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Council approves 15-year tax abatement for NAIC Partners project
Summary
The council voted 6-0 to authorize a Community Reinvestment Area agreement with NAIC Partners LLC providing a 100% real property tax abatement for 15 years for two speculative industrial buildings totaling about 315,000 square feet and a projected investment exceeding $37 million; Temby Partners addressed council in support.
The New Albany City Council unanimously approved a Community Reinvestment Area agreement on Dec. 3 that will grant NAIC Partners LLC a 100% real property tax abatement for 15 years for a two-building industrial project at Harrison Road and Innovation Campus Way.
City staff said the project includes two speculative buildings totaling about 315,000 square feet on roughly 23 acres and carries an expected investment of more than $37 million. "The project is expected to begin in March 2025 and completed in February 2026," staff said. The resolution allows the city manager to execute the CRA agreement and sets benchmarks for compliance tied to revenue generation per square foot formulas previously approved by council.
Rich Schoen, managing partner with Temby Partners and Temby Construction, addressed council about the company's local track record and tenants in previous projects. "We're really excited about the opportunity and do really appreciate your support on our first project and, looking forward to your support here on project number two," Schoen said.
Council voted to adopt Resolution R54-20-24 after closing the public hearing; the roll call recorded six yes votes. The company indicated construction would start in March 2025 and conclude in February 2026, with compliance measured against previously adopted benchmarks.
