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Council grants TIF support for Kearney Area Habitat for Humanity's 16-home project
Summary
Council approved a redevelopment plan for Kearney Area Habitat for Humanity to build 16 single-family homes; the council granted 100% of annual tax increment up to certified eligible costs for up to 15 years beginning tax year 2026 and authorized the chair and legal counsel to negotiate a redevelopment contract (Resolution 2024-104).
Brian Schultz presented the Kearney Area Habitat for Humanity redevelopment application for Redevelopment Area Number 7, a proposal to build 16 single-family homes east of 18th Street and Avenue M. Schultz said the current valuation is "just north of $95,000" and the completed project is anticipated to be about $3,600,000 in total value.
A council member moved to find that the project would not be economically feasible without tax-increment financing and to grant 100% of the annual increment in real estate taxes up to the certified eligible project cost for a period not to exceed 15 years beginning with tax year 2026. The council adopted Resolution 2024-104 authorizing the chair and legal counsel to negotiate and execute a redevelopment contract with Kearney Area Habitat for Humanity.
