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Unified Government seeks school-district sign-off on revised Neighborhood Revitalization Act rebate map
Summary
UG economic development staff presented proposed changes to the Neighborhood Revitalization Act rebate program: Area 1 would offer a 95% rebate for new construction for 10 years; Area 2 would keep 95% for rehabilitation but reduce new‑construction incentive to 50% for five years. UG said formal approvals by taxing jurisdictions are required and that the program technically expires at year end.
Judd Knapp, representing the Unified Government economic development department, asked the school board on Oct. 14 to consider approving revisions and an interlocal agreement to continue the Neighborhood Revitalization Act (NRA) tax‑rebate program.
Knapp described the NRA as a property‑tax rebate intended to encourage rehabs and new construction by rebating the increase in taxable value that results from…
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