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Kearney approves redevelopment and 12-year abatement for Veramore Bank at 303 S. Jefferson
Summary
The Board approved a redevelopment project and a 12-year, 100% abatement for Veramore Bank's renovation at 303 South Jefferson, with the K-353 board recommending removal of three expense line items from the abatement base.
An ordinance approving the Veramore Bank redevelopment project and an associated tax abatement agreement at 303 South Jefferson passed unanimously at the Sept. 15 Kearney Board of Aldermen meeting. Carolyn Yotzick, the citys economic development director, said the renovation budget totals $463,586 and that the project qualified for a commercial Level B abatement ("100% tax abatement on new improvements for 12 years").
Why it matters: the redevelopment is part of the citys Chapter 353 program to encourage reinvestment in downtown Kearney by exchanging tax abatement…
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