economic Development Community Development Block Grants (CDBG) 
CDBG/ED is a grant to a city, village, or county that re-loans the money to a local qualifying business for gap financing. These funds have to create jobs that benefit low to moderate individuals.
- opportunity.nebraska.gov/programs/community/cdbg/