The Kearney City Council established the Kearney Community Redevelopment Authority (CRA) by unanimous vote on August 10, 1993. The purpose of the CRA is to study and designate certain areas of the city in need of improvement and development. This body can determine the types of improvements or developments needed and recommend appropriate means for funding such improvements or developments for the maximum benefit to the city’s taxpayers. The CRA can borrow money, issue bonds, conduct public hearings, undertake investigations, surveys, appraisals, and ask for a levy of taxes.
The CRA promotes redevelopment in two ways: Tax Increment Financing (TIF) and grant funding. Public and private property owners may approach the CRA to request financing through either mechanism via formal letters to the Board and the TIF application. Eligible projects must be located in areas that have been declared “Blighted and Substandard” by the CRA in accordance with Nebraska’s Community Development Law.