At least 20% of the sales generated would have to come from out-of-state shoppers, but Yates said 30% of Nebraska Crossing’s customers are already non-Nebraskans. Under LB 692, a minimum investment of $500 million would be required in a county the size of Sarpy County to qualify for Good Life benefits. Promoters said the state’s foregone sales tax revenue would be repaid after four years via increased sales. Projections handed out by promoters of the project estimated that an additional $20 million in sales tax revenue would be generated per year within five years, growing to nearly $40 million after 25 years. The state benefits would extend for 25 years. Under the bill, the state would devote up to half of the state sales taxes generated by Nebraska Crossing and the new “Good Life” district toward the costs of the expansion. “I believe we’re still in the third inning in terms of potential,” he said. He said that Nebraska Crossing also has untapped potential for retail growth and that stores that might not consider locating in Nebraska would be drawn to a new development because it would serve both the Omaha and Lincoln areas. But Yates said there’s still room for more. In recent years, state lawmakers have provided incentives for construction of several youth sports complexes, from La Vista to Valley and Lincoln, spawning an “arms race” of sorts for “sports tourism” spending by families. Similar facilities would be envisioned at Nebraska Crossing, Heineman said. He said the Legends area has eight baseball fields and 10 soccer fields and is adding a 200,000-square-foot building for athletic training and volleyball.
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Robb Heineman, a sports developer and part-owner of the Sporting Kansas City professional soccer team, said Nebraska is “totally underserved” in terms of soccer complexes. “Youth sports is a $25 billion a year industry, and Nebraska right now gets zero,” Yates said. Rod Yates, owner/operator of Nebraska Crossing outlet mall. Promoters said that Nebraska loses an estimated $1.6 billion a year in “retail leakage” to other states and that a proposed 1,000-acre expansion of Nebraska Crossing would keep shoppers in the state and lure youth sports tournaments now held in other states. Yates at one time was involved in the multimillion-dollar transformation vision for Omaha’s Crossroads mall, but his business partner ended up joining forces with a different developer. Such state-backed bonds, financed by sales tax revenue, provided $450 million toward the development of the Legends area in Kansas City, Kansas.īesides more than 75 outlet stores, the Legends area is surrounded by several other attractions, including stadiums for professional soccer and minor league baseball teams, a waterpark, the Kansas Speedway and a Nebraska Furniture Mart store.
Rod Yates, the owner and developer of Nebraska Crossing, said that LB 692 is somewhat similar to “STAR bonds” - sales tax anticipation revenue bonds.
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