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Board approves 10-year, 50% tax abatement for Prejuve Properties project in enhanced enterprise zone
Summary
The Kearney Board of Aldermen approved a 10‑year, 50% property tax abatement for a proposed 25,200‑square‑foot commercial development by Prejuve Properties, LLC in the city's enhanced enterprise zone. Economic development staff said the project carries a capital investment 'just under $2,700,000.'
The Kearney Board of Aldermen voted to approve an ordinance authorizing a 10‑year, 50% property tax abatement for a proposed Prejuve Properties, LLC project in the city's enhanced enterprise zone. The company plans a 25,200‑square‑foot commercial building at 815–885 Premier Drive, with office, basketball courts, batting cages and tennis courts, and staff said the project represents a capital investment "just under $2,700,000."
Caroline Yatsuk, the city's economic development director, told the board the year‑one assessed value of the new improvements is estimated at $691,107 and that, with a 50% abatement over 10 years, the projected total abated amount is about $315,000.66. She said the application met the city's enhanced enterprise zone criteria, had been approved by the Planning and Zoning Commission, and received a unanimous recommendation from the EEZ board. The applicant team was present for questions.
Board members asked whether the abatement would persist if the project ceased operations; Yatsuk said the performance agreement contains terms that address that concern. The ordinance was read and approved on both readings; the board recorded the passage on the second reading and the measure passed by unanimous vote (reported as 4–0).
