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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 for substantial building improvements. The abatement is intended to spur renovation of a formerly vacant bank building.
Carolyn Yotzick presented the project, saying Veramore Bank (successor in interest to Clay County Savings Bank) will undertake interior and exterior renovations including a new teller area, personal banking space, safe deposit area, new roof, repaired exterior, new windows and doors, a new parking lot, curbs, rock wall and landscaping. Yotzick said the applicants budget worksheet used for the tax impact analysis totals $463,586 and that the analysis estimates total abated taxes at $128,234 (estimated).
The K-353 redevelopment board reviewed the project on Sept. 2 and recommended approval with a condition: removal of three expense line items from the abatement base. Yotzick told the aldermen those three items are "unforeseen costs, interior demolition" (work begun before board approval because of schedule constraints), and an ATM expense.
Yotzick said notices and the assumed tax impact analysis were mailed to taxing jurisdictions pursuant to state statute. The board read the ordinance twice by title and voted unanimously to approve on second reading. Matt Duffield, identified in the staff report as the bank chairman, was not present; Megan Miller participated virtually, Yotzick said.
Discussion versus decision: staff presented the redevelopment plan and the K-353 boards recommended conditions; the aldermens action was formal approval of the redevelopment project and the abatement agreement.
Next steps: the abatement agreement will be administered per the K-353 plan; the final abated tax figure and any removed expense items will be reflected in the executed agreement as required.
