Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
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 investment. He explained the program mechanics: the taxing jurisdictions keep the base value; the increment attributable to the rehab or new construction is rebated to the property owner during the rebate period.
Knapp outlined proposed map and term changes. In his presentation he said Area 1's boundary is being reduced and that the area would receive a 95% rebate for new construction with a 10‑year rebate term. Area 2 would remain at a 95% rebate for eligible residential rehabilitation but would see new‑construction incentives reduced to 50% for five years.
Board members asked whether there is an immediate deadline to approve changes. Knapp said the NRA technically expires at the end of the calendar year but that Unified Government staff have discussed allowing a lapse into February or March; he said that timeline was internal conversation, not a written extension. District staff said the normal process would be to bring an action item back to the board at the next meeting (Oct. 28) for a formal vote.
Members also asked about the appraisal and increment‑calculation process; Knapp said the increment is determined by an appraiser who visits the property before and after the rehab to calculate increased value attributable to the work.
